9 Rare Steps To Create Your Luxury Brand

1. Luxury brands don't compete.

There is no comparison with luxury brands.

✅ Focus on your own unique identity and the reasons why your customers should resonate with it.

2. Use the price/value bias

The higher the price the more the perceived value.

✅ Focus on the meaning behind your brand, and what it means to use your product to influence the perceived value.

3. Sell to those who want to be rich

Its been proven by social science and psychology that luxury brands don't sell to the rich, they sell to those that want to be rich.

✅ Your price point should be just outside of your target Audience's income.

4. Ignore rising demand.

Luxury brands don't tweak quantity to respond to new demand of consumers.

✅ Set a specific number of units you are willing to produce and stick to it.

5. Target people with low self-esteem

✅ Speak to customers Esteem needs. Make your customers feel like a better person

6. Use the forbidden fruit effect

Luxury brands intentionally keep anyone that is not a super fan out. Going as far as disqualifying customers that aren't a good fit.

✅ Only create products that speak to one customer to prevent diluting your brand value

7. Use the ruler archetype.

✅ Design the look and feel of your brand around themes of wealth, prosperity and success to align with your customers desires

8. Associate your brand with emerging arts

Luxury brands associate with emerging arts that are an acquired taste.

✅ Educate your customers tastes to make your brand more refined

9. Luxury brands focus internally

Instead of looking at the customer to find out what the next move will be, or looking at competitors to drive your strategy...

✅ Luxury brands decide internally on the way forward and set the trend

Want to start making money with your luxury brand? - Check out our best-selling brand building book here

Robert & Alek
CEO Sphere