Defined by excellent craftsmanship, premium make and material, and a high cost that only a few can comfortably afford, luxury brands are the crème de la crème of their respective industries.
But what many don’t actually realize is that before these names became the prestigious brands we all pine for, they actually started off from humble beginnings.
For instance, Louis Vuitton started out as an apprentice trunk-makerin Paris. Soon, he would find himself appointed as the official layetierto Napoleon III’s wife. Today, Louis Vuitton is recognized as the premium luxury brand for all things luggage.
So how did Louis do it? Here are three tips to help you jump-start your own luxury brand from scratch.
1. Find Your Niche
Luxury brands will often operate in industries that are targeted at consumers with money to spare. That’s why you’ll find that most luxury brands are in the industries of fashion, beauty, sports, and automotive. Understanding what niche you feel most passionate about while maintaining a relevance to the right market can make it easier to establish the right footing for your brand.
Knowing your niche will also help you figure out the ideal budget to start out on. For instance, a luxury brand in the furniture market might cost you significantly more capital than you would need for a brand focused on women’s accessories.
2. Learn the Ropes
The central thesis of a luxury brand is service and products like mainstream brands, but better. They’re capable of placing far more expensive prices on their products because they exude the quality that deserves that kind of cost. So how can you best understand howto improve quality to be able to confidently price your luxury goods knowing they’ll will be worth the cost?
Learning the ropes of the industry can help make it possible for you to figure out where aspects for improvement might lie. For instance, working in retail might make it easier for you to pinpoint the most common complaints for most buyers. Working off of that, you may be able to curb these issues by coming up with contingency plans when dealing with consumers for your own brand.
3. Focus on One Thing and Be Great at It
Louis Vuitton wasn’t known for his coats, his wallets, or his colognes when he was just starting out. All of those other products were just added to his roster later on. What he really focused on was luggage which is ultimately how he got his big break. Concentrating on a specific service or product and polishing its quality to exceed what others in the industry are offeringcan help make your brand worthy of a higher luxury cost.
4. Take Inspiration
There’s a reason why your favorite luxury brands became the powerhouses they are today. Take inspiration from them and challenge yourself to compete with their items when developing your own wares. For instance, Copycat Fragrances has become a prominent brand all on its own by way of their luxurious scents that are inspired by expensive names in the business. Some of their most popular picks include Bleu de Chanel, Oud Wood, and Aventus for Her which offer a lavish experience inspired by your favorite luxury brands.