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Luxury brands typically have many assets, but there is one that is rarely considered - the brand itself. A Nielsen survey found that 59% of customers prefer to buy new products from familiar brands. When it comes to luxury brands, those numbers are even higher, and that makes the initial branding process absolutely essential for luxury companies. How do you build a luxury brand strategy that drives you towards your goals? There are ten critical steps involved.

Step 1: Assess The Right Now

Where is your company now? It's important that you take a close look at what you have available. Maybe some ideas have already been introduced and accepted. Maybe some have already been rejected. Meet with your partners to put it all on the table. Create milestones, as well as an overall timeline for the process. Anything that could convey what you hope to achieve is fair game in this meeting. It will help all of you get on the same page.

Step 2: Identify Your Theme

What really matters to your company? Whatever it is, it should be part of absolutely everything you do, and for many luxury brands, that goes far beyond products and services. Maybe it's an image. Maybe it's a higher level of quality. Whatever it may be, the time to anchor that is now, as it will remain relevant as long as your company exists.

Step 3: Determine Your Message

You know why you exist and what you have to offer. How are you going to tell customers? Messaging is crucial when it comes to an effective luxury brand strategy. Without the right idea, you're not going to reach the right people. Decide whether you're hoping to innovate, excite, or remain the tried and true favorite of luxury buyers everywhere. Audience analysis is required at this stage, as understanding what type of messaging will most appeal to your buyers is the only way to achieve success.

Step 4: Build Your Priorities

Your brand must clarify its priorities when it comes to its messaging. Perhaps it's the distinctiveness. Maybe it's the story behind the brand. Whatever it is, if you don't ensure everyone involved knows what matters most, it's easy to put too much emphasis on something entirely different and wander off course.

Step 5: Consider Your Options

You've defined who you are and what you hope to promote about your business. The next step, then, is to begin developing ideas that you'll actually use later in the branding process. You will want to look through multiple options that meet your goals. Keep in mind that this is more than just a brand name. It's the name, the tag line, and even a rationale statement that will help to nail things down for everyone involved.

Step 6: Evaluate Your Options

You have a list. You know what's possible for your company. One idea can lead to the next, then on to the next. Take a close look at your list. What's really going to work? Which options aren't? The ones that seems to tell your story immediately are your keepers.

Step 7: Define Perfection

So, what will it be? This needs to be a long meeting (or several) with those closest to the process. Often you may need a few rounds of selection to help you decide which ideas are going to work best for your company. Think about your brand from a customer's perspective. How will your customers share it on social media? How will they talk about it? Is it exclusive enough? Once you've answered that for each of your options, decide on the winner.

Step 8: Develop Your Message

A name and a tagline aren't enough for the branding process. Instead, it's time to start putting the message of your product together. You need to help your customers talk about your brand, and often that means coming up with wording and assets designed just for your followers. It should be engaging, believable, and substantive.

Step 9: Find A Thousand Words Visually

You can develop an amazing brand name and message, but without the right picture, you're going to miss customers entirely. In this case, that image is your logo, and it should reflect your message perfectly. Go for highly visual and very shareable if you want to build a solid following of luxury buyers.

Step 10: Assemble All In One Basket

The last step is maybe the easiest one. It means approving all of the final pieces, then using them on all your marketing material. It's this step, though, that will help you move forward.

If you're working to develop a luxury brand strategy that will carry your company well into the future, contact the team at THAT Agency today.