Have you considered what type of brand you are or want to be lately?
First, you should check out the podcast Acquired. My only complaint about it is that I didn’t discover it sooner!
Second, have you thought about your brand lately, and whether it reflects the type of business (or person for your personal “brand”) you want to be?
Acquired did a mini-series of sorts over the last few years covering various luxury brands: LVMH (Louis Vuitton), Porsche, Hermés, and, recently, Rolex. In this series, some discussion about regular vs. premium vs. super-premium vs. luxury brands caught my attention.
Regular, everyday brands just try to sell something at a cost that covers expenses and generates a little profit. Premium brands shift the discussion to features, describing what the product or service does for the customer. Sometimes this gets technical and can lose the customer’s interest.
Super-premium brands level up again and focus on benefits to the customer. They may still demonstrate or discuss features, but the primary focus is on how the customer’s life improves or is better for using the product or service.
Luxury brands, though, are simply all about the brand and the mark. There is no added utility for a Rolex over even a simple Casio watch. Yes, the features in it are made of higher quality materials and with a more meticulous process, but with something around 40% margins (if you’re lucky enough to buy one at retail), the added craftsmanship is still significantly lower than the price.
Any business can adopt some or all of these practices. The key is that the higher up you move, the more potential business you must cut out. If you want high-end luxury, white glove branding, fine, but don’t expect to be a high-volume mid-price company. If you want to do some outstanding, unique, set-yourself-apart things as an individual, fine, but don’t expect everyone to agree, support you, understand, or even possibly still think you’re sane!
You must first determine where your product or service falls, where you wish to be, and how you can shift the conversation to a higher level of discussion. Once you focus on and get clear on those things, you can redefine your brand, increase your value, and likely be significantly more successful.
Is this perfect? No! This is a significant oversimplification of a complex strategy that also involves scarcity, exclusivity, and a certain degree of mystery. But it IS possible to shift your conversation and increase your brand’s value.
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