- Exclusiveness, Expensiveness and Exquisiteness seperate a brand from other brand, making a premium brand. Because of three E’s, these brands remain relevant and in high demand among the consumers.
- We are here to know why people don’t buy same use and good quality medium priced products but likes to buy expensive products Is the reason behind this is just good quality, comfort or a genuine choice?
- Diamonds and other exotic stones are bought by the people only because of its scarcity and exclusivity.
- Handbags from LV, Gucci and Prada are also popular among consumers due to their exclusivity.
Marketing & Advertising Tactics:
- Using marketing tactics brands build their own luxurious and quality image.
- Performance -At product level , brand make their products useful and provide quality, design excellence, craftsmanship, precession technology and innovations & at experimental level, brands give emotional value with the product to their customers which further increase the product value.e.g. Rolex is seen as Symbol of Achievement.
- Pedigree – It means brands’ rich and extraordinary history. The mystique of a brand is built on its historic use, legendary founders and overall story. e.g. Today Apple is not just a technology brand but also represents the capability of extraordinary Steve Jobs.
- Paucity – The increase in availability of a product directly affect its market value. e.g. Swift Dzire can be seen in every fourth house but we will need to search the address of person who owns Rolls Royce.
- Persona – Brands like Lamborghini and Apple focus on consumer satisfaction which works as “word of mouth advertisement” for the brand. Brands start becoming part of one’s lifestyle. Nike , Puma and Adidas promote sports and athletic lifestyle.
- Public Figure – Brands often employ famous public figures as their brand ambassadors like Celebrities, athletes. Public figures become a major source of advertising and brand imaging.
- Pricing – Pricing luxury brands is a challenging task because consumers are well aware of their products. The prices are decided so that it is affordable only for the elite personalities, and this makes a normal brand a luxury.
- People become biased to think that non-premium products are inferior and low quality than premium products. Purchasing expensive products will become a financial burden for a person who is not a High Worth Individual or does not have a fruitful saving habit.
- Methods like Installments compel the customers to spend more than their capability.
- 56% of the shoppers in the year 2021, got stuck in debt trap due to credit facilities like ,”buy now, pay later”.
- In countries with high income inequality and high power disparity, low income individuals spend beyond their financial zone to fulfill their need for belonging. People prefer to buy expensive products by compromising their basic necessities.
5 thoughts on “How brands fool you & control your mind? Branding & Marketing”
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