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| (image via http://www.europeanbusinessreview.com/designing-luxury-experience/) |
A premium brand does not equate a luxury brand but a luxury brand is always a premium brand. The two have always been used interchangeably. The only problem is that there is a difference between the two and as a marketer or a person interested in brands, one has to be able to distinguish between the two.
A luxury brand's main focus is on exclusivity. A luxury brand evokes emotions of superiority and tends to be aspirational in its brand communication.
A premium brand's main focus is on superior form and function. When advertising a premium brand, there is extensive focus on specifications and what sets it apart from other products with a similar offering.
On his blog, brand guru, Seth Godin expressed that a luxury brand's price is not related to its performance. The price is related to the scarcity of the product, the brand and the storytelling behind the brand.
Seth Godin further elaborated that premium brands are brands that are merely expensive variants of commodity goods. The more you pay, the better quality you receive. The consumers of said premium brands do not really know what the products are made of but believe that they offer better performance than any other brand.
The image above effectively illustrates the different premium and luxury brands.
What is noticeable is the distinctive creative directions taken in the brand communications of both premium and luxury brands. See below print advertising.
Luxury Brand Advertising:
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| (image via www.quora.com) |
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| (image via www.socreative.co.uk) |
Premium Brand Advertising:
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| (image via pinterest) |
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| (image via www.blog.lexus.co.uk) |
Can you spot the difference?
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