You could be setting yourself up for failure by marketing your products or services to the wrong crowd.
As Jared Fisher, founder of Rogue Beauty, says, the distinction between a luxury or premium brand and a more generic one is beyond what may initially meet the eye.
“There are probably a handful of elements in our mind which would constitute what would make up a prestige brand. It's not just putting a higher price point on it and slapping it into a premium retailer,” Jared explains.
“It's actually all of the elements that make a luxury brand. That's what we believe is our point of difference: just the thought that goes into everything that we do. We partner with creative people who are artists in their particular industry, whether it's hairdressing or makeup.”
That partnership, according to Jared, involves a lot of behind-the-scenes work to determine whether he wants to align his business with a brand.
“We source the finest manufacturers globally, and we put a lot of effort into the ingredients, story and technology of our products. We find custom packaging, and make our products look beautiful on the outside, and then all the way through to how we distribute them and carefully manage who holds our products and who sells our products. It's not everywhere for everyone,” he says.
“Having all of those ingredients together, they all need to effectively come into play for a brand to play in that prestige channel and actually have a sustained run in that channel, rather than popping up and disappearing a few minutes later.”
According to Jared, the main aspect of being a luxury brand or service provider – which can get lost over time – is that you are a niche operator, rather than appealing to the masses.
“Our distribution model is very, very specific. We have a little niche that we focus on, which are the high-end hair salons. We don't go after every retailer, and that's our focus,” he says.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.