Aim high – create a premium brand.
If you purchase a laptop from Apple, you know you’re buying a premium brand. If you decide to pay that little bit extra and travel first class on a Virgin Train, you’re happy to do so because you know it’ll be an experience that’s a notch above the rest.
They aim high. The quality of the experience offered by such brands is of course entirely subjective, but no one could argue that the two businesses above aren’t deliberately positioned by their boards as premium brands.
If that’s what you have in mind for your business, you might be wondering how to differentiate yourself from the rest. Here, we’d like to offer some simple tips for establishing a premium brand.
What isn’t a premium brand?
Firstly, let’s consider what isn’t necessarily considered premium:
- A fancy logo
- Immaculate packaging disguising mid-range product design
- A top score on product review websites
- Unnecessarily high pricing
- Poor choice
- Multiple affiliations with other premium brands
Put simply – people can’t be fooled, and if you attempt to pull a veil over their eyes with any of the above tactics in order to make your offering appear premium, you won’t last long.
Here’s four ways to become a truly premium brand:
Aim high – create a premium brand -appeal to dreams and aspirations
Your product or service offering should do more than simply meet a need. It needs to appeal to the dreams and aspirations of your customer base.
Think of a premium coffee shop. Is it just about getting your caffeine fix or about enjoying the sights, sounds and smells of the best coffee beans money can buy?
Aim high – premium brand – work on your ‘differential value’
The differential value of your product is what sets it apart from the competition; it’s what makes it worth buying.
Using Apple as an example, the differential value of their laptop line makes such purchases palatable for people over cheaper Windows laptops.
Moreover, your differential value must clearly show customers how they’ll benefit from owning your product. In time saved, productivity gained or good, old-fashioned kudos.
Aim high – premium brand – develop a compelling story
People will be more inclined to invest in your premium brand if there’s a compelling story behind it.
That might be your personal journey that got you to where you are now or a specific ethos to the business, but whatever it is, it should be woven into the fabric of everything you create.
Aim high – be outwardly passionate and (acceptably) arrogant
Often, premium brands are often fronted by incredibly confident CEOs. Their public image isn’t afraid to stand on a pedestal and look down at the competition. Whilst, some might see it as arrogant, others will revel in its unashamedly brazen nature.
So, as a premium brand, you’ll have just as many enemies as friends.
It’s a fine line to tread, but one you must walk if you’re to prove your brand is worth buying into.
Premium brands aren’t that dissimilar from private members clubs. Firstly, they’re exclusive. Then, they’re not particularly easy to get into. Finally, they excel at keeping customers engaged for a lifetime.
If the above traits of a premium brand don’t put you off – you’re ready to go!