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If you walk into some shops you’ll be able to pick up t-shirts that cost less than 10 bucks. Luxury fashion brands can charge 10-20 times more. Do you really think they’re worth it? They definitely are to lots of people all over the world.
Anyone with a business should learn how they’re able to charge so much. Imagine how it would impact your life even if you only doubled your profits. You will need to do a couple of things first, so let’s look at how you can get started straight away.
1. You Need to Get Lots of Attention
When a model walks down the catwalk in jeans and platform sneakers it won’t just be those in the audience looking at her. Fashion shows get so much publicity the photos are likely to end up in multiple newspapers.
I doubt you’ll be able to get the same free publicity, but you’ll need to draw more attention to your brand. There are ways to get news outlets to mention you, so you will need to get a little creative.
2. People Want to Feel Like Superstars
Have you ever spent more than a few hundred dollars on a single item of clothing? You’ve got to admit you feel like a million bucks when you put it on. It’s basically because everyone has a pretty big ego.
Some fashion lovers take things to the extreme. If they don’t have a certain label on their clothes they’ll feel worthless. You’ll need to ensure a small percentage of the population can’t live without your product.
3. Your Clothes Will Last Much Longer
It’s scary putting clothes in the washing machine when they only cost a few bucks. Every time you wear them you worry they’ll fall apart. I think everyone is used to buying cheap clothing that only lasts a few weeks or months.
If you buy expensive clothes they’re going to last you a long time. They are made from much better materials and the stitching won’t fall apart. People like to spend more money on things that last years.
4. Outbidding Everyone When Buying Ads
Once your business starts to snowball it’s easier to grow. Luxury brands can outbid everyone when paying for ads, which helps them get bigger and bigger. Their products are so expensive it’s simple to get a return on investment.
You don’t have as much money in the bank, so you’ll need to be a lot smarter. When buying ads you should focus on niche keywords your competitors aren’t targeting. Eventually, you’ll be able to compete with everyone.
5. Quality Makes a Massive Difference
If you look in the mirror when you’re wearing cheap clothes you don’t look very flattering. Those who aren’t used to wearing luxury clothes won’t know the difference. Normal clothes feel okay when you put them on.
Put expensive clothes on and it feels like they’ve been fitted especially for you. They’re tight in all the right places. Even if you don’t want to spend lots of money on your products they need a touch of quality.
6. Luxury Brands Are More Trustworthy
You don’t mind buying dirt cheap clothes because it doesn’t matter if anything goes wrong. It’s anything with a slightly higher price point you need to worry about. You don’t want to risk wasting your cash.
It’s easy to automatically assume luxury clothes are superior due to their price. You’ll feel like brands are more trustworthy. If you can’t charge sky high prices you need to do everything you can to build trust with customers.
You Don’t Need to Build a Luxury Brand
You don’t need to become a luxury brand to see lots of success. Just steal a few of the tactics fashion giants use to prosper. There is no reason why anything we’ve talked about today won’t work for you.
Ryan Yarbrough is a small business consultant, speaker, and the manager at Davis Financial Services, a small business consulting firm.