The word “premium” has recently become a marketing buzzword. While “premiumisation” can be seen as the latest trend involving a slew of affluent millennials, it is more about a strategic approach to branding and how to connect with consumers.
We believe premium brands being built today are better positioned for the future. These brands will succeed by having a clear sense of what they stand for, what value they provide, and how they build an equitable relationship between themselves and their customers. In this article, we will dive into the top 3 secrets to achieving a premium brand for your business.
1. Start with a clear value proposition
Branding is not simply an exercise in creating logos and taglines, or even a complete visual identity system. When you build your brand identity, you are creating one of the most valuable assets in your business that will help it to grow and thrive. Therefore, branding starts with a clear value proposition.
Carrying out a brand audit (preferably through a third-party impartial agent) involves profiling your business, your customers, and your competitors. The more you know about who you are, who your customers are, and how well you differentiate yourself from your competition, the more confident you can be in communicating to the world what you stand for and why people should care.
When executed thoroughly, brand audits will help you identify what makes your brand unique, memorable, and valued by potential customers.
2. Define your brand strategy
Brand strategy begins with a simple premise: A brand is a promise. All brands make a promise to their customers. The challenge is making sure the brand delivers on that promise. Defining your Brand Strategy is the first step of this process - and it’s also where the big opportunities lie. Brand Strategy can be broken down into three parts: Purpose, Positioning and Persona.
Purpose
The Brand Purpose is a business’s purpose bigger than the need to turn a profit. It’s the brand's reason for existence, something powerful enough to connect emotionally with your customers. Brand Purpose is the essence of your brand and it holds you to a higher standard.
Positioning
Brand positioning is the process of determining the group of customers that a brand intends to serve. This position establishes a brand's sustainable competitive advantage by narrowing its target market and recognising the value the company can bring to this particular segment.
Persona
Brand personality is the set of values and attitudes that represents the character of a brand. This personality is what makes someone identify with your brand. The key to building a coherent brand personality is to establish a distinctive, meaningful, and memorable character or identity. Doing this helps to give brands their own distinct voice and feel and allows you to create consistent behaviours that resonate with your audience. The communication and messaging from your brand should align with the personality you want it to communicate.
Once you’ve defined all three components of your Brand Strategy, it can serve as a point of focus for all brand communications and actions going forward. By investing in building your brand strategy (rather than simply building your business), you will create a strong emotional connection with your customers and gain a strategic advantage over your competitors.
3. Design an identity to match your strategy
Your brand identity is an essential marketing tool. It’s the face customers see, the voice they hear, the personality they trust. The secret to a strong premium brand identity is creating one which is congruent to your brand strategy. Brand Identity displays the right messaging, uses the right branding elements, and utlises a consistent style and tone of voice which aligns with its intended market.
The 3 core components of a premium brand identity:
BRAND PHILOSOPHY
A brand’s philosophy details the way in which a business does things. This encompasses an attitude, a stance on certain issues, a belief system and values. Whilst brand philosophy is not something that’s usually made explicit on a website or within a brand’s collateral, taking the time to craft a well-developed philosophy can become a powerful internal tool that gives a brand personality and depth.
BRAND MESSAGE
A brand message is the core message communicated to your target audience through your products or services that describe what you do and how you’re different from others. It’s the value proposition of your brand which you convey through your brand’s persona.
BRAND VISUALS
A beautifully designed visual identity doesn’t just support a brand; it elevates it. From your website to your social presence, a strong visual identity instantly communicates who you are, what you’re about, and why people should want to interact with you. A visual identity is made up of different graphic elements which when put together intently, can project your brand’s unique personality.
When these three components are designed as a brand identity system, it creates a strong, consistent and memorable brand.
A premium brand does not just happen. You need a plan to create one.
Developing your brand identity is a crucial element in the success of any business, but is particularly important for premium brands. A strong brand can help build loyalty, increase your visibility, and make it easier to do business.
Thinking of creating a premium brand but not sure where to start?
Take the Premium Brand Scorecard figure out how to improve your premium brand:
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