Here's how to bring your nascent brand to market.
- Series Overview: This is the final installment (Part 4) of a four-part guide on building a luxury brand, following discussions on identifying customers (Part 1), distribution methods (Part 2), and finding a niche (Part 3).
- Focus of Part 4: Explores strategies for bringing a luxury brand to market effectively.
- A/B Testing: Highlights the value of A/B testing, a cost-effective method to refine offerings by testing two versions with users, though it’s underutilized in luxury businesses despite its potential to prevent overinvestment in unsuitable products.
- Product Role in Daily Life: Emphasizes that luxury products are a small part of consumers’ lives, urging brands to refine offerings based on feedback while staying true to their original vision.
- Pricing Strategy: Suggests setting prices high enough to signal luxury but slightly below top competitors to attract undecided buyers seeking quality at a comparative value.
- Social Media Importance: Stresses the need for a strong social media presence, noting Bottega Veneta’s risky off-grid move in 2021 (returning in 2023 on Weibo), and how influencer-driven buzz can’t fully replace a brand’s own engagement.
- Continuous Evolution: Encourages brands to evolve with consumer input while maintaining core goals, ensuring long-term success in a competitive luxury market.
- Marketing to UHNWIs: References the author’s prior guide on marketing to ultra-high-net-worth individuals, suggesting it as a resource for deeper insights into luxury consumer strategies.