Elevating Your Brand
Michelle Peters, Rarity Marketing Owner
As a marketing director for over 17 years, I’ve continually employed the principle of “trading up” in practice and seen fantastic results in marketing and selling to a wide variety of clients. “Trading up” refers to the idea that clients, even with limited disposable income, will pay a premium for products in certain categories that give them an emotional connection, better quality, and the feeling of luxury.
This concept is not new. In fact, it was first coined by Michael Silverstein and Neil Fiske in their 2003 book, Trading Up: The New American Luxury. Over twenty years have passed since their book was originally published; however, the principles still remain true to this day and can be leveraged in your business.
The top brands all the know the secret to marketing – they are not marketing a mere good or service – instead they are marketing a feeling and sense of identity. Disney markets magic, nostalgia, and childhood wonder. Dove markets self-acceptance and self-confidence. Nike markets empowerment, motivation, and achievement. Their advertisements focus on concepts important to people, rather than simply showcasing a product.
Businesses that market successfully emotions and identity are the ones that thrive. While clients may seek budget options in many categories, if they are convinced your product or service is worth the budgetary stretch, most will do it.
So, how do you successfully employ these principles into marketing your business? Below are some key points to consider.
Emotional Investment & The Experience You Deliver
Clients are more likely to invest financially in your products or services if they are invested emotionally. In attaching a powerful emotion to your product or service, you can elevate what you do in their minds. This gives your product or service a perceived increased value.
Emotions that resonate well are: awe; wonder; increased social status/power; authenticity; ease; and a feeling of status or “specialness.” Any one of these emotions can be tapped for use in marketing.
Infusing emotion into your marketing allow customers to be emotionally invested in your brand.
To this end, you need to fortify your marketing in key areas:
Your brand story – why should clients aspire to align with your brand? What is your origin story and how are you delivering for customers?
Your visuals – images and videos need to show the emotional apex of what a client will receive from you. Happiness is now the ultimate luxury.
Testimonials – showing other clients basking in the glow of what you deliver is a powerful reminder of why others should buy from you.
Quality & Design
Aspirational luxury is tied to exceptional quality and design. Clients are willing to pay a premium for products and services that inspire them and have a higher perceived value. Quality allows justification for purchase behavior by being more durable and reliable, thus reducing risk and increasing trust. Clients also believe quality products and services to perform better, offer superior features, and better enhance their experience. This ties into a customer’s desire to feel unique - in discernment, exclusivity, and success.
Show clients you offer exceptional quality and design by:
Emphasizing in marketing your history and successes.
Give clients a reason why your product or service will lead to a higher-quality event.
Show the quality of your work visually in your marketing.
Focus also on the feeling of ease in purchasing your well-made product or service. In a marketplace saturated with choices show how a purchase with you, and your product/service in general, is a worry-free decision.
Understanding Your Target Market
To truly have a client trade up and spend more on what you offer, you need to understand what they want. The “if you build it, they will come” philosophy has limits. You can have the most amazing product in the world, but if you don’t effectively communicate what it does to clients, and why they should purchase it, it has a dramatically greater chance of not selling. Only by understanding your target market can you tailor your marketing and sales pitches to what truly matters to them.
Create these customized messages by:
Using surveys and in-person questions to understand your customers.
Testing different messages to see what works and what doesn’t.
Looking at past purchases and buying behavior of your customers collectively, and individuals.
Encouraging Loyalty
Loyalty helps buoy your business and brand. Create customers that are evangelists for you. In doing so, you have “sales people” out in the world selling for you – to their friends, family, and acquaintances. Brands and businesses that encourage loyalty also have a higher trust factor. Almost all businesses can retain clients for future purchases, even if it’s not the original product/service sold to them. Thus, loyalty can help you in two ways – directly with the customer, and with word-of-mouth. It is also much easier to sell to a return client than it is to acquire a new one.
How to encourage loyalty:
Keep in touch with your clients and past clients – this can be through a monthly newsletter, social media, or old-fashion written cards sent to their home.
Personalization is extremely helpful – it makes clients feel tied to you, that you know them and want to keep a connection.
Offer these individuals VIP information, discounts, and events.
From before a client purchases, to the moment they leave you, make sure you give them an elevated experience that wows them.
Use these key points as ways to enhance your current business and customer experiences.
In elevating yourself, you elevate the price you can command, and future sales. Marketing is all about perception. It’s easy to get lost in the day-to-day of running a business, but it’s worth it to make sure you are representing yourself as you would want your ideal customers to see you.
This article originally was featured on WeddingIQ as a contributor article.