Paying tens of thousands of dollars for a handbag or millions of dollars for a car isn’t a financial or functional decision. It’s an emotional one. These brands understand the psychological triggers that can motivate people to buy seemingly impractical goods. Hence, it is easier for brands to micro-manage their client’s functional and emotional needs.
Here are some luxury brand secrets you need to know.
1. The Price/Value Bias
One thing consistent with luxury fashion is the brand’s ability to imply that the higher the product costs the more worthwhile it is. The bias lets people indulge in fashion trends wholeheartedly regardless of whether the product is actually worth it or not.
2. The Scarcity Phenomenon
Brands usually use this phenomenon to drive demand for the product. Limited availability motivates people to jump on a trend. Similarly, having to join a waitlist for a product increases the excitement of actually owning it. Scarcity also maintains the illusion of exclusivity.
3. Rude Retailers
According to a popular notion, brand retailers are professionally trained to be rude to customers. While the truth behind the claim is still not clear, many customers have shared time and again that they have a no-tolerance policy if the retailers do so.
4. Quality Over Quantity
While the brands feed into the illusion of superiority, it implicitly justifies the high cost of luxury goods; and highlights the story of how a product came to be. The product is positioned as the unique creation of a particular brand, which personalizes the brand-customer relationship.
5. Buying = Experience
Buying a luxury good isn’t merely a transaction of funds. It’s an entry point into the lifestyle promised by the brand. Therefore the best brands encourage their customer service team to build personal relationships with customers. This both individualizes the experience and helps ensure a smooth purchasing process, which builds brand loyalty.
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