Why do we need to use branding?
Products or services can be made attractive in multiple ways- branding is the most important. Good design, effective marketing, and inventive public relations campaigns can propel an average concept into the range of premium pricing. But how do you take a premium product and make it so attractive in the long term that people are willing to pay insane amounts of money for it? The answer is luxury branding.
What can branding do for a luxury product or service?
Even when service, quality, and design are in place, correct luxury branding adds true magic to the whole offering. It gives it’s product or service range character, uniqueness, and long-term connection. Without it, an aura of luxury lifestyle consumption can never be established with enough credibility to make it sell. To express it simply, it makes the offering more valuable in the eyes of the consumer. It removes limits on price and can drive up margins to never seen heights.
What are the basic components of luxury branding?
- The Logo
- A color palette
- An iconic product
- A legendary founder
- The right celebrities to represent you
- The right sponsorships
- A specific set of values expressed in advertising
Let’s look a bit closer at the different factors:
A luxury logo should be minimalistic, artistic and express the unique character of a brand. It should be everlasting and eternal in its appeal.
A color palette
Everybody knows Burberry’s signature khaki, Chanel’s pink or blazing Ferrari red. Colors like these become trademarks of the brand itself.
An iconic product
The Birkin Bag by Hérmes, the trench coat by Burberry, a pen from Montblanc. Timeless classics which define the core DNA of a company.
A legendary founder
Enzo Ferrari, Coco Channel, Yves Saint Laurent…behind every great luxury brand stands a legendary individual or family with an interesting story. A story of artistry, sacrifice and craftsmanship. Real or not does not matter in this case. All that matters is the invocation of a dream-like idol. Larger than life.
The right celebrities
You will want to exclude glamour, power, elite-lifestyle, beauty and high performance. The right athletes, artists, actors and politicians / businessmen should be selected that represent your key value for that particular product.
The right sponsorships
For luxury, that is easy. Championships in sailing, golf, polo and racing. For artistic purposes, sponsoring galleries, foundations, museums and restoring historical monuments can work.
A specific set of values in advertising
The classical luxury values expressed in minimalistic advertising (meaning few words, powerful images) are timelessness, freedom, abundance, power, wealth, sex, beauty and quality.
Developing these key elements is the path to success in luxury branding. They are the reason that creating a new luxury brand is no easy task and can require huge amounts of time, preparation and start-up investment that far outreaches all the mainstream and premium brands. But if executed successfully, luxury branding can create success on a level far greater than normal brands can ever hope to achieve.