Gone are the times when a great and proprietary product was enough to build a million-dollar company. In recent years, brands have started to concentrate on what would make their company stand out in the cavalcade of competitors. The consumer mentality is changing. They want to know ‘The Story’.
Luxury brands, in particular, have a lot to do with content marketing. ‘About Us’ is not just a piece of writing anymore where a verbose can highlight the extravaganza of the brand. A luxury brand purchase is not an impulsive buy. It is more of an emotional thing for a consumer, especially women.
An overpriced luxury product does well in the market in terms of sales, only when the brand conveys its story. Humans suffer from a territorial imperative, and thus, it’s hard for a luxury brand to create a heartfelt connection with the buyers in the market and enter their emotional space. Let’s take the example of Louis Vuitton, one of the biggest luxury giants in the world. Initially, their website bombarded the viewers with a lot of content. However, they went with a minimalistic approach and focused on Fast Moving Information that included behind the scenes, happenings at LV, etc.
We all are stories in the end…
The best part about a brand’s story is that it is like a ‘customized’ creation of every storyteller. Every story is unique. The core values are distinctive and independent of any substantiation. The world is our stage, and the brands never know when their story becomes an inspiration for millions of entrepreneurs out there who are hesitant to make a move.
The story has to be vulnerable yet profound. In the case of luxury brands, it always starts with a story and turns into something novel. From Dior to Rolex, every brand tries to communicate what the company truly believes in. It can be about cruelty-free products, taking their legacy forward, etc.
Loyalty has everything to do with storytelling
When a consumer buys a product, it should be the beginning of an association. A brand can be selling an already existing product, but here’s the catch.
” The heart chooses, and the money follows.”
The story of a brand is the heart and soul of a company. That makes all the difference in the world. The consumer might walk out of the door feeling absolutely nothing. They need a reason to make the purchase. They need a reason to buy into the brand. Most of the consumers turn around when they relate to a brand’s story or their mission. That story can be the brand’s Unique Selling Proposition.
The way a brand makes the consumers feel speaks volumes about how they perceive their company. Why choose us? How can our emotional journey majestically persuade the people to have faith in us? Acting upon these questions strikes a chord with the consumers, and they eventually become brand loyal.
How do luxury brands leverage their journey to gain loyalty?
Luxury brands strive to maintain a rousing reputation in their respective industries. It is obvious for consumers to switch to another brand in a heartbeat. It all comes down to their quality of thought.
Every customer is emotionally invested in a luxury product that they buy. The day of purchase can be a triumphant day for someone who earned his/her first salary. It can also be the “Will you marry me?” moment for someone. Therefore, the luxury brands try to lease out the tree instead of shaking the entire orchard. Their story might fail and fall on stony ground. And so, it has to be exceptional and one of a kind.
“Loyalty stands with exclusivity.”
How do luxury brands create ‘the story’?
Money Isn’t All That Matters.
The brands have to make a profit. But that’s not the ultimate goal for some of them. It is about changing the way the world thinks about a certain category of products.
Tony Hsieh, the CEO of Zappos is appreciated extensively for his vision and authenticity. The company has branded its ten core values to gain loyalty. Interestingly, none of those values mentions anything about profit. The list starts with delivering ‘wow’ service and ends with staying humble and holding on to the core.
The Truth Never Hurts.
Various brands jinx their relationship with consumers when they try to be the jack of all trades and master of none. It is essential to highlight the passion of the company and not the potential. It is a flummoxing situation for the consumers when a brand channelizes all its energy towards fulfilling their dream.
Staying true to the brand and relevant to the consumers is significant. If a brand stands for designing innovative yet elegant handbags, the brand has to make sure that the representation of the same never goes out of the window while figuring out the future of the brand.
“Sticking to the problem that you’re trying to solve is key.”
In 2020, Porsche was declared the most valuable brand in the world. The brand is a perfect precedent for increasing brand value and maintaining the core values of the company at the same time.
The Secret Sauce
Most of the luxury brands target their Unique Selling Proposition to tell the story. What problem are you trying to solve?
“It’s all about creating a better mousetrap.”
A story doesn’t have to be based completely on pure differentiation. It is also based on the emotion that you’re trying to create. Knowing a brand is not the same as resonating with the brand. Storytelling is all about ensnaring. Every brand starts by defining itself as “The go-to brand for…”
The secret sauce is not just technicality. It can be the founder’s story, a cause that the company is trying to support, etc.
FUBU founder, Daymond John sold everything from pencils to hats before starting his company. The FUBU website is all about the intricate exploration of the founders. They’ve branded themselves to grow the brand by using their photographs from the days when they were broke. The secret sauce is indeed the story and not the technicality.
Storytelling is an art. Every brand has a story to tell. It depends upon what you say, how you say it, and when you say it. The top luxury brands in the world have managed to survive because they try to understand consumer behaviour in a zillion ways possible. Seth Godin said it all,
” Marketing is no longer about the stuff that you make. But about the stories, you tell. “