To establish a premium brand-personal or corporate-in any niche is not an easy job but it is achievable. The first thing to do is to match delivery of expectation beyond what is available as well as manage the experience exceptionally. Consistency is also important. Consistency does not imply rigid attachment to old ways that are not working in today’s environment. There is an urgent need to ‘play it as it lays’ while playing the consistency game.
However, when all is said and done, being the first in audience mind always get twice the long-term attention than number two.
Al Ries suggests –I have added my thoughts also- the followings factors that may guarantee premium value brand.
1. Define your target audience: From onset, define your target audience that your brand will help, serve. Please note the words used: serve and help. If the brand is not ready to serve or help a particular audience-in this regard premium- the brand is already on its way to the gallows.
2. Establish high price value and be ready to walk away: when you have identified the target market, you must establish your premium price and be ready to walk away. The logic is not only on the price but on the value, creating something that the target audience will be willing to pay such premium for.
3. Have a valid highly ‘emotional’ brand story: The brand story must be so compelling and value laden that individuals feel associating with the brand is the best thing that can happen to them.
4. Be in the category where audience will be receptive: A premium brand is not out to serve everyone. Marketing activities of premium brands are not also directed to every jack and jerry. It is focused on those who can afford it. Particularly those who are not very price sensitive but value-driven. I remembered some years ago while I was sharing with a friend why I would not buy a particular kind of auto. My major reason was its level of fuel efficiency. The reply I got set me thinking. He said ‘I never thought along that line as long as the auto can satisfy my curiosity, needs, I will go for it’. Unlike me, as long as he could afford it, he goes for anything.
5. Have the perceived value: perceive value is important in premium brand. You may not have to be the best, exceptionally good; all that your target audience needs is that you have a perceived higher value delivery than the average brands in the market or in your niche. What do you think of Jaguar, Lexus, Richard Bradson, Oprah Winfrey and Queen Lateefat etc.
Please do remember ‘premiumship’ is not a game for the boys, otherwise they may starve to death. So get your game plan right.
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