There’s a secret, under-tapped market, and you’re the expert to meet their needs!
Building a premium brand gives you an opportunity to reach consumers who spend more money for quality products. Premium brands are sought after by both men and women because of quality, ethical outsourcing, and customer service. We’ve got information for you to leverage building a personal brand to reflect your premium brand for better marketing.
What is a premium brand?
We often think a luxury brand is the same as a premium brand, but that’s not always true. A premium brand is positioned in the market to serve a specific market niche that is looking for a higher quality product. The premium brand can fetch similar prices to the luxury brand, but it is attractive to a consumer who may or may not care about luxury, but is definitely focused on quality.
Women are America’s top consumers, but men purchase more premium brands than women. This gender shopping gap means the best marketing opportunities may lie in convincing women to shop for quality – and as a woman owned business, you know exactly what women want, putting you in the driver’s seat to convince them a premium brand is for them.
Is building a premium brand the right choice for you?
Building a premium brand is more expensive with the payoff farther down the road. It’s quality over quantity, and that’s why the ticket price is higher. Plan for enough capital to create an exclusive quality product. But not everyone wants one.
To find out if building a premium brand is right for your woman-owned business, research where your product falls in the market index.
Here are two brand index resources to decide if your product fits premium brand parameters.
Advantages of building a personal brand
When building a personal brand with the focus on being premium, you must create a great story for your consumers. Your personal brand tells your story, but how does your story equate to premium?
Consumers love premium brands with a good background story. How did you start this business? Who was involved? What makes you and your company unique? What are your key differentiators among your competitors? These are all elements of your brand, so use them to convince your market that you offer exceptional quality.
When developing your personal brand, pay close attention to your logo, website, and photography. Brands stand out in every way to reach their target audience. Here’s the perfect workshop to learn more about Why You Need a Genuine Personality Brand: How to Stand Out in a Sea of Sameness and a World of Duplicates. By joining as a Sohuis member, you’ll get access to this replay + all of our other trainings and marketing resources!
Five tips to building a premium brand
- Create a quality product
Pay attention to the details when building your product. Know how your product is being manufactured and decide what ingredients or components make it special. The history of your product makes a difference to your consumer, and so it must matter to you too.
- Market to the right audience
Not only is it important to use professional photography and have a stellar website, but you have to appeal to your specific target audience.
Millennials born between 1983 to 1996 frequently purchase premium brands, averaging about 34% of the market. Those born between 1975 to 1984 make up the second largest portion of the market at 33%. And don’t forget Gen Z born between 1997 to 2003 make up an additional 19% of the market. The remaining 14% of the market of premium brand purchases are from outliers.
This segment of the population buys premium brands because they are employed, moving up in their companies, and value quality and socially conscious products.
- Symbolic value
You must give your buyers more than the concrete value of a product. As an example, shoes are not shoes. Does your target audience want shoes for walking? Yes, but they also want more out of those shoes.
Think back to building a personal brand. Your narrative story is part of the symbolic value as well as the quality of the materials, craftsmanship, online presence, socially conscious mission and practices, and customer service, creating a symbolic value.
- Deliver what you promise
Your target audience is paying more for your brand, and they have high expectations.
Develop solid lines for distribution. Guarantee your quality is on par with their expectations. When in doubt, go above their expectations. If follow up is needed, do it!
Your company must fit your product’s image. If you have a green company, that means you must believe in the advantages of going green. If you are using ethically harvested materials, they better be ethical.
When someone buys your brand, they are buying more than a product. Consumers want to know they can trust you, and when they do, they’re happy to spend more and give you their loyalty.
At Sohuis, we love supporting women-owned businesses. We offer masterclasses and fireside chats with female professionals to help you level up when building a premium brand. Come and check out how we can be part of your team for success.