8 Exclusive Tips to Develop a Luxury Branding Strategy

Sophistication. Exclusivity. Luxury brands offer high-quality products at premium costs, but it’s all worth it for the symbolic value they hold. Their rich heritage engages their consumers, strengthening their brand’s positioning, and their high-profile endorsements expand their network with every social media post. 

With fierce competition, our strategic brand management team has compiled eight exclusive tips to attract and excite your ideal consumers to become loyal customers. We always think of ‘luxuries’ when developing a luxury branding strategy. Follow along to learn more:

Leverage Your Brand’s Story

Setting a clear narrative lets you leverage your luxury brand to compel your target audience to want what you offer. You will find that most, if not all, luxury brands craft gripping stories of their brands that resonate with their consumers to the point that they purchase from the brand’s product lines.

When you curate a luxury brand with a rich heritage, you will:

• Strengthen your brand’s rapport with the target audience
• Improve brand positioning in consumers’ minds
• Grow your brand’s presence
• Elevate your brand’s status

Unbeatable Perception

Cultivate a branding position in people’s minds so that whoever buys your luxury products will feel on top of the world. That kind of perception must simultaneously stand with and apart from other luxury brands. 

Symbolic value > Functional value 

While functional value presents to the consumer what the product will do, the symbolic value creates an unequivocal feeling of a higher status in your consumers. Two best ways to elevate your luxury brand’s perception:

1. Offer a subscription
   1. VIP membership
   2. Exclusive emails
2. Create a sense of rarity
   1. Exclusive waitlist
   2. Limited editions

X Factor Collaborations 

You must build and grow your network to reach your luxury brand’s intended audience. The best way to network today is to strategize who would be the exemplary ambassador for your products. Find the people whose values and beliefs align with your luxury brand and collaborate with those influencers to gain their audience network.

Ubiquitous Brand Activism

A movement is happening to tackle the obstacles the future generations will face. Don’t let your luxury brand be left behind! Luxury brands worldwide are uniting with the cause to promote sustainability and ethical practices with their products. Seek out how your luxury brand’s values and products align with the beliefs of making the world a better place. 

Remember Ongoing Market Research

Once your brand is out there and you have a constant flow of revenue, don’t stop there! Your branding strategy must never stray away from relevancy and consistency. Only positive gains exist when you and your team research what’s trending to predict upcoming trends. Your luxury brand’s responsiveness to the needs and expectations of your target audience will only upscale your brand’s presence and positioning.

Impress with Omnichannel Customer Experience

Consider how your luxury brand can adopt omnichannel strategies for your consumer. We’re not talking about mass production and getting your luxury brand into every brick-and-mortar store. We’re emphasizing the opportunity your brand will have when you start understanding how your consumers think and what nudges them to complete transactions online, offline, and in and out of stores.

Enamor Consumers with Your Luxury Brand’s Identity

It is so essential to build your brand’s identity to have an effective and successful branding strategy. You need to ensure two things:

1. Your brand’s mission and values complement your luxury brand’s logo design, color palette, and typography.
2. Your luxury brand’s content and products consistently emulate your brand’s voice and tone.

Schedule Your Brand’s Audit and SEO

Developing a branding strategy for your luxury brand is not a one-done task. It must be a continuous evolution. Tying in with ongoing market research, you should always schedule audits on a quarterly and bi-annual basis to track how your brand is performing. Curating original, high-quality content with target keywords that support your audience and answer their questions about your products and services will promote your luxury brand’s top-notch service.

Elevate Your Luxury Brand with Drawing from Memory

Our creative team at Drawing from Memory has the experience to set your luxury brand in the right direction and take it to the next level. Contact us now. We’d love to chat!