HOW TO NAME A LUXURY BRAND - 3 TIPS
Positioning is an extremely important tool in the arsenal of any business owner. Let's say you are launching a new business or a new product range aimed at those who enjoy the finer thing's in life or have a greater amount of disposable income.
How are you going to attract this crowd to your product or service? The first thing you must consider is your brand name.
Here are 3 conventions to consider when naming a luxury product.
HOW TO NAME A LUXURY BRAND
1) THE LIMITED EDITION
Who doesn't love scarcity? A great way to create a more premium offshoot of an existing product is to introduce a limited edition. Techniques for naming limited edition offshoots include pairing the root name with a more prestigious or exotic complimentary name.
This can be seen in luxury offshoots of alcohol brands such as "Absolut Elyx" or "Johnnie Walker Gold label". Complimenting your existing brand name with a word with prestigious connotations is a subtle but effective method of informing the public that the product is the same at heart but an upgraded and more premium version.
This method works best for consumer goods who are simply dipping their toes in the luxury waters for a limited time period.
2) THE FOUNDER
In keeping with tradition launching a brand simply under the name of its founder is a mark of understated elegance.
As this is a traditional method of naming a brand it lends itself to trust. Trust is an important factor in increasing sales, especially when dealing with a luxury product. consumers want to believe they are actually receiving value for money and people are more trustworthy than faceless corporations.
For example, when being introduced to a new ice-cream brand consumers are more likely to trust "Maria Benaducci" than "Icecream corp ltd".
Utilising a name can give a product a more hand-crafted bespoke aura, making it more personal and more indicative of value for money.
This is of course at its most effective if the founder - often a designer - has established reputation and experience in their chosen field. This works best for established designers or with pre-existing credibility or notoriety such as celebs. However, it is definitely a valid option regardless of any prior celebrity.
3) THE HERITAGE
Heritage has long been a cornerstone of luxury branding. With time comes value. It is a far greater sin to cut down a 100-year-old tree than a sapling. If a good or a practice survives the test of time it is implicitly either valuable - worth protecting over a long period of time - or durable.
Heritage can relate to products, practices, places or people. If a product has been sold throughout the years it is own legacy becomes it’s selling point. If a product comes from a historically significant location it may harness all of the positive qualities associated with it or act as a tangible representation of its history. If a practice or means of production has been used throughout history it becomes a tradition. If a product is associated with a family name of great significance the consumers may buy this product to get closer to its prestige.
A classic example of heritage-based naming is luxury products produced in Britain, specifically London. Britain is a place of great historical significance and luxury retailers often used this to their advantage by using brand naming to associate their business with this significance. Jewellers will often aim to associate the legacy of London's luxurious history by adding “of Bond Street” to their names. Fashion brands will often desire to be associated with Oxford street. The most significant heritage seen in luxury branding is that of the royal family. The royal warrant is one of the most desired symbols of prestige for a British brand. Luxury brands can greatly benefit from associating themselves with the royal family as seen in brands such as David Linely.
If you are looking to build a luxury brand 3 of the most tried and true naming conventions include limited editions, the founder's name and heritage. Each of these works best in different contexts and appeal to different target markets.
These Luxury naming conventions are just the tip of the iceberg. We hope they inspire you next time you are looking to launch a brand with a touch of class.
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About the author: Vincent Bissette is a freelance Brand Strategy and Design Consultant with over 30 years experience of branding and rebranding businesses and organisations, systematically, thoroughly and objectively. He has worked in major Design Consultancies as well as having run his own agency for 25 years, working with SMEs all over the UK to help them modernise their brand, grow their business, attract new customers, penetrate new markets and increase their sales, market share and profit. Throughout that time, there’s not much he hasn't done or many industries he hasn't worked in. He’s a creative, strategic thinker and problem solver with a wealth of experience in diagnosing trouble spots in brands and discovering their strengths, weaknesses, opportunities and threats. Now based in South Lanarkshire, Scotland, he works throughout the entire UK.
Get in touch with him on Linkedin here