Luxury Brands Need a

Competitive Branding Strategy

Let’s find out why

“Ordinary brands communicate in order to sell products to consumers. Luxury brands

communicate in order to keep the dream alive in the minds of consumers.”

― Adriaan Brits, Luxury Brand Marketing: The globalization of luxury brand cults Keeping a dream alive for consumers defines the difference between success and failure for luxury brands. To achieve this, they need a solid brand positioning statement and a long-term brand strategy. Let’s examine why! The luxury goods sector has seen an exponential growth in the past decade. Back in the day, luxury brands could sit back and watch their products fly off shelves. Now, they have to fight for market share and consumer consideration. As such, luxury brands are faced with a new reality: differentiating themselves in an increasingly crowded marketplace. So, what’s the key to building a strong luxury brand? An equally strong competitive strategy that will help luxury brands: 1. Attract customers 2. Drive brand awareness and loyalty 3. Keep customers coming back

Wondering how to get started? Start right with this article that helps you understand what is luxury branding and explores 5 tips to ensure that your luxury brand will be a winning brand.

What Is Luxury Branding?

Branding for luxury brands can be hard to define, mainly because there is no widely-accepted definition of what luxury is. In broad terms, a luxury brand is expensive, high-quality, and long-lasting. It relies a lot on sophistication and design aesthetic to drive consumers back to its brand. To support these efforts, luxury brands strive to create rare and unique products that speak to the needs of a unique target audience. 5 Tips for Creating a Competitive Branding Strategy for Luxury Brands 1. Start with an Experience in Mind Your target audience is asking for more than just price or value. And strong luxury brands understand this. That’s why they’re aiming to create an experience for their consumers that rises above the product they’re selling. And going beyond the sales pitch implies amplifying the brand story and creating messages that resonate with people. Source: image �� Land Rover turned the brand story into an experience itself by partnering with novelist William Boyd and creating Vanishing Game, an interactive novel hosted on Tumblr. The goal of this project was to showcase how driving adventures are actually part of the 4X4

experience provided by Land Rover. 2. Put Exclusivity at the Heart of Your Brand Positioning Defining your brand positioning statement might not be easy, but it will surely help you grow your luxury brand. If you put exclusivity at the heart of your brand positioning efforts, you can respond better to the market expectations for luxury goods. That’s because luxury consumers want goods that are not easily available to everyone else. It could be because of the price range, geographic availability, or scarce supply. Source: image �� Exclusivity and uniqueness are also part of the promise that Golden Concept has made to its target audience. This is actually part of the gap they aimed to fill with their luxurious and customizable tech products. To communicate this promise, the brand relied on celebrities and used product placements to further advance their visibility.

3. Zero In on Your Target Audience

This is true for all branding endeavors, but it’s particularly important for luxury brands that cater to a very specific market. To identify the target audience, they have to define their niche segment and narrow it down until it’s very specific. And once the target audience is set, they should do everything to understand and meet their unique needs by creating a luxury brand customer profile and using it as a foundation for the branding strategy.