Not all premium brands are created equal: consider the differences between Mercedes, committed to style, innovation and speed, with Land Rover’s links with its heritage and its reputation for dynamism.
Similarly, the many and varied reasons behind a customers’ decision to buy a product or service all stem from what a brand means to them.
Purchase decisions can be influenced by a variety of factors, including brand values, pricing, marketing, packaging or communication – in fact the variables are endless and, therefore, so are the number of brand personalities in the marketplace. But the important thing that binds successful ones together is the value the branding adds to their long-term prospects.
In this article we’re going to take a look at how leading premium brands add value and the benefits this approach can bring…
1. Perceptions of high quality
Who better to illustrate a brand of high quality than M&S? The retailer’s well-known campaign repeatedly reminds us that it’s not just any old food they have on offer, it’s M&S food. And, as customers, we all know that ‘M&S food’ translates to meticulously high food production standards, the best ingredients, specialist suppliers and, ultimately, reliably great-tasting food. And of course, with that guarantee, we’re prepared to pay a premium for it. Why? Because we’re reassured by the branding and, importantly, the food and the customer service live up to the brand promise.
2. Loyalty
We can become very attached to our best-loved brands, often seeing them as an extension of ourselves. We can’t get enough of what these brands bring to our lives, so much so that often we’ll overlook their shortcomings. This sort of loyalty is invaluable and often keeps customers sticking around for the long term. It’s a kind of ‘can’t-get-enough-of-it loyalty’ which is ideal for product extensions, adeptly demonstrated by Apple with the iPhone, Apple TV, Apple watches and the Macbook Air. Apple have it sewn up because customers aren’t so much buying a product as they are buying into the experience, the emotional connection and being a paid-up member of the Apple community.
3. Boosts morale
Just as customers want to be associated with aspirational brands so do the people who work for them.
Working for Virgin Atlantic, in their swanky office with great perks, including special access to long-haul flights, can be an excellent motivator. The positive associations with the brand can not only reduce turnover but also foster productive, loyal employees who have great stories to tell about their experiences – making them great ambassadors for their employer.
How you can add long-term value to your premium brand
Communicate your brand’s premium qualities at every opportunity, from your logo to the website, brochures, staff uniforms, office décor, tone of voice and packaging, never miss the chance to reinforce the brand’s premium positioning.
Consider how you want your customers to view your brand – is it bold and innovative or stable and reliable? Then create a brand strategy that sets out how you’ll present and develop it across different platforms.
Make sure your team are all on board with the brand message.
Follow in the footsteps of successful business owners and leaders by tapping into the BISON BLUEPRINT methodology. Start the journey towards brand growth today by calling Managing Director Mark Bidewell on 01622 677541 or email mark@madebybison.co.uk.
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