One thing they all have in common is that they are the top three luxury brands by value (LV alone being worth a staggering $26bn in 2008!).
Do you have one? You’re in good company. Me? I avoid these things: such is my quest to be different from everyone else, I don’t even own a pair of blue denim jeans – though I was tempted recently at Asda – three pairs for £9.99!
So, as a marketer, how do you do it? How do you get into that top echelon where the premium price you charge far outweighs the value of the product. Just thinking of the margins makes me want to jump on the bandwagon.
The key to it is to harness your ‘icon potential’. In other words, confidently embrace the unique processes that mean your product (or service) is of higher quality skill and craftsmanship than others in your category.
Then you have to identify the authenticity of your brand and highlight your heritage – the founding principle or conviction that started it in the first place.
You have to be careful not to overexpose yourself – discounting might seem a good idea to catch customers, but this will only devalue the currency of your brand and diminish the consumer’s sense of exclusivity.
You also have to be careful to do it only if you have the credentials to back up a luxury price – people won’t pay a premium if they don’t see a real benefit in what you’re offering.
For those who go the premium, luxury route, the rewards are great. But so are the risks, and if you don’t have a genuine premium proposition – don’t do it!