The branding strategies that have been employed in general for a luxury brands are focusing on the consumer experience and perception with relation to the brand, for this luxury brand tries to emulate certain protocols. They are elucidated in detail in the following.
Creation of beliefs
They try to emulate a persona and image to the brand. The companies involved in heavy advertising and promotions to ensure that the belief of the brand resonates amongst the targeted audience. For example, the Japanese artist Yayoi Kusama created a limited edition of the products.This was not sold in the mass markets. It created a new symbolization for the brand. It created a paucity and owing to the limited number of products available for the brand the pricing of the products was premium. This was considered to be acceptable by the consumers owing to the lower level of the product. Yayoi Kusama created a belief and all the people believed in the particular belief of the brand (Stöttinger, Schlegelmilch, and Zou, 2015)
Focussing on more than trademark
An epitome of a luxury brand, lies in the symbol or the trademark for the brand. This could be in the form of monograms, brand logos, interesting colours, heuristic and even interesting designs that draws in the customer. Bottega Veneta, is discernible to the consumer based on the weaved leather pattern(Stöttinger, Schlegelmilch, and Zou, 2015). Luxury brands are actively involved in choosing the symbols through constant repetition.
Increasing consumer interactions and focussing on the active audience
Luxury brand should imperatively offer functionality and maintain high quality of the products. Apart from this, there should also offer innovative services or deliverables to the consumers. This is as simple as actively listening to the consumers or engaging the consumers through a number of promotional schemes. Le Labo is considered to be a luxury brand and they have been doing well in the markets. However, in lieu of the product cycle principles, the value of the products reduces with time. For this, they had tried a new technique of preparing the perfumes before the customer. The customer requirements are met and the premium pricing of the product is also validated (Stöttinger, Schlegelmilch, and Zou, 2015). There is immense brand recognition that has been garnered in this process as well. Hand-blended perfumes are an innovative design. There is engraving of the name of the consumers. The consumers then create a special bong with the brand. Similarly, in the case of Porsche, the consumers are allowed to select the product from the assembly line of the product.