Defining Premium: The DNA of Luxury with Marc Rosen at LuxePack Conference (May 11, 2016 @ Pier 92, New York City)
Join me May 11 at the LuxePack conference where I will be sharing the stage with Marc Rosen, Marc Rosen Associates, and a panel of other eminent beauty marketing experts to unravel the secrets of successful marketing and packaging of beauty products. Also sharing will be Karen Young, The Young Group; Kodi Traver, SGD North America; and Rhona Stokols, Symrise.
Join us to hear an enlightening discussion about:
“DEFINING PREMIUM” — The DNA of Luxury
Luxury, Prestige, Premium, words that seem interchangeable but have different meanings. All relating to a market segment that is by far the hottest one these days. Does Premium mean ‘Better’? Luxury ‘Quality and Style’? Prestige-‘Status”? We are going to discuss the nuances of these terms and how the consumer relates to them.
Dictionary definition; ‘The definition of premium is something of greater or superior quality.’
A brand is considered premium only when we believe it is worth the price. We are willing to pay more for a product when it has that X-Plus factor that makes it unique.
A premium brand is built upon specific tangible and intangible attributes that give it a sense worth:
- Sensual – It arouses our senses and feels indulgent. It is an experience. We want to touch it; we enjoy looking at it. (Think about Steve Jobs’ obsession on how a iPhone should feel in your hand.)
- Mysterious – It draws us in deeper and reveals more to us over time. We are intrigued to learn its back story. (Witness how Land Rover cultivates its image as a global trekker to set it apart from the herd of grocery-hauling SUVs.)
- Rare – It represents a discerning choice, intriguing because it is uncommon. (Audi has cultivated this particularly well – the thinking person’s alternative to BMW and Mercedes.)
- Confident – It projects a feeling of intrinsic worth. (Burberry didn’t ask permission to transcend its classic trench coat. It confidently asserted its plaid on to a wide portfolio of products and dared us to question its right to do so.)
- Authentic – It knows its “true north” and remains committed to this ideal. (Ritz Carlton’s premium experience is a direct result of its mission statement – “ladies and gentlemen serving ladies and gentlemen. ” With this simple ethic, the hotel’s employees know exactly the business they are in and how they should serve customers.)
- Quality – It is consistent and shows obsessive attention to detail. (Tiffany understands the premium cues conveyed by a detail as simple as a white bow on a blue box.)
Marketing a premium brand demands that we think through every facet of the brand experience. It’s the “Three ‘P’s” the Revlon founder, Charles Revson taught; a brand’s success depends upon the right Packaging, Product and Promotion.
Packaging matters. The right fragrance bottle, make-up or skincare containers that connote premium, the choice of colors, materials
and lighting in the store matters. Attentive customer service matters. And within the company itself, culture matters. Culture is often the alpha and omega of successful brands – particularly in the case of premium brands.
The definition of premium? A special recipe; a pinch of luxury, a tablespoon of prestige and a lot of style.