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6 Steps to Position Your Products as Premium

24 Mar I

Why is it some brands are synonymous with luxury and prestige, and others aren’t? Does the answer lie in a product’s build quality? Its name? Its price? Or is something else at play here?

 

From Rolex to Ralph Lauren, a handful of brands are weighted with such prestige their products need no introduction. But how is it premium brands cultivate the heady heights of luxury, and how can us mere mortals hope to achieve the same level of prestige these retail titans have long held?

Here, we offer 6 steps to position your brand and products as premium.

Charge a High Price

There’s no great secret to tapping the well of premium brands; just charge a high price for your products. How a product is priced sends a strong psychological message to consumers, as price is often associated with quality. Even if there’s no difference in build quality or materials, two near identical products would be judged differently based on their price tag. This might sound ludicrous, but it happens all the time — whether in luxury designer stores or your local supermarket.

Offer Quality

That’s not to say you can slap an eye-wateringly expensive label on cheap and cheerful products and expect them to sell, however. High prices need to be backed up with high quality, efficient products — else your customers will get wise to your scheme and lose confidence. Lesson: if you want to charge premium prices, you need to offer premium quality.

Don’t Spread Yourself Too Thin

Some businesses mistakenly believe that the more choice they offer customers, the more premium their brand will appear. This isn’t true. For a brand to attain a luxury feel, its retail offering should be limited to one or two products. This not only transmutes a feeling of exclusivity, it lends itself well to the product’s quality image — as if this one piece has been your brand’s lifework.

luxury-product

Generate Mystery and Intrigue

The best brands have a knack for generating pomp around product launches — just look at Apple. It’s this excitement and mystery which differentiates premium brands from the competition, and helps them to capture a customer base with ample disposable income. Through clever marketing campaigns, premium brands draw consumers deeper into the ideal they have created around a specific product — ultimately making it so consumers are hard pressed to not buy the item when it eventually launches.

Aim for Indulgence

Premium brands celebrate indulgence and extravagance, the little things in life which people want but don’t necessarily need. Even if you’re selling pens, it’s possible to make the product appear like an indulgent luxury item and not a bare necessity. People buy from premium brands not for the convenience or price, but for the hell of it — so always aim for indulgence.

Make it Authentic and Confident

Provided they’re offering quality and authenticity, premium brands should never apologise for the price of their products. Becoming a premium brand is all about confidence, not only in your products themselves but how your company aligns and presents itself. Choosing a simple ethos and following it with unwavering faithfulness is the first step in cultivating a premium feel for your brand.

If you’re struggling to get your fledgling business off the ground, Leighmans can help thanks to our range of promotional gifts and products. Providing a valuable accompaniment to the marketing activity of your brand, our products are 100% customisable with your company’s livery. To find out more, visit the Leighmans homepage or call us on 0800 169 0898.

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