Premium VS. Luxury Brands – What You Need to Know

Premium VS. Luxury Brands – What You Need to Know

Premium or Luxury?

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?

Dimitar
Digital Marketing Specialist
ExpandX Marketing & Web

 

By the way, did you DOWNLOAD our

FREE Marketing Strategies Booklet?

Download HERE

ExpandX | Marketing & Web

 

 

Do you have questions or you want to learn more about the topic ?

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9 Facts proving that Virtual Reality is a Marketing Game-Changer

9 Facts proving that Virtual Reality is a Marketing Game-Changer

Fad or here to stay?

There’s been plenty of argument in 2018 that VR is the next big marketing trend. VR can be a great way to revolutionize your marketing, however, it’s important to know these 9 key facts and tips before deciding if VR is the right path for you and your company.

 

1. Venture Beat completed a study in which they found that 3D VR immersive ads consistently outperformed 2D ads in viewability, click through rate, and video completion rate.

2. It’s also been shown that VR ads are better for audience engagement due to their immersive properties.

3. If your brand decides to choose VR content, it’s important to make sure the experience stays consistent across all social platforms – Omnivirt typically works well. 

4. While some in marketing are critical of VR’s hype, the majority of marketers admit that with the proper content and nurturing, VR can be successful.

 

ExpandX- 9-facts-that -virtual-reality-game-changer

 

5. It’s important you let your VR grow organically rather than forcing it.

6. VR is a niche, therefore it may not be for every company and companies that seem to be doing VR successfully are doing so because they keep things simple – less tends to be more.

7. Ads that tend to be suited well for VR are tourism campaigns or any experience, rather than physical products.

8. You shouldn’t use VR to be “trendy” – if it does not successfully engage people with your product, don’t use it.

9. Lastly, it’s important not to focus too heavily on VR content, it should be one of many things in your arsenal of digital marketing tools.

 

 

FINAL THOUGHTS

 

Ready to test out VR and see if it’s right for you and your company?

Meanwhile, don’t forget to check out our article on how to set up a 3D Facebook post!

 

Marissa
Marketing Specialist
ExpandX Marketing

 

 

By the way did you DOWNLOAD our

FREE Marketing Strategies Booklet ?

Download HERE

ExpandX | Marketing & Web

 

 

HAVE QUESTIONS OR WANT TO KNOW MORE?

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