They say, “If you build it, they will come.” However, if you make it and overcharge for it, they might not come, and if they do, they definitely won’t return. The same applies if you mis-brand your business. But, for those that can call their business a luxury brand, this form of branding is ideal and will lead to the most business and profits. Awesome Website Guys, a team of WordPress experts and extraordinary website designers, have some insight.
Assess Your Product or Services
Before you decide if you’re a luxury brand, take a moment to evaluate your products and services. Do you offer anything that makes you truly unique? What types of materials do you use? Are they high-quality or your average run-of-the-muck items?
If you find you use high-quality materials and have a unique product, you could be considered a luxury brand and want to market your company in that manner.
Think About Your Target Audience
Your target audience is people who make up a majority of your customers. Luxury brands tend to aim their efforts at people in a high-income bracket who have enough disposable income that they can spend extra on products or services without worrying. In many cases, luxury brands have clients, either male or female, who are older.
In general, if you feel like your products or services would most interest people with more disposable income, then you might be a luxury brand.
Think About How Large Your Supply or Availability Is
A luxury brand isn’t targeting everyone, so they don’t need mass quantities of their products on the shelves, at least not initially. Luxury brands aren’t trying to rush people out of their spas to get in the next client. They’re more focused on customer satisfaction and building a bond with their clients. Essentially, with luxury brands, when it comes to products, less is more. With services, more is ideal, though.
Ultimately, you might be a luxury brand if you have no intentions of mass producing your products or having such a tight schedule to fit a large number of clients every day. Your main priority, if you’re a luxury brand, is giving the client or customer the best experience possible. You don’t need to sell 100 of your bags every day to turn over a decent profit if your handcrafted bags are worth enough that you can make a profit by selling a small number on a regular basis.
Consider How Much You Would Pay for Your Product or Services
Let’s say you’re making dresses. People who are looking for a standard dress to wear occasionally when they’re out may pay less than $100, some paying considerably less than that because they’re not wearing it frequently or aren’t wearing it to impress. Then, in a few years, once the dress has had its last wash, they won’t be upset. However, if you want a dress to wear for many years to come for formal occasions, you’re going to spend a bit more money on it, right?
Well, use this concept to figure out how much you would pay for your product versus products currently on the market that are similar in nature. If your product will last longer, better serves its purpose, works more quickly, or is in some way better than the competition, you can charge more for the product, even compared to the competition. And depending on how much more, you might be a luxury brand.
At Awesome Website Guys, we’re WordPress experts who offer affordable website design for businesses of all sizes. We work with luxury brands as well as not-so-luxury brands. Our staff understands what it takes to market to different demographics and would love to take on your project and turn your dream into a reality!
Contact us today by calling 910-335-4348. You may also use our online form to schedule a call.
