From 13 to 15 May, Sofia was а host to WebIt Festival.Europe and our team again did not miss the opportunity to be part of the event.
There were many interesting topics related to hot topics such as:
• Digital economy
• Digital marketing
• Blockchain technologies
• Cyber protection
• Digital entertainment and media
And much more
One of them was the topic of Premium vs. Luxury brands.
If you wonder what’s the difference between luxury and premium brands, keep on reading 🙂
For many consumers, the distinction between premium and luxury goods is unclear, but there are clear differences for branding purposes. A common misconception is that luxury goods are more expensive than premium ones, but the price does not determine luxury. It is true that in most cases luxury goods are more expensive, but luxury is determined by the history of the brand, the scarcity of the goods and the prestige of the brand.
On the other hand, first-class (premium) goods are determined by the price-quality ratio. The consumer thinks it is worth paying a premium for a premium brand because of the quality of the product, while the luxury brands usually have a price that far exceeds their actual value.
The difference in building a brand strategy between the two types of goods is quite large. It would be a mistake for any type of brand to simulate the marketing and brand strategy of the other – premium brands can`t become luxury brands simply by raising their commodity prices. And luxury brands should not try to expand their attractiveness into a premium market or they risk losing their exclusivity, which makes them more attractive.
Do you have a favorite brand?
Digital Marketing Specialist
ExpandX Marketing & Web
Are you aware of the most important trends and elements in Digital Marketing?
Today, more and more businesses recognize the power and effect of digital marketing, and that it has long outpaced traditional marketing strategies and tools.
In order to achieve good business results, it is important not only to keep up with digital marketing trends but also to create an effective, structured and well-thought-out strategy based on a pre-market analysis, audiences, competition in the sector in which your business operates.
Here are the 5 key elements that are important to your business and which will help and navigate your business on the road to success.
1. BUILDING A WEBSITE
Creating a website for your business (which engages, informs, gives value, and generates sales) is the first important step to put your brand online, as this is where the traffic from all marketing campaigns leads to.
It has to be well-designed, user-friendly, optimized from UX, UI, and quality content and be a mirror of your brand and the message you want to convey through it and especially to add value for the users.
2. BUILDING A STRONG BRAND
As we have repeatedly said – the brand is recognition, trust and can change the way people perceive your business. That is why it is very important what brand strategy and messages you choose for your business.
The growing influence of social networks is of great importance, so the presence of your business there is a must. Here, however, it is important for every business to analyze and recognize which are the most appropriate channels and platforms for advertising your business. The presence on Facebook and Google will help you reach the right people and expand your business. Instagram is gaining momentum in online marketing, and social networks such as LinkedIn and Xing are very relevant if your business is B2C or B2B oriented and looking for business contacts.
4. BUILDING A MARKETING STRATEGY
Marketing strategy or, in other words, this is the plan designed to achieve the core business and marketing goals and the tools for achieving them.
The main idea of the marketing strategy is to put ourselves in the shoes of the people we want to reach. Moreover, to analyze each stage of the buyer’s journey, so that we will engage him the most, so that he asks for more information and eventually lead us, as a business, to the ultimate goal we have set.
Here, it is important to determine the overall marketing goal of your campaign(s), build your Buyer Personas accounts and overall marketing funnel management. If all these elements are built, applied, managed, analyzed and developed properly, they will bring the desired results. Setting a timeframe for realizing and measuring results is also very important.
5. UNDERSTANDING THE POWER OF SEO
How often when you need information about something the first thing to do is search on Google?
This is exactly what consumers do when they try to find information about a particular product or service they need.
That’s why it’s very important to analyze and know the 5 most-used keywords your business searches for in search engines. This will allow you to optimize the content you create on your website and on all social networks, platforms, and directories your business is present on.
Plus, to target the audience that is most likely to be interested in your business by using the right set of Google Keywords.
In conclusion, in our agency, we always recommend to our clients, regardless of what channels and tools they use in their digital strategy, to always follow the fundamental rules, steps, and strategies that are part of the marketing mix and marketing as a whole.
And of course, above all, strive to create and deliver messages, emotions, and feelings that will not only create a strong brand and value for the client but will also make the magic called digital marketing successful and profitable for your business!
Share your ideas and experience in the comments below!
Digital Marketing Specialist