A brand is nothing more than an idea that comes to mind when people think about a certain business, public figure or organization. Now, it is in every business’ best interest to be seen as credible and reliable: yet, these core values aren’t all that makes a brand what it is. Other than this, a brand is defined by its products/services and their traits.
Some businesses are renowned for selling frugal products, others are renowned for quality and prestige. In this guide, we’ll focus on the latter, seeing as how this ‘luxurious’ status may be more abstract and somewhat more difficult to obtain. So, here are several tips on how you can make your business appear more luxurious.
1. Forget about discounts
The first thing you need to keep in mind is the fact that sales, discounts and limited-time offers have a negative side, as well. They devalue your offer and the value of your product. Sometimes, people are buying a product just because it is a status symbol.
There are other reasons why it’s bad to discount your products. For instance, most of your audience will assume that you’re putting your items on sale because not enough people are interested in them at a regular price. In other words, it manifests itself as a lack of confidence in your products. Second, it lowers your perceived value, makes you look less trustworthy and sets numerous other bad precedents.
This is usually the case in the fashion industry and there’s one amazing example of how brands handle this particular issue. For instance, one might notice that Louis Vuitton products are never on sale. The surplus (even though there’s seldom any) gets discarded and destroyed rather than sold for a fraction of the price.
On paper, this was supposed to lose money for the company but, in the long run, company management made an estimate that the net loss, in the long run, would be much greater if the sales precedent was set.
2. Make sure the design is flawless
The next thing you need to consider is the design of the product/package. Namely, one of the biggest mistakes that people make here is focusing too much on the visual that they completely forget about the tactile impression that these make.
The sense of touch, on the other hand, is probably the most important factor when it comes to the assessment of the product design/package quality. Sure, this will drastically increase the production overhead, yet, you can always inflate the price in order to cover it.
3. Don’t focus on the price
Another issue you need to focus on is the price. In the business industry, some entrepreneurs believe that making their products appear cheaper might make the audience more interested in them. Still, this is not always the case.
When it comes to luxury businesses and products, a low price is not necessarily a plus that the audience is looking for. Instead, you need to put a major focus on the feature and the brand.
The best example of this can be seen through Apple’s brand progression. You see, in the past, Apple’s slogan was “Does more. Costs less. It’s that simple.” Keep in mind that this costs less part was long since abandoned, but has this made Apple sales drop or Apple products lose popularity? Of course not!
Nowadays, they’re more than content with just – does more part. Needless to say, this is someone that no one can really dispute. Even the CFO of one of its main competitors Huawei had an iPhone in her pocket when she was arrested in 2018.
4. Your own appearance
Your own appearance and demeanor are also incredibly important when it comes to making your business appear more luxurious. Previously, we’ve talked about the executive who used a device made by a competitor.
Now, while this is a PR disaster when it comes to the rules of the business world, it’s somewhat understandable. After all, if the device in question is indeed accepted as the best of the best, then having it on you affects the way in which you’re perceived by those around you. Not having it can be just as dangerous.
As an entrepreneur or an executive, people are more likely to judge you according to the way you dress or how you arrive at the meeting than by the phone you’re using.
Using public transportation or arriving via Taxi/Uber doesn’t send the right message to the other party. In fact, even if you’re on a tight budget, it would be much better to find a cheap car hire agency, so that you can arrive at the location via a personal vehicle.
This alone can make a difference when it comes to how you’re perceived in the business world.
5. Prestigious location
The location of your headquarters is also something that matters, yet, this issue may be a tad more complex than it appears at the moment. The prices of real estate and the value of rent are determined primarily by the location.
This means that, for the same office space and equipment, you could get much bigger office space in a less prestigious location. In other words, you get to choose between pragmatism and prestige.
Those who are interested in making their business appear more luxurious should definitely opt for the latter. Other than this, moving downtown will also give you a chance to brag about it during your marketing campaign.
6. Better selection of clients
One last thing you need to understand is the fact that as a luxurious business, you need to be more selective about your clients. After all, every luxury business has more work than they can handle, which is why learning how to refuse a deal might be pivotal in growing your reputation as such.
Just think about it, the biggest fashion brands have months-long waiting lists on items such as bags and sunglasses while prestigious restaurants need to be booked weeks in advance. If you plan to make your business appear more luxurious, you need to try to make a similar model.
Last thing worth mentioning is the fact that having a luxurious brand and having quality products is not the same thing. All that these methods can help you achieve is raise awareness amongst your clients of just how great of a value your products/services provided.
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