There’s no shame in launching a product or service at a reasonable, affordable price. When you do, it can help you appeal to more individuals. And a lower price point doesn’t mean you offer less for the money, that your value proposition is improper, or that you’re not “curating the right audience.”
As we’ve seen from supermarket-owned products, the cheaper option is sometimes virtually identical to the on-brand version. In some cases, such as with generic medications compared to branded alternatives with the same ingredients, it’s hard to determine why someone would choose the latter outside of marketing and availability.
For this reason, you might wonder what differentiates a modest product from its “luxury” alternative. In this post, we’ll discuss a few qualifiers that can divide the difference more capably. Without further ado, please consider some of the following advice:
Superior Material Quality
While the essential components may be the same, luxury brands tend to source premium raw materials that are higher quality and more expensive. “Premium raw materials” sounds vague on the surface, but you can see the differences in the details. That might include finer textiles, precious metal alloys, or higher-grade sourced ingredients from sustainable suppliers. The inherent caliber of what goes into a product allows luxury offerings to earn a better, more premium price.
Craftsmanship of a Luxury Product
Many affordable, mass-produced items are made quickly on a large scale with cost-cutting manufacturing. These items are intended for mass supply. Actual luxury goods commonly include careful, sometimes handcrafted construction by skilled practitioners. This can be as simple as making sure the meat for a burger joint is sourced from a local butcher supplier instead of frozen-packed patties. It can also involve techniques that help differentiate your output from another. It doesn’t really matter if your product is like another. A luxury variant will have some hard-to-penetrate methods behind it.
Brand Heritage
Brand heritage and legacy really do matter, even if a company might not start in the most impressive location. Luxury brands have often cultivated decades of prestige, reputation, and tradition. That doesn’t mean it’s limited to one brand; sometimes, the employees of a given prestigious brand can move to other firms and transition some of that goodwill. They then trade on a rich history and cultural cache that new, affordable upstarts haven’t had time to build yet. Of course, sometimes, you can capitalize on this by using methods similar to those of well-known providers.
Premium Packaging
Sometimes, the physical product may be similar at different price points. However, luxury brands frequently invest heavily in premium packaging and better unboxing experiences to improve your perceptions of quality. This even includes the simple sticker or label you begin with to showcase the product or attach a gifted appeal. Premium packaging can sometimes even make a somewhat average product seem more impressive, such as a bottle of fragrance in a sleek package. Moreover, with a focus on sustainability, packaging is an excellent means of marketing your renewed priorities and demonstrating your commitment to developing care.
If you want to develop a luxury product, follow this advice, and you’ll be sure to create a product that stands out in its unique way. Here’s to YOUR success.
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Leadership, and Mentor Coach. She is the Chairwoman and CEO of Infinity Coaching, Inc., where they help you up-level your skills so you can up-level your income. Infinity Coaching, Inc. provides one-on-one and group coaching, organizational training, and personality assessments. Carolyn is certified to give the Energy Leadership Index, Myers Briggs Type Indicator (MBTI), DISC, Emotional Intelligence, and Leadership Circle Profile assessments. You can learn more about assessments and other products and services at https://infinitycoaching.net.
