Key components of a luxury brand
A lot of people aspire to build a luxury brand, but what are the key components? How can you do it, and attract good paying clients? Alexander Amosu who is launching a lifestyle management service for Africans earning a minimum of $1million a year explores:
- Identity and logo
Images speak a thousand words, and your visual identity is very important. It needs to be synchronised and well thought through. People often over-look this when they are building their brand, but I think it’s one of the most important aspects. You cannot claim to be a luxury brand, and use clip art from Word in your logo, as the messages will be contradictory. Your brand needs a strong visual identity that communicates who you are.
- Heritage
In order to create a respected, international brand, you do not need to be all things to all people. People buy into locations, so you should be very clear and upfront about the heritage of the brand. I am a British-Born Nigerian, and the roots of my brand are steeped in both cultures. Buyers are able to identify with the London roots because London conveys thoughts of a bustling city, bathed in culture and luxury, whilst the Nigerian roots mean that buyers can identify with the multi-cultural aspect of my brand that transcends cultures. Most luxury brands are proud of their heritage, and it does not detract buyers, so it’s important to communicate your heritage.
- Quality and luxury
Quality is at the heart of every luxury brand, and it cannot be compromised. People are not ignorant. They are totally aware when brands are trying to fake quality. Buying and selling luxury goods, and building a luxury brand takes time, research and patience. However, there are great rewards in this, as your customers will reward you with loyalty, and repeat custom.
- Uniqueness
One of the main reasons why luxury brands stand out in the market place is because they are unique. Where some brands aim to mass produce at a lower price, and sell in volume, most luxury brands can make a huge profit by creating bespoke, unique goods and selling them at a higher price. In order to evolve as a luxury brand, you need to think ahead. You cannot get complacent, and you cannot afford to get stuck on yesterday’s results. You need to constantly innovate and create unique products and services.
Most of the recognisable luxury brands in the world have these components, and if you are starting or building a luxury brand, it is essential that you constantly monitor how your brand is performing in these elements, and how they are being conveyed. It will inspire buyer confidence and will help your business to survive cycles of boom and bust.
By Alexander Amosu, Entrepreneur and Founder of www.luxafrique.net
