(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 furthe...
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