Provide Distinguishable Quality and Craftsmanship
One of the easily noticeable characteristics of luxury brands is the quality and craftsmanship of their offerings. As you work on identifying your niche, you should remember that you need items that are of top quality and craftsmanship to identify with the affluent customers.
Make sure that you can supply distinguishable and quality crafted items in the niche that you want to settle for.
The niche that you choose might be very lucrative, but you cannot provide outstanding offerings. If you are unable to match the expected standard of the extravagant clients, it will spell disaster to your brand.
The success of your luxury brand heavily depends on the sustainability of the niche that you settle for. As you look to find a niche for your luxury brand, you should make sure that it can sustain your business.
Don’t pick a tightly closed niche that can easily lead your brand to stagnation.
The global ultra-luxury designer clothing line for men, Giorgio Armani chose a tightly closed niche of mobile professionals as its target when it began. This tightly closed niche severely limited the brand’s growth over the years despite its success.
Thankfully, the luxury brand has realized this and is working on expanding its customer segment slightly.