Premium brands stand out. But how exactly can you break into the premium segment in your market? Based on our experience, there are 6 different things that you can do which will help you to do that.
1. Ask higher prices
As simple as that. People tend to think that higher prices mean also better and high-quality product/service. In a lot of cases, this is also true. When you continue asking low prices, why should anyone think that what you offer is premium?
Your website must act the part. Nowadays, your webpage is one of the first places your potential clients look first. And you don’t want to ruin their first experience. Invest into the premium-looking website and make sure that your customers can perceive you just like you wish. I have seen so many examples where business (especially in real estate) tries to make/built something premium, but their website looks cheap – to be honest. You probably understand what impression that leaves. (Read more about branding real estate developments here)
3. Brand visuals
Just like with a website, your brand visual identity plays a crucial role here. Having a logo, brochures, business cards, interior design etc that suits with your offering are very important when you want to perceived as a premium. There are many different ways how design can support your business – contact us and we can discuss it more closely.
4. Quality & Confidence.
Your business (service, product, tone and voice) must be exceptional. And you must feel proud of it. Without that, you can’t have a proper premium brand. Your business offering is the main pillar that holds up your brand – make sure to get it right. For example – you can have a premium-looking visual but when your real estate development built quality is not good, selling them will be hard. Or you can ask higher prices for your product, but when they break after two weeks, the sustainability of your brand is difficult to maintain and people perception will change.
5. Be different.
Just like being good at what you do, you need to be different. Your product/service must have something that makes you stand out (USP – Unique Selling Point). But luckily there are many different ways how to differentiate. And even when you don’t know what this is for your business, we can figure it out together when facilitating our discovery session about your brand and users.
6. Cut the options.
When you are offering premium products/service, make sure that you have only a few options your clients can choose. It’s so typical for a cheaper brand to offer countless options (and doing this, they are making it harder for their clients to realize what their brand is about). Have only a few options and focus on them. Less is more, as the saying goes. To bring an example here – when you walk around the grocery store, you might notice over 15 types of toothpaste from ONE company. It’s quite impossible to make an educated choice. But when some other brands have eye-catching packaging and only 3 different options which have clearly understandable differences – there a big chance that people will choose one of the three options. Make people lives easier.
These are the main six ways how you can make sure that your brand breaks into the premium segment. But remember – everything works together. One can’t work without others. Asking higher prices doesn’t help when your product sucks. Having a modern website only won’t do the job. Take all the points as the supporting pillars which will need each other to work well.
If you would like to position your brand as a premium, contact us and let’s discuss how we can help you to achieve that.
Margus Veeber | CEO/Brand Strategist