Summary of Luxury branding principles | 7 steps of luxury brand building process
The video titled "Luxury branding principles | 7 steps of luxury brand building process" outlines a structured approach to building a luxury brand, emphasizing the importance of a clear strategy and Brand Identity. The presenter shares insights based on past case studies and viewer interest in luxury branding.
Main Financial Strategies and Business Trends:
- Brand Concept: Establishes the foundational idea of the brand, including its name, history, visuals, and overall offering that conveys luxury.
- Brand Identity: Differentiates between brand personality (how the brand wants to be perceived) and brand image (how consumers perceive the brand). A strong Brand Identity is crucial for luxury brands to avoid consumer confusion.
- Brand Awareness: Comprises brand recognition and recall, with luxury brands needing high visibility while maintaining exclusivity.
- Brand Positioning: Luxury brands should focus on their unique identity rather than traditional positioning against competitors, reinforcing their distinctiveness.
- Brand Loyalty: Built through emotional connections, luxury goods serve as communication tools for consumers to express their identity.
- Brand Equity: Represents the accumulated value from previous steps, leading to customer commitment and demand.
- Brand Value: The financial result of successful branding efforts, translating consumer perceptions into monetary gains.
Methodology (7 Steps of Luxury Brand Building Process):
- Step 1: Define the Brand Concept
- Step 2: Establish Brand Identity
- Step 3: Create Brand Awareness
- Step 4: Position the Brand
- Step 5: Foster Brand Loyalty
- Step 6: Develop Brand Equity
- Step 7: Generate Brand Value
The video emphasizes that creativity, craftsmanship, uniqueness, and authenticity are vital for luxury brands throughout this process.
Presenter:
- The video is presented by "Fashion Brief."
Notable Quotes
— 07:20 — « They need to stick to their brand identity to make them even more unique and to have this bold statement of this is who I am. »
— 08:08 — « Luxury goods does become a communication tool for them. »
— 09:16 — « For luxury brands, the most important of all is to have creativity, craftsmanship, and uniqueness, and also the authenticity. »
Category
Business and Finance