Standing out
How to build aspirational brands
Brands
How to build aspirational brands
Aspirational brands do not just compete with other aspirational brands. They compete with experiences, access, socialising, charity work, spirituality, and self-actualisation. To succeed brands should make sure that consumers list them in their initial consideration.
Andjeli wrote, “To win in aspirational markets, brands need to: a) have a clear identity and the strategy of conveying it, b) a clear idea on what kind of growth model they want to pursue and c) keep innovating in value.”
Clear identity depends upon if the brand’s offering is tangible or intangible.How to convey depends upon the scale of prospective users. Growth model of a brand reflects in its product, services, experiences, partnerships, memberships, subscriptions and community. Innovating in value means justifying the premium customers pay. It may lead to new use scenario or growing in the market value.
Four examples of existing brands are:
Macro/ External: Big luxury brands such as LMVH.
Micro/ External: Collectible brands such as Burberry.
Macro/ Internal: Experiences such as private safaris and detox clinics.
Micro/ Internal: Connoisseurship such as cigar lounges