Creating a business, company, or brand that meets luxury standards is a challenging task. But, some of the top-liners in the industry like Louis Vuitton, Gucci, and Prada, have also shown that creating and maintaining a luxury standard is possible. While the prospects of matching such companies look intimidating, it’s achievable. You only have to meet the highest standard as your target customers will expect nothing but the best from you. This goes beyond your products and services, as it requires a comprehensive approach that factors in every aspect of your business. Here are some important things your company should have.
1. A thirst for innovation
In a recent survey, some luxury influencers were asked about the one most important thing they expect every luxury business to have. More than 600 of those surveyed pointed out that innovation is a key strategic priority. That makes perfect sense, as it sets the best brands apart, putting them above their competition. Four critical areas are worth targeting when looking to make your luxury company or business more innovative - new services, novel products, modern ways to engage with affluent customers and progressive marketing strategies. New products, like services, should blend purpose with perception. In other words, a new product or service should not just look or feel luxurious, but should also solve a problem. The days when wealthy people will pay for products simply because of their high price tags are slowly fading. Today, even the rich want something meaningful.
2. Customized, hand-made, and made-to-order products
Other companies can focus on cost-efficient production processes, but not luxury brands. You should spare no costs to deliver made-to-order and customized products. After all, you’ll add your high-quality and expensive production process to your final product price. But looking for cheaper ways to produce products en masse should not be your target. This is because affluent customers and luxury buyers want one-of-a-kind products. They want to be able to boast that they are one of the few (or the only ones) to own a product, and will be willing to pay the price for it. That’s what sets luxury car brands apart from the other car companies. Brands like Rolls Royce and Bugatti are at the pinnacle of affluence because they build custom cars, by hand, and by order. This continues to appeal to customers, and the companies are able to charge more for their products.
3. Superior product performance
Customizing your products or making them by hand alone will not be enough to attract luxury buyers. Your products must deliver superior performance - heads and shoulders above competing products. Yes, that sounds like a ridiculously high standard to meet, but that’s the essence of creating a luxury brand or company. Consider the already-mentioned luxury car brands, Bugatti and Rolls Royce. They’re not just about looks and top-quality manufacturing; they also offer superior driving experience and performance. When you spend a few minutes behind the wheels of such cars, you can tell why people are willing to shell out millions for them.
Your luxury company should connect with your target customer by being at the top of your class, offering the best in your field. Your products should deliver a superior performance. Look at Rolex watches, for example, they’re designed to last a lifetime. So, when you purchase, one, you’re assured that you’ll wear it for as long as you want to. Now compare that with a regular watch company with batteries that last only 3 to 4 years. There’s a wide difference in terms of product superiority.
4. A commitment to social responsibility
The modern customer prefers to spend on a brand that demonstrates an unwavering commitment to various social interventions. Studies show that millennials are leading the charge when it comes to expecting social responsibility from top brands. That said, they are more likely to dip their hands into their pockets for companies that demonstrate a strong commitment to environmental and social issues - chief of which are climate change and sustainability. That is why some luxury brands have come under sustained pressure for the negative impact of their businesses on the environment. Like many other businesses, luxury companies also depend on the earth’s natural resources, which, unfortunately, are in limited supply and vastly declining. If you position your company as a brand that does not care about its impact on the environment, you’re more likely to turn potential customers away from you.
5. A flagship store
Even with companies going online, luxury brands are still investing in flagship stores in various locations. Brands like Versace, Gucci, Dior, and Lacoste, continue to open these spaces across the world. Why is this so important when e-commerce appears to be the new wave? That’s because your flagship store is the physical representation of your brand. Also, the ability to tie e-commerce with an impressive physical footprint is what sets luxury companies apart from other businesses. Plus, having a brick-and-mortar store allows you to take control of your direct-to-consumer sales strategies. Another advantage of investing in a flagship physical store is that it brings your target customers physically closer to your products. Online pictures, regardless of their quality, don’t always do justice to product quality. A buyer can closely inspect your product and admire its unique details and quality craftsmanship when they can see it physically, encouraging more impulse buying. And, speaking of quality craftsmanship, the next point is also important.
6. Quality craftsmanship
One of the best ways luxury products and brands connect with their customers is by presenting the highest level of craftsmanship. Whether it’s jewelry, furniture, clothing, or any other luxury product, the level of quality craftsmanship can endear your target market to your brand. Moreover, it will elevate your product above the average standard, associating your company with only the best. It displays an impressive attention to detail, which your customers will appreciate. It also raises your product to a status of artistry. Of course, it also allows your product to last longer, as you’ll invest in more quality.
Luxury buyers and affluent people appreciate a dedication to excellence, as they often see that quality in themselves. That means you’re product will become a reflection or an extension of how they see themselves, creating a stronger connection between the buyer and the product. It’s the same connection wealthy people have with their luxury cars - they see such possessions as an embodiment of artistry, so keep this in mind.
7. Limited editions
Years of experience have taught that people are more likely to want to own a product if they know it’ll only be available for a short period. There’s a fear of missing out on something that drives luxury buyers to scramble for limited editions of products as soon as they hit the market. Some even pre-book such products several months before their launch.
You can inject an aura of exclusivity and scarcity when you create a limited-edition product. Again, this feeds into the feeling of being a privileged owner of something scarce, something out of the reach of a ‘regular consumer.’ After all, the very nature of luxury hinges on the understanding that it’s not available to the masses. This feeling of exclusivity and privilege creates an aura of luxury around your product, and by extension, your company.
8. A team well-equipped to deliver superior quality
It’s impossible to have a superior luxury product if you’re not willing to invest in a superior workforce equipped with everything they need. Of course, what to invest in will depend on the nature of your business. But anything that will help your workers deliver to their best capabilities should be worth targeting. For example, if you run a building management company, you can invest in a powerful tech platforms like BuildOps electrical contractor software. This allows your electrical team to scale their operations with better communication and coordination. You can also invest in the latest tech solutions to improve work efficiency and boost employee productivity, so feel free to consider this. The better equipped your workers are, the better their work output.
9. Exceptional service
After creating the best product, you must back it up with exceptional service. The shopping experience should offer more than an average buyer will get when shopping for a regular brand. The level of service quality should match the value you put into your products; it should be your number one goal after creating your luxury product, and it should aim at customer satisfaction.
Try to treat your customers like royalty as most luxury buyers already see themselves in that manner. Design, package, and your services in ways that make your buyers feel special, and take the time to eliminate any form of stress tied to using your product. Your customers are likely a privileged few with very high expectations, so treat them with the utmost care and attention. Ensure that all your customer representatives are knowledgeable, responsive, and empathetic. Your customers should also be able to access extra assistance without a hint of stress, and their interactions with your brand should be seamless.