5 Tips for Building a Premium Brand

How to Position Yourself as a Premium Brand, with Premium Prices

Premium means different things to different people, but it has one thing in common: quality.

From a premium bottle of wine, to a premium diamond, something about the word “premium” draws buyers in.

Here are just a few of the benefits of positioning yourself as a premium brand:

• Ability to charge higher prices
• Increased client satisfaction
• Higher brand perception
• Build brand affinity
• Increased client referrals

So, here’s how to build a premium brand in 5 easy tips:

The Fundamentals 

Before anything else you need to know your story, your values and your goals. It all starts with your positioning. Before you invest any money in building a product or service, you need to identify your ideal customer that is willing to pay a premium price. Next you need to talk to your ideal customers. Seek to understand their needs, desires, pain points and frustrations. If you aren’t sure where to find your ideal customer, look into businesses like the one you want to build- who are they serving? Is that who you want to work with? Make sure you know what value you bring to the table, and be able to identify it clearly for potential clients.

Build a Connection

Remember in college when they told you the importance of networking to land a job? Well, landing your dream client is no different. When you create a connection with potential clients, you begin to build trust with them. To start, you need to build an audience, tell your story, and start building an authentic connection with your ideal customers. Be authentic. This will enable you to attract customers who choose to buy from you because they like your style, what you stand for, and recognize the value of what you offer.

Brand Aesthetic

Curating a strategic brand aesthetic is about more than a pretty color scheme; your brand aesthetic should communicate luxury upon first impression. Ask your audience to describe your brand in 3 words. You might be surprised to find out that your brand aesthetic isn’t communicating what you intended. Constantly remind your audience that you stand for quality and build a premium image of your brand through every piece of communication you put out, along with high-end packaging, and excellent customer service. Invest in people who can help you bring your vision to life.

Be Strategic with Your Pricing

Where your products or services are sold and at what price often says more about your brand than the physical branding itself. Price sends a psychological message relating to value. By charging higher prices, you are communicating that you have authority in the space, and will provide more value to customers when they work with you as opposed to your competitors. Think about a bottle of wine. When you see a $100 bottle of wine, it screams quality…. but what if it’s the same wine that’s packaged in a $20 bottle?

Build Premium Credibility 

Credibility is EVERYTHING. Establish yourself as an industry leader by providing your audience with social proof, customer testimonials, and statistics about your product or service. Get featured in magazines, newspapers, podcasts, etc. that your ideal client follows. Sharing your industry expertise with the media not only provides you with authority and credibility, but is also a way to differentiate yourself amongst competitors. Build strategic partnerships that will help you widen your reach and generate exposure, while also adding to your credibility.

Becoming a premium brand doesn’t have to take years, I hope these tips help you elevate your brand in a way that is both manageable and achievable.