Mindset is hugely important when it comes to any successful business, particularly when you are a high-end brand. But before we dive straight into the luxury mindset, let’s talk about what exactly is a high-end brand? A luxury brand is based around a higher level of quality, craftsmanship, time and reputation. Long story short; it focuses on quality over quantity, with less clients/customers at a higher price point. This is due to the amount of time and level of quality devoted to clients, as well as the time spent developing skills and knowledge to create the product or provide the service.
So, now we’re clued up on the definition and meaning of a high-end brand, let’s get down to the details…
For a luxury brand to truly flourish, it involves the mindset of both you and your client.
Mindset wise for your client; they are seeking luxury products or services. They will be avoiding ‘bargains’ and will often associate this with poor quality. Think about it; high quality goods and a low price point often make you wonder what the catch is. The saying “you get what you pay for” is at the forefront of your clients’ minds. They value craftsmanship, heritage, knowledge, experience and attention of detail – all of which cost money and this is money they’re happy to spend if they feel you are ‘safe’ and ‘secure’ to invest in.
If you do undercharge (especially if that’s due to lack of confidence in the value of your services or products) you are potentially turning away clients. If you don’t believe in your brand, you can’t expect them to either!
Ultimately, they need to have the trust factor. In order for them to invest money in you, they need to be able to trust you – and that starts by making sure you look like you can deliver the high-end service or product that you are promoting.
According to a study by Stanford, 75% of consumers admit to making judgements on a company’s credibility based on the company’s website design.
Let that sink in for a moment.
That is 75% of potential clients making a judgement on your business and your ability to deliver based on your visuals.
For your luxury brand to hold credibility, you must know that your product or service is worth every penny of what you charge, taking into account your skills, time and experience. This confidence needs to exude from your online presence, from the first time they lay eyes on your brand. This is the crucial moment whether they either keep looking because you don’t look high-end enough to be credible, or they feel compelled to look deeper.
A financial transaction is an ‘exchange of value’. Before money was used as exchange of value for products or services, people would have used fair trade including food, cattle etc based on what they thought it was worth, and money expresses the exact same thing. Therefore, you need to believe and recognise the worth and value of what you are offering to your clients, so that your mindset and theirs are aligned.
If this is something you’re struggling with, it may be worth jotting down a few ways that you believe you bring value to a client. As a luxury brand and web designer, I’d note down:
You may also need to tweak your mindset as a business in the sense of comparison and imposter syndrome. Both traits can affect even the most confident, ambitious and motivated business-owners, taking you off course and causing your clients / customers to question your credibility. Never compare your starting point with someone else’s middle – focus solely on what you’re doing and what your products / services are worth to your clients.
Mindset has a snowball effect on high-end brands, from buying priorities to trust, credibility and confidence, right through to comparison-itis!