There’s a reason why luxury products are not mass-produced and distributed widely. On the contrary, the luxury market operates in the exact opposite way. The essence of this market lies in producing less than the demand, keeping customers on a tenterhook.
Luxury brands are not bound by functionality; they are a symbol of status and success. So, by constructing a glass wall of scarcity and exclusivity, they become aspirational. With hard-to-lay-your-hands-on craftsmanship, customization, price, waiting list and even the country of origin, luxury brands boast of a uniqueness that stokes the desires of the rich and the famous.
These exclusive brands give even the media only limited access to experience them. And that gives rise to an enigmatic dynamism that’s hard to resist, but even harder to make your own. It’s not a product that’s being sold, it’s the emotions associated with it.
High-end brands don’t get launched in a day. Wait, don’t dismiss the idea so soon. Building a new high-end brand is hard work; yes, Rome wasn’t built in a day. But with the right mix of allure, mysticism and pricing power, a new brand can command both the respect and attention it will need to be identified as an iconic brand.
To begin with, give conventional marketing tactics a rest. They don’t move the affluent. Study the niche clientele instead. How do they live, work, entertain and holiday? How does your brand intend to resonate with them and their lifestyle? Don’t go solve a problem. Create an opportunity to discover and experience something new; something aspirational.
What makes you peculiar? What strange quality of your brand can incite a sense of belonging in your clientele? Embrace that quality, the weirdness, the wow-factor and sell that to your audience. Luxury consumers love an authentic story.
Don’t be afraid to say ‘no’; don’t buckle under the pressure of offering discounts or meeting mass demand. What really earns the respect of luxury consumers is the scarcity and exclusivity of high-end brands that stay true to their elite pricing strategy. You might lose a couple of customers, but you’ll gain immense respect.
With the status of being a luxury brand comes the steadfast promise of meeting superior quality expectations. This permeates not only through the product, but also through your product experts on the sales floor, the team of brand curators in the marketing office, your suppliers, your collaborations and your partnerships. Be consistent and classy from start to finish.
There’s more to fulfilment than work-life success
If work makes you feel fulfilled, I am happy for you. But there’s more to life than just success at work. If you don’t find joy and fulfilment with your job, create a business that aligns with what fulfils you.
Obviously, this takes a bit of time; nonetheless, it’s totally possible.
As a first step, discover what your emotional and psychological needs are. Once you know what kind of work helps you explore your true feelings, make an attempt to bring that change into your life. Pay attention to where and in what moments you feel joy and connection.
From all the things that matter to you and give you fulfilment, there will be a few that will have a purpose that is bigger than you are; something that contributes to humankind and makes your life more meaningful. That is where your next step lies – in doing that reflective work to unveil what really moves you from within. Find that purpose and ponder on how to convert it into a business idea.
If you’re confused or have too many things fighting for your attention, narrow them down to two-three, and play around with ideas that inspire you. In the end, you should be able to find something you are good at, you love, and that fulfils you to create a business that aligns with who you really are.