2. Understand Current Audience Perceptions
The first step is largely internal, based on your own perception of your luxury product or service, the market, and the direct competition. Now, it’s time to test your hypothesis.
Take the question to your audience. Run a survey on how they feel about your product or service, what they like about it, and where they think it falls in comparison to your competition. You can even use the same two criteria you used on the perceptual map above as a comparison point. The more comprehensive you are here, the better.
This type of audience research gives you a perfect understanding of the perceptions of potential customers. Remember that ultimately, the goal of luxury branding is shaping these perceptions. Thus, this step can help you set the baseline you need to build on promising insights and continue monitoring your efforts to change or improve them.
A survey is a great start. Some secondary, already existing research on your audience doesn’t hurt. The best way to truly understand their feelings, though, is through interviews and focus groups. That way, you get into the actual branding process armed with all the information you need.
You may also consider social listening to put your current and prospective clients at the center of your efforts.
Monitoring and tracking social trends, as well as customer complaints and preferences, can help you gain a better understanding of what your audience expects from your brand.