Premium retail brands don’t happen overnight or by accident. They are carefully crafted to connect with the high-end market. Affluent consumers comprise 20% of U.S. shoppers but account for 40% of consumer spending. If your brand is ready to step into these markets, we have some secrets that can help your product find its own space as a premium retail brand.
1. Your Audience Expects Premium Branding
Your logo is part of your brand, but your brand is more than your logo. Every communication and touchpoint you have with customers needs to reflect a brand crafted to connect with a high-end audience. From their first view of your message to post-purchase, premium and luxury shoppers expect a different experience. You need to evaluate your logo, your marketing, your communication, your sales team – all of it – and determine if it meets those high-end expectations.
2. Remember You’re Marketing a Lifestyle, Not a Product
Premium and luxury buyers aren’t shopping for a specific item, and they aren’t concerned about finding the best deal. They are looking for a product that will help them achieve a certain lifestyle. Marketing to this audience has to shift from inspirational marketing that attempts to inspire them to purchase a product because of a celebrity endorsement, specific feature, or special offer to aspirational marketing that creates the idea that their desired lifestyle is attainable through this product.
3. Brand Loyalty Will Sustain You
Brand loyalty delivers two key things: Repeat customers and word-of-mouth marketing. When a customer leaves satisfied, they’re more likely to return. And they tell their friends about what a great experience they had with your business, and some of those friends become customers. And here’s a bonus tip: Maintaining the relationship with that customer is also crucial to brand loyalty. You want to be top of mind when they’re ready to make their next purchase, whether that’s 6 months or 6 years from now. One of the easiest and least expensive ways to do that? Email marketing.
At Riley & You, we understand that a premium and luxury audience has different expectations, and we’ve made it our mission to help small businesses meet those expectations. Let us help you grow your high-end business.