Brand development is important when creating a premium brand. Statistics show a premium brand has a 90 percent recognition rate. These brands are the ones most familiar to consumers and usually have a higher degree of desirability. With these brands, consumers tend to make purchases based upon the name associated with them. However, they not only offer the perception of premium quality, they deliver.
Defining a premium brand doesn’t have to be difficult. One way to view it can be based on an individual’s experience and/or preference. For example, Olive Garden and Maggiano’s Little Italy can be considered premium to a certain group. On the other hand, if you are a person or group used to eating at Bartolotