A luxury brand is a complex platform that conveys messages about quality, lineage, status, and taste. It often encompasses a set of visual icons, such as a distinctive logo, monograms, patterns and images. A good example is Bottega Veneta, whose leather goods display no visible symbols or logo, but are instead recognized by the weaved leather pattern of their products.
Market disruptions happen when a brand refuses to play by the category rules. Netflix destroyed the video rental business. Uber threatens to do the same to the taxi industry. Books that are available in online form redefine how we acquire knowledge.
There are a lot of brand building opportunities that await marketers if we allow ourselves to consider other possibilities. To illustrate the advantages of a broader perspective, let’s take a little quiz (indulge me): What do white wine, Brie cheese, a squash racket, a Brooks Brothers suit, fresh pesto, a Rolex and a BMW have in common?
Price hikes are par for the course these days. Brands from Nestlé (maker of Kit Kat, Nespresso) Unilever (maker of Dove Soap, Ben & Jerry’s, Hellmann’s), Procter & Gamble (maker of Tide, Swiffer), Mondelez, and Reckitt Benckiser (maker of Air Wick, Lysol and Durex condoms) are raising prices.
Understanding your brand’s equity in the market has never been more important. Having a data-driven view of how your brand is perceived and what customers want will put you in possession of the truth and help you construct a powerful brand strategy.
