The Secret that Luxury Brands are Hiding
Summary
When luxury brands target a broader market with cheaper products, their premium image can suffer. This makes people feel that what they are buying isn't exclusive or high-end anymore.
It's important to maintain the exclusivity and high-quality image of a luxury product to ensure it doesn't lose its value or allure.
If everyone could buy cheap versions of luxury items, those items would lose their status symbol, similar to how wearing Chanel might not feel special if everyone looked like they couldn't afford good clothing while wearing it.
Protecting the brand image is crucial for luxury goods so that they continue to be synonymous with wealth and high status.
This concept applies not just to fashion brands but to any company that wants to be seen as premium or luxury.
Video
How To Take Action
I would suggest implementing strategies to maintain the exclusivity and value of your brand. First, focus on keeping your products high-quality and unique. This means avoiding the temptation to make cheaper versions just to reach more people. When you do this, you risk losing the special feeling that comes with owning something exclusive.
A good way of doing this is by reinforcing the brand's core identity. Make sure every product, message, or interaction reflects what makes your brand unique and valuable. You want your customers to feel like they are part of something special every time they engage with your brand.
Another strategy is to create experiences that only your brand can offer. These could be small but meaningful touches that reinforce the premium feel, like personalized customer service or exclusive events.
Additionally, use your marketing to highlight the craftsmanship, history, or story behind your products. People buy luxury for what it represents, so emphasize these elements to build a strong, aspirational image.
Lastly, keep the community of your customers engaged. Create forums, clubs, or special membership perks that make them feel like they are part of an exclusive group. This enhances the desirability of your brand without reducing its premium status. These steps don't require huge budgets but can significantly uplift your brand's perceived value.
Full Transcript
everyone that wore Chanel looked like they were homeless you would no longer associate Chanel with expensive luxury and some luxury Brands actually changed this way they open up a line that may be less expensive so they can get to a broader market and what you notice is that sometimes their top tier products suffer because people no longer feel that when they wear Chanel they are wearing a premium brand and this isn't Chanel specifically but this is an example of sometimes how luxury markets work if suddenly
