In our world, businesses are elegant. They produce services, products, and experiences that contribute to good living. Most of the businesses we work with are in the premium segment, offering exceptional value to their clients. But what are the real elements of a Premium Business?
Premium business definition
Premium business is a term used to describe businesses that provide higher-end services or products. It typically involves offering a superior quality product or service, often at a higher price than competitors.
Premium businesses focus on creating an exclusive experience for their customers and providing them with the highest level of customer service. They often use innovative technologies, unique marketing strategies, and quality materials to ensure that they stand out from the competition. Premium businesses can be found in almost any industry, from luxury cars to high-end fashion boutiques.
So what differentiates a premium business from a mainstream one? Here are 14 elements of a premium business.
How to design a premium business
Designing a premium business goes way beyond the visual identity. You need to have a business that’s as elegant at the back end as it is at the front end. To be able to do that, smart companies invest in systems and processes to elevate the customer experience and increase profits.
The elements of a premium business
These elements are not in any particular order, but the order of implementation is, however, quite important. If you want to learn in which order to implement these elements, join our popular workshop!
Furthermore, each of these elements has an internal and an external focus. The internal implies what needs to happen in the business, while the external is about what the clients see and experience when the element is present.
Premium brands know their niche and stay true to it. They don’t offer everything to everyone but are laser-focused on their niche. The clients know they are experts in their niche and are drawn to them because they want to work with experts who know and understand their industry and specific needs.
Premium brands have premium pricing structures and they don’t negotiate their prices. They also invest in premium tools, consultants, marketing, branding, and experts.
Signature Client Experience
Premium brands have a well-defined signature client experience with delightful touches. They don’t see these touches as a cost but rather an investment in their brand. One of the delightful touches we help our clients implement is called the BODH – Box of Delight and Harvest, a simple but powerful touch that helps companies close deals at any time.
Premium brands have processes for everything they do. They don’t deviate from the processes, and they clearly communicate them to their clients already before the contract is signed. These processes make the clients trust that the company knows what they are doing, even if they have not been in business for a long time.
Premium brands add intimacy to their offers. They know their clients want personalized and focused attention, and they know exactly how to offer that without sacrificing their own growth and wellbeing.
Speaking of not sacrificing one’s wellbeing; premium brands set clear boundaries and communicate them with confidence. Rules are a key element of the premium business model. Their clients know not to send text messages on a Saturday morning, and they respect the company’s policies and non-negotiables.
Premium brands spend lots of resources to make important connections and their clients also enjoy these connections.
Premium brands focus on creating assets that make the operations fluent and elegant. Their clients experience they always find all the information they need and view the company as someone who cares about its reputation.
Premium brands invest in business process automation. They understand that all repetitive tasks can be systemized and many of them are also automated. This shows the clients that the business is serious and aims for operational efficiency and profits.
All premium brands have their own core philosophy that they believe in. They attract people who also believe in the same philosophy.
Just like the core philosophy, premium brands have a point of view that they are not afraid to share.
Premium brands have figured out what makes them different, and they communicate this difference all the time. Their clients are highly attracted to their differentiators, making the competition irrelevant.
Premium brands have identified their authority builders and they use them effectively. Their clients see them as an authority in their category.
Premium brands have identified and designed a specific message that they use in their marketing. Their clients know immediately whether they are the right company to solve their problems and desires.
If you want to help to define your brand and figure out your positioning, messaging, pricing, product suite, and delivery excellence, have a look at our programs and get in touch!