All For Luxury
Luxury is one of the eldest lifestyles and basically has been part and parcel of humanity in society. A long long time ago, there were organized societies, leading groups, and symbols and lifestyles specific to these leading groups.
Luxury is all about how one takes it, it can be a social marker for some, very personal for some, and few are bound to it due to social stratification.
Now, coming to the marketing aspect w.r.t luxury and luxury products, there are some anti-laws of marketing. Why do we say anti-laws because they highly conflict with what we usually do for our mass consumption or even premium brands!
Luxury doesn’t fit into regular positioning, just forget it.
Luxury is not comparative, beauty if it is being unique in itself. So placing or differentiating from competitors in the minds of consumers, just not going to work!
Flaws, Oh yes.
You must be wondering why we are flaunting or even talking about flaws! Hear us out.
An upper premium brand will put all its effort into delivering a perfect product but to reach luxury, requires a touch of madness, which sets it apart from the rest.
Luxury is very personalized, handcrafted, or made with passion by the creator. A touch of a flaw, like if you were to buy some of the famous luxury brands’ watches, you would be warned that it loses two minutes every year.
The flaw is not only known but assumed and is considered a source of emotion.
Do not be customers’ genie
Luxury brands and their products come straight from the mind of the creator, not from a pain point or a problem that needs to be solved. And it is driven by a long-term vision.
Luxury sets the price, not the other way round
When you create a masterpiece, you work on it with passion. The same goes here, when you work on a luxury product, first you make it and then you decide what should be the price of the product.
No Selling Here
Confused? Luxury strategy is very opposite to volume strategy.
When you are selling and running after your customers, you get to a point where you are no longer talking luxury but unfortunately mass consumption. So always, attract customers, do not hunt them.
Remember, luxury is an expression of taste, creative identity, and the immense passion of a creator. If you are creating a luxury brand, make sure it gives this statement “This is what I am”