It is a common assumption that only big corporations can pull off a luxury brand. Or that it would require launching an international marketing campaign, hiring a few celebrities to promote your product, and opening up new retail locations.
Creating a high-end brand takes time, expertise and resources.
As a small business you probably can’t compete with the likes of Prada and Mercedes powerhouses. Yet, even today you can begin positioning your product or company as a brand to accelerate its growth and name recognition. Moreover, you can turn your small business “limitations” into advantages such as exclusivity, personalized approach and that elusive yet coveted boutique vibe.
One of the main characteristics of a brand is that it comprises more than meets the eye.
A brand represents or stands for something. Be that excellence, traditions, beauty, etc.
When you are buying a high-end brand product you are receiving more than the product itself. For example, when you purchase a Chanel purse, you are paying for quality, elegance, experience and exclusivity associated with the brand. A Chanel purse knock-off, acquired from a street vendor in Chinatown, comes without any of those elusive features. It also costs about 98% less. The value of a high-end brand item stems from what that brand represents, as much as the item itself.
Luxury brands have a few crucial components. As a small business owner, you can define them in your branding to create upscale status and attract high-end clients.