Should Your Brand Be A Luxury Fashion Label?
Fashion labels like Louis Vuitton, Prada and Armani tell us one thing - successful luxury fashion labels sell despite the expensive price tag!
While luxury goods serve all the functional needs of a regular fashion product, the brands also have a unique, elevated reputation. This distinguishing feature increases its appeal, and makes us believe the additional cost for the product is justified.
Despite existence of well-established luxury brands in the fashion market, new and upcoming labels have ample scope for success. This is because today's customers seek novelty. An interesting and well-crafted product can make that first impression as a luxury brand. So, with the right moves you can set up your fashion line for success in the luxury sector.
Before you market your brand under a luxury tag, you should identify whether the luxury market is the right destination for your product. For this, you should understand what sets luxe labels apart from their counterparts. Here's what you ought to know before you make this business decision.
The Pros And Cons Of Marketing Your Brand As A Luxury Label
The luxury fashion brand business is both exciting and challenging. You can live out your dream of creating one-of-a-kind, quality designs with unique flavour. You also have better chance to get close to your customer and do things they will love and engage in. Then, there is the undeniable satisfaction of owning a line that boasts quality and craftsmanship; unlike mass market products that are churned out in thousands, limited supply adds to the value of your brand and you maintain a high profit margin.
The challenges in succeeding as a premium label however, aren't small. It is crucial to nail that first impression, because there is little scope for a second chance if things go wrong. An elite client always has high expectations from a premium product, and unless your brand succeeds in satisfying this expectation, it will not survive.
A luxury fashion brand should not just focus on solving a customer problem, it should go beyond it. It should have outstanding quality and exceed customer expectations at every level. The luxury factor should permeate everything from packaging to advertising to enhance the product's desirability.
You will have to dedicate time and resources to identify a business strategy that will put you in the luxury bracket. It is equally important to forge an emotional connection with your customer; to gain acceptance, your marketing and advertising approach should focus on identifying passionate customers who can relate to what you offer.
Real luxury brands cleverly distinguish themselves from their peers with creative branding. The image you choose to put across is really important for your reputation and success. Eton Shirts, for instance, impregnates its products with the smell of freshly laundered cotton shirts to create a sensory connection. This is the brand's signature.
Jim Pinto, owner of watch company Broome and Mercer, stresses the importance of extensive content marketing to recognise what resonates with, and engages the potential buyer. To succeed, luxury labels must have a talented team with expertise to understand and deliver to the expectations of your target audience.
Storytelling is another powerful tool to connect with the customer. If there is a real story behind the brand, use it to market your line. Brands like Broome and Mercer, Chanel, and Dior use this strategy to increase their appeal. An artisan or heritage link gives the product a marketing advantage, as consumers in the luxury sector are often taken by the feeling of things that are hand-made.
Exclusivity enhances a brand's value. Limit the supply of your product to create a sense of urgency and intrigue that makes it seem more valuable. The Hermes Birkin bag, with a six years waiting time for new customers, is a luxury brand that has demonstrated the success of this approach.
How To Maintain The Brand
Once you break into the market, be cautious about offering discounts and reducing prices, as you have an image to uphold. Nevertheless, to keep up with the competition you will have to plan incentives to satisfy customers who look for a deal. Loyalty rewards, exclusive gifts and free shipping are alternatives to discounting, and will not damage brand value.
Creative social media competitions are also helpful to engage the customer. Online and social media marketing is crucial to your brand's reputation. With more people on screens, luxury and individuality should reflect in all your web content.
Finally, maintaining a luxe label isn't easy, as you have to hold yourself up to consistency and the very high standards of your customers. Any changes in your marketing strategy should be carefully planned and implemented. However, once you differentiate yourself from the competition and establish your brand name, your brand can achieve its exclusive status and become a sought-after and trusted industry name.
For all the latest news and announcements and make sure you sign up for our newsletters!
And please do share our article (you can use our very handy tweet buttons throughout).