Prices are usually quoted to reach a large/mass market- something that’s for everyone- but there’s a niche that simply wants the penultimate of quality. If…
Prices are usually quoted to reach a large/mass market- something that’s for everyone- but there’s a niche that simply wants the penultimate of quality. If the focus and emphasis is on quality and class, there would be regular calls coming in. You should expose the segment to what you are offering. They should know what you are providing is ONLY provided by your brand, something that is different and customized/ tailored to their needs. The fact that your product/ service is popular doesn’t mean that you can ignore the Four Ps of marketing. Luxury branding can be crisper, if the P’s are focused on.
PRODUCT
Luxury branding’s root is the quality of the product, irrespective of the steep price. An ordinary/ average quality product that has a price beyond its promise to deliver would not be in level with luxury branding. One has to be sure and confident enough in the product or service that what they are offering is the best. The brand should be up for any challenge if questioned on the quality and class of the product. But the downfall is that only ensuring the quality and uniqueness is not the only concern but replication of the product/ service has to be avoided as that would lose its USP. Hence, the company should ensure that they go out of their way to make the client/ customer feel that the product/service is beyond its price.
PRICE
Often product price is associated with the success of the product. But that works for mass products. Not luxury, as there’s a class that needs to be maintained, since class, standards, and quality now is synonymous with the brand. Bargaining or reducing the price means uncertainty. This will never stand for a product that represents class and high standards. The client would be confused and will doubt the product. Hence, when the price is quoted, it should remain and maintain standards. Like how the client doesn’t want any decrease in the quality similarly, there should be no discount in the price quoted.
PLACE
Exclusivity is a key factor that revolves around luxury. A product that is available everywhere doesn’t make it distinctive. The location should be ‘PRIME’. A store or a few stores represent exceptionality, thereby making a product that people don’t mind going the distance for.
PROMOTION
Push strategy doesn’t work for luxury products, but for mass products. Luxury products just need to be placed in the apt medium and it should be grand, stylish, modern or vintage, depending on the product and service. Much shouldn’t be said, as a picture is worth a thousand words.