Premium and luxury brands do things differently. They communicate differently, and they operate differently They attract different clientele, and they never need to justify their pricing. But what is it that separates a premium brand from a mainstream brand?
Beyond the obvious
The obvious answer to what separates a premium brand from a mainstream brand is usually pricing. And the most common way brand owners think they can up-level to a premium category is to simply increase their prices. While price is one of the elements premium and luxury brands focus on, it’s not the only one.
Premium brands understand the true value
Premium brands understand the true value they bring to their clients. Their brand, client experience, pricing, processes, and communication reflect that value, making clients trust and choose them.
They don’t just talk about the actual results they provide, they understand and elegantly communicate what those results mean to their clients.
This, of course, requires a deep understanding of the client persona, and why they want to achieve certain results. Then moving on to designing experiences that bring those results and delight the client.
Premium brands build the future business
Premium brands focus on building the future business by creating strategic assets that increase the company’s value, operational efficiency, and personal joy.
Premium brands have a long-term vision for the impact they are creating. They paint the horizon with their vision and mission statements, engaging people in their surroundings to become part of the journey. They plan long-term, while they execute all details carefully and timely.
Premium brands focus on systems and processes
Premium brands design and consistently optimize the systems and processes that improve the client experience and acquisition, free up capacity and increase profits.
Premium brands don’t “fake it ’till you make it” or “wing it”. They have built systems and processes for all areas of their operations, and they rarely deviate from them. Premium brands understand that there’s nothing cute about being a “creative mess”. They often serve clients in top positions who expect seamless delivery, and excellent quality.
Even though many luxury brands have excentric faces for their brands, they know that in order to keep that positioning, they need to focus on impeccable client experience and that can only happen if they have the necessary systems and processes in place.
All about quality and optimal experience
Premium is about quality and a great experience. When you have excellent quality in your deliveries, you can charge premium prices. Read also about the elements of a premium business.