How can you position your brand as a premium product or service?

Position your brand as premium through quality, exclusivity, and superior customer experience. Emphasize unique features, elegant branding, and a premium pricing strategy. Utilize sophisticated marketing, influencers, and limited editions to enhance brand perception. Prioritize impeccable customer service for an overall premium image.

Increasingly, I think it needs to go beyond this - what is the purpose you are driven by and how does this enhance, complement, ease or excite the market you are going after. Nothing is linear anymore, we are multi faceted consumers with somewhat schizophrenic behaviors depending on our need states - high low mix, conscious shopper who still uses Amazon, binge drink of a weekend and fast in the week. We can serve many people - to me the target is how you reach them.

Craft Unique Experiences The essence of a premium brand lies in its ability to offer memorable and personalized customer experiences. From the first touchpoint to post-purchase, every interaction should reflect the brand’s commitment to excellence. Exclusivity is Key Cultivate a sense of exclusivity through limited editions or selective distribution. This not only enhances the brand’s allure but also creates a loyal customer base that values the unique offerings of your brand. Communicate Your Story A compelling brand narrative that resonates with your audience’s aspirations can significantly amplify your brand’s perceived value. High-quality content and selective media channels are crucial in conveying this story effectively.

First, ensure the quality of your product or service is exceptional, surpassing industry standards. Then, focus on creating a luxurious and exclusive brand image through sophisticated branding elements like logo, packaging, and marketing materials. Utilize high-end marketing channels and form partnerships with other premium brands to reinforce your position. Implement pricing strategies that reflect the premium value, but ensure the price is justified by the quality and customer experience. Additionally, offer outstanding customer service and exclusive experiences, catering to the high expectations of your target audience. Lastly, consistently innovate and maintain a strong narrative that connects emotionally with your audience

The debate on cost Vs value will, perhaps, go on forever as long as markets exist. When you sell value to a customer vis-a-vis selling just a product, the customer is able to appreciate your positioning your brand in a premium segment. This works well whether you are entering a virgin territory (with few players) or a cluttered market.

Creating a strong design that reflect the brand ethos is surely one way to tackle it. Now the real question is how to define your brand ethos… your Values, Vision & Mission need to be clear and perfectly articulated. You may also want to consider the impact of your product to your customer or society!

In the past, 'premium' brands often signalled exclusivity. Now, it's about resonance. A brand that resonates powerfully with the experience and aspirations of its audience will generate the attachment that can command a higher price point: and that begins with creating a distinctive, recognisable character: from identity to tone of voice. I've always enjoyed the litmus test of stripping away brand identity markers one-by-one and seeing how long it takes before you become unrecognisable: can your audiences name you from a single colour (Tiffany's)? A single word ("magic" and Disney)? Or just your tone of voice (Innocent)?

Creating a Distinctive Identity is key for premium branding. It's not just about the visual elements like logos but also encompasses the brand voice, personality, and overall message. This unique identity should resonate with your target audience, making your brand memorable and justifying a higher price point. However, it's essential that the quality of your product or service truly reflects this premium image. If the actual quality doesn't match the premium portrayal, customers may feel deceived. Genuine quality is vital to uphold your brand's integrity and trustworthiness.

A great brand identity is the tip of the iceberg- it’s just not enough to look good. What’s on the inside? What is the soul of the brand and how does that live at all points of the business?

Every competitor will say that they can do it better or faster. What makes companies standout in today’s world is the human element. To attract quality clients/customers you need to show the human side of your company so that people can connect with you. Humans connect with other humans. Most people know that any business will get the job done. However, they want to work with someone they like and can relate to. That’s why we focus so much on the human element of our clients, especially when we are rebranding them. Human connect is the most powerful driver of growth for any business. The main question to keep asking yourself when marketing your company is “how can we humanize this experience to connect with more people?”

Customers will pay a premium price to get a great experience. Quality alone does not guarantee superior experience. It is all about how you make them feel when they are interacting with your brand in good and bad times.

There's no distinction between brand and product/service for your customer. It's just their experience overall. And the entire experience - from the first impression to the final click needs to be superior, but also authentic and consistent if you want to be considered premium. Make sure the positioning and promise of the brand can be backed up and delivered by the quality and experience of the product/service.

You can position your brand as premium/luxury but it must deliver on or exceed the expectations you set via your marketing and price point. If your customer's expectation is a 9/10 product but deliver an 8/10 product, they will have a worse perspective of your brand than if their expectation is a 7/10 and you deliver 7/10.

This is great advice… but I’d say if you are wanting to take your business to the next level. Unleash the power of WOW! moments in your business! ?? Seize every opportunity to dazzle your clients with experiences so extraordinary that even your rivals would applaud. Why? Because being memorable isn't just cool; it's a sales superpower! ?? As Jeff Bezos wisely said, 'Customer experience matters.' Start crafting those 'Wow! THAT was amazing!' moments today, and watch as your business becomes the talk of the town. Make your brand unforgettable by making more moments that matter!?? #WOW!Factor

To establish your brand as a premium product or service, it’s essential to concentrate on providing a unique and superior customer experience. This involves delighting the customer at every interaction, creating memorable moments that set your brand apart. Other strategies are quality assurance, exclusivity, personalization, Exceptional Customer Service, superior storytelling, superior tangible and non- tangible benefits

When you have a premium product or service, it’s crucial to have the clear value you provide and a strong rationale as to why your product or service costs more, especially when you have price conscious consumers. Some ways to demonstrate values are in pitches and presentations that outline your process with differentiating factors, have clear rationales behind why your service provides more value, and cater your value-added services to what the customer is specifically looking for.

