The luxury market is growing exponentially by the minute, and there has never been a better time to get a slice of the pie. Developing a luxury brand is never an easy task, and requires catering to the tastes and preferences of a particularly discerning customer base – but with opportunities ripe for the picking, with the right approach, it could be your most lucrative project yet.
While luxury has long been associated with quality, elegance and exclusivity, the motivations of the affluent consumer are constantly evolving, and increasingly, it’s about achieving personal fulfilment, and turning to luxury brands to facilitate one-of-a-kind experiences or to make them feel special.
If you’re considering launching a luxury brand, then here’s how to build an authentic business that ticks all the right boxes for the luxury consumer and promises to win them over with ease.
First impressions count
The name you choose for your brand can make or break it, and requires careful thought and consideration before the final decision is made. Considering there are currently over half a million brands out there, differentiating yours from the masses is key, but while many make the mistake of thinking something overly creative is the answer, the reality is that simplicity often works better.
Luxury watch brand Rolex is a prime example of the kind of impact a short, sharp name can have. It’s simple but unique, and can easily be pronounced across a range of languages. When you have a few ideas in mind, use the IONOS domain checker to find out if it’s available and will meet your needs. A domain checker is crucial if you’re using a pre-owned domain name, as it will help you to find out who owns it, when it was registered, and the expiry date so that you can secure it as quickly and efficiently as possible.
Understanding the luxury consumer
When you’re building a luxury brand, you’re not trying to appeal to just anyone – and understanding the needs and preferences of the high-end consumer is key if you want to see success. Start building a client persona by getting to know their likes, dislikes and buying behaviour so that you can focus on highly targeted marketing.
Affluent consumers are used to a high level of customer service and are detail-oriented, so will easily lose interest in your brand if you cannot provide a bespoke service. Focus on being aspirational and telling a story that customers can identify with, providing an experience that reflects not just who they are, but also who they want to be. If they believe that your product or service can get them there, then you’ll know you’ve found a winning formula.
Why the online user experience is key
With up to 90 per cent of premium customers thought to use online platforms for their shopping, ensuring a seamless user experience is essential. They will easily notice the gaps in your website design and usability features, so don’t be tempted to cut corners to save time; instead, strive to provide a highly intuitive website that guarantees a superior user experience. Conduct in-depth market research to help you get a clear picture of your target group and their online behaviour, then use the data to create a customer journey that resonates with your audience.
Create a sense of exclusivity
Relative scarcity and a high price point often create an insatiable demand amongst luxury consumers. You can’t just walk into a Hermes store and buy the season’s new collection of bags; there’s a waiting list, and this is a prime example of how the formula works. Creating exclusivity for your products elevates the experience, and it isn’t limited solely to exclusive products; it can be achieved just as effectively by offering perks to VIP customers to make them feel special. Use your email list to send VIP-only rewards or incentives to your luxury customers, and it’s certain to go down a treat.
The bottom line
Building a successful luxury brand requires hard work and determination, but with the right strategy, you can create a business that will bring your ideal customers flocking. Luxury consumers base their purchase decisions on abstract values like self-actualisation and identity, so your brand should communicate a sense of purpose beyond the product that you’re offering, and make them feel like a million dollars at every step of the way. Once you’ve won them over, they’ll be loyal customers for life, so get the foundations right and your brand will have a bright future ahead.
