How to Market your Premium Experience, Product or Service?

written by Sarah Colgate

Business Tips for 2024 | Helpful tips for tourism operators

May 24, 2024

Table of Contents

 

Marketing a premium brand, experience or product can be tricky. Especially when competitors are offering a similar item a lot cheaper.  What can you do to sell your experience or product?

In order to grow your business, understanding how to market a luxury brand is essential. This guide will help you with ideas and suggestions to market your premium product or service.

Let’s start by looking at why people choose to buy premium brands.

Quality and Craftsmanship

The premium price tag usually comes with a reason, companies with premium products usually will invest significantly in research, development, technology and superior materials. Therefore consumers will associate these brands with exceptional quality, durability, and attention to detail. Consumers feel reassured that what they are spending their money on will not fail. 

Example: 

Look how many of us pay a high price for an Apple iPhone or iWatch. We do that because we know they are great quality that will last and perform well.

Status and Prestige

Owning a premium brand can signal social status and success. Luxury goods, exclusive memberships, and high-end experiences create a sense of prestige. These are often a sign of success. People want to be associated with brands that signify affluence and sophistication. 

Example: 

Travelling First Class on Singapore Airlines is a dream of mine. I know the day that happens will signify I have made it. Compare that to travelling on EasyJet. I know which one sounds better and I also know which one is going to be a premium experience.  

The feeling you get sitting at the pointy end of a Singapore Airlines flight will be amazing.

Exclusivity and Limited Availability

Scarcity drives demand. Premium brands often produce limited quantities of their products. Whether it’s a limited-edition handbag or a rare whiskey, the exclusivity appeals to collectors and enthusiasts. Owning something that few others have adds to its allure. Demand of course drives up the price. 

Example:

A Charles Hollander Chess Set is made of 320 carats of black and white diamonds. 7 sets were made in the world and the current price per set is US$600,000. 

Emotional Connection and Storytelling

Premium brands excel at storytelling. They create narratives around their products, emphasising heritage, craftsmanship, and brand values. Consumers connect emotionally with these stories, making the purchase more meaningful. 

Example:

A luxury perfume isn’t just a scent; it’s an experience tied to memories and emotions. Emirati company Nabeel Perfumes Group created the world’s most expensive perfume $1.295 million bottle of “Shumukh, with ingredients from all over the world presented in a diamond encrusted bottle. 

Perceived Superiority

People believe that premium brands offer superior performance, comfort, or aesthetics. Whether it’s a high-end German designed car, gourmet chocolate, or designer shoes, consumers expect the best. The perception of superiority justifies the higher price tag.

Self-Expression and Identity

What we buy reflects who we are. Premium brands allow individuals to express their identity, taste, and aspirations. Whether it’s a luxury watch, a tailored suit, or organic skincare, these choices become part of our self-image.

Service and Customer Experience

Premium brands prioritise customer service. From personalised shopping assistance to concierge services, they go the extra mile. Consumers value the seamless experience, whether it’s at a luxury hotel, a fine-dining restaurant, or a high-end fashion boutique.

Symbol of Achievement

Purchasing a premium brand item can symbolise achievement, hard work, and success. It becomes a tangible reward for one’s efforts. Whether it’s a designer handbag or a top-tier smartphone, it represents personal milestones.

Influence of Celebrities and Influencers

Celebrities and people of influence often endorse premium brands. Their association with a product can significantly impact consumer behaviour. When people see their favourite stars using a particular brand, they aspire to own it too.

Investment Value

Some premium items appreciate in value over time. Collectible watches, vintage wines, and rare art pieces can serve as investments. People buy them not only for enjoyment but also as potential assets.

To put it simply, premium brands attract us because of their blend of top-notch quality, status symbol, emotional attachment, and the promise of an extraordinary experience. Each purchase we make with them reflects something about who we are and what we value..

A sample photo of a premium product

When it comes to marketing premium experiences, there are several effective strategies to consider. Let’s dive into them:

Align Experience with Values

Your brand’s values are at the core of delivering a top-notch experience. 

Make sure your premium offerings reflect these values every step of the way. Whether it’s about impeccable craftsmanship, sustainability, or offering an exclusive experience, infuse these principles into every interaction with your customers. 

This approach not only enhances your brand’s reputation but also contributes to growing your business. 

Data-Driven Insights

Harness the power of data to stay ahead of the curve. 

By understanding your customers’ behaviour, preferences, and pain points, you can tailor their experience to perfection. 