It's most important for brands to effectively communicate their value when it's known that they aren't the most affordable option on the market. If you can't market your price, then you MUST craft messaging around the problems you solve. If you know your audience has a problem that your product/service solves, then you need to create ALL KINDS of content around how you solve that problem while tying it back to cost savings and/or cost avoidance. The easiest way to justify more spend is by knowing it will lead to significant savings that surpass the spend. Humans are way more likely to take action to avoid a significant loss than to receive a significant gain.

Try improv! Effective communication is crucial for defining and aligning on innovation goals. Improv exercises improve communication skills by emphasizing active listening, clear expression, and the ability to build upon others' ideas. This can lead to a shared understanding of goals and strategies within the team.

Equally crucial is to Communicate Your Value. Articulate clearly why your product or service stands out, be it through quality, innovation, or customer experience. Consistency across all channels in this communication is key. It's also important to choose the right channels to reach your target audience effectively. Be creative in your approach, but avoid being overbearing. This balance ensures that your message resonates without annoying potential customers. Remember, the actual quality of your offering must align with your premium branding to maintain trust and avoid misleading customers.

My favourite examples are in the non-alcoholic category. For example Sipsmith positioned itself as a premium “gin” by being on the same shelf / aisle as the alcoholic gin. This meant its pricing was in line with alcoholic versions creating an association of premium, quality ingredients and great taste.

Testimonials of delighted customers, strong brand centric community, brand ambassadors, aligning with influencers having same values, awards and recognition, and interesting brand collaborations build social proof around luxury positioning.

Elevate your brand to premium status through the power of social proof. Build trust and credibility by collecting glowing testimonials, collaborating with influential individuals, and proudly displaying your certifications. Emphasize your top-tier branding, maintain a cohesive image, and cultivate an aura of exclusivity. With these strategic moves, your brand will stand out as the top choice for discerning consumers.

People love to hear the good and the bad from other people, not just the cold emails or social campaigns that brands blast out. Testimonials and other UGC tell a true story about experiences with your company that go much further than any other form of messaging.

Social feedback acts as a valuable source of information, contributes to brand perception, and plays a pivotal role in shaping marketing and sales strategies. Collecting all the data can be very challenging because of - Large volume of data - Biased feedback - Negative feedback - Real time monitoring etc

Social proofing is vital to your success. Potential clients, collarators and media are just a few who will check out your social proof if they are at all interested in working with you. To be easily found by the search engines isn't only about people finding your website. There is credibility and authority to be gained by showing up . The same thing applies to everyone, we can be the very best at what we provide but if no-one can find us, we don't have a business.

Regularly assess customer feedback, market trends, and performance data. This ongoing evaluation not only allows for strategic adjustments but also uncovers opportunities to better serve your clients and enhance your product. For instance, luxury car brands complement their vehicles with high-end maintenance services. Similarly, traditional luxury watchmakers are innovating with luxury smartwatches. This process can lead to the creation of new premium products or services that support and extend the value of the main offering. It's vital that the actual quality consistently aligns with your premium branding to maintain trust!

Ongoing monitoring of customer feedback and competitive intelligence can help detect problems early, and maintain a growth trajectory. We do not need to wait for a drop in sales, rather monitor potential early indicators of issues in metrics at a regular cadence. Examples include satisfaction metrics and Net Promotor Score (NPS) among customers, and intent to consider the product/service among prospective customers. These metrics could be available through customer surveys, or omnibus subscriptions.

Open, clear communication channels are non-negotiable. Refining and implementing findings are a must. It's all about certainty - ensuring the marketing aligns with customer expectations. There's nothing more damaging than high hopes met with frustration due to unmet expectations.

Monitor, take note, test, get feedback and improve. Each campaign, launch and workshop has it's merits. However did we miss something so small it made a big difference? It's a question that could make the next one even more successful.

Remember that while revenue generation isn’t the only way you’re being measured, it’s the critical success factor. Make sure what you’re offering actually creates measurable value for the company vs buzz alone.

Position your brand as a premium product/service by understanding client lifetime value first. No one should go to market before they deeply understand their offer’s CLV. Additionally, personalization and client-centric support (from an actual human) is necessary when charging premium prices. Too many people are trying to demand premium pricing and the person’s experience or the value provided just isn’t there.

Size up the competition! There is so much noise in the marketplace, and competition for market share is intense. Be strategic with your positioning. Full understanding, through conversation, market research, and data analysis, will help define and align your brand, product, and service differentiators. Effectively communicate and educate the market, and then ramp up your marketing and awareness-building activities, solidifying your corporate identity and building a cohesive brand.

Leverage technology?to create innovative products or services that offer superior performance, functionality, or convenience.

Strong focus on branding, superior customer experience, strong storytelling, strong and distinct visual identity to emphasize luxury brand/ service positioning.

What is perceived as premium and what is not, is defined by the beliefs of the buyer, not by the product. That varies from market to market. To create a premium product, focus on the buyer, not on your product.