When selling a luxury product, you must always be implementing strategies that keep your brand elevated…

What does this mean? Well, to start – keeping your brand elevated means that your customers will be constantly pursuing your products. Maybe it’s to display status or maybe it’s because they believe the product is higher quality. Either way, your product must be able to be “just in reach” for the general population, while keeping it “well within reach” for the affluent.

There are certain strategies that you can use to help keep your brand elevated. These include:

1.) Creating a similar product under the same brand that is much more expensive than the one you are planning to sell (ex: Polo vs. Purple Label)
2.) Limit your retailers to those that market exclusively to your demographic
3.) Limit your production (Demand vs. Supply)
4.) Get celebrities involved – use photos of them using your product(s)
5.) Communicate a certain lifestyle designed around your product
6.) Limit discounts to a minimum

To learn more about luxury marketing, check out the Luxury Marketing Council’s website at http://www.luxurycouncil.com/.

Another great resource is the book, Let Them Eat Cake: Marketing Luxury to the Masses.