Personalising their journey based on data insights not only enhances their premium experience but also fosters loyalty. Personalisation based on data insights can enhance the premium experience and foster loyalty.

Also utilising data-driven strategies is essential for creating effective business growth and marketing strategies. 

Phygital (physical + digital) Customer Journey

It’s all about blending the physical and digital worlds seamlessly. 

Think about how your online presence complements your in-person interactions. From a beautifully designed website to immersive in-store experiences, consistency across all channels is key to delivering a memorable premium experience. 

Effective product management ensures that the online and offline aspects of your brand’s customer journey are aligned seamlessly. 

Targeted Incentives

Offer exclusive perks to your premium customers. 

Whether it’s special discounts or early access to sales, make them feel valued and privileged. This sense of exclusivity encourages them to explore more and truly appreciate the elevated value of your premium offerings. The sense of privilege encourages them to explore and appreciate the elevated value of your premium tier.

Suggestion: Providing targeted incentives to customers of your coaching and mentoring for business, will help guide your customers towards deeper engagement with your brand. 

The Power of Exclusivity

Create a sense of exclusivity by extending invitations to private events. 

Whether they’re virtual or in-person, these exclusive gatherings make your customers feel like they’re part of something special. It strengthens their connection with your brand and reinforces its premium status. 

By leveraging the power of exclusivity, you can further enhance your business growth marketing efforts. These exclusive gatherings create a sense of belonging and reinforce the premium status of your brand.

By incorporating these strategies into your marketing approach, you can elevate your brand and deliver exceptional premium experiences that keep your customers coming back for more.

Remember, the new definition of “premium” extends beyond product superiority and high prices. It encompasses authenticity, personalised interactions, and a meaningful connection with your audience. By embracing these strategies, you can elevate your brand and deliver exceptional premium experiences. 

Let’s explore some successful marketing campaigns that have effectively promoted premium experiences:

Apple’s iPhone Launch Events:

Apple’s meticulously orchestrated product launches are legendary. They know how to create a buzz. Every time they announce a new iPhone, it’s like a big event. The presentations are sleek, the features are innovative, and they always make it seem like you’re part of something exclusive. It’s all about building excitement and anticipation. The sleek presentations, innovative features, and limited availability contribute to the allure. Apple’s Product Launch Strategy: The Art of Building Anticipation

Tiffany & Co.’s Blue Box Experience:

The iconic Tiffany blue box is synonymous with luxury. They’ve turned their packaging into an experience. Opening up that blue box feels like unwrapping a treasure. It’s all about creating an emotional connection with their customers. The unboxing is an essential part of the experience when it comes to purchasing or gifting Tiffany. How the Tiffany’s Box Redefined the Standard of Luxury Packaging.

Lululemon’s Sweatlife Festival:

It’s not just about selling activewear; it’s about promoting a lifestyle. They bring together fitness enthusiasts, athletes, and wellness seekers for a weekend of fun and inspiration. It’s all about building a community around their brand. The festival reinforces Lululemon’s premium positioning by providing an immersive experience beyond just activewear. Sweatlife Festival | lululemon EU

Chanel’s Pop-Up Beauty Studio:

It  is a genius marketing move. They set up these temporary beauty studios in high-end locations. You can get personalised makeup consultations, try out exclusive products, and immerse yourself in the world of Chanel. It’s all about creating an unforgettable experience for their customers. The limited-time nature of the pop-up added to the allure. Chanel pop-up: Immersive experience

Virgin Galactic’s Space Tourism Campaign:

Richard Branson’s Virgin Galactic aims to make space travel accessible to civilians. Their marketing campaigns highlight the premium experience of flying to the edge of space.It’s a once-in-a-lifetime adventure that attracts thrill-seekers willing to pay a premium. The promise of a once-in-a-lifetime adventure attracts adventure seekers willing to pay a premium. Home | Virgin Galactic

Louis Vuitton’s Art of Travel Campaign:

Louis Vuitton’s travel-themed campaigns evoke a sense of wanderlust and sophistication. Their iconic luggage and accessories become symbols of luxury travel. Collaborations with artists and photographers add depth to the brand’s storytelling. The Spirit of Travel | LOUIS VUITTON AUSTRALIA

Conclusion

 

Business growth for premium brands and experiences is successful when premium marketing campaigns go beyond product features. Product management contributes to the delight of creating emotional connections, exclusivity, and unforgettable moments for customers. 

For help with Product Management and marketing your premium products contact me today. 

Sarah Colgate Business Growth & Marketing Expert

Phone: 0491 729 043

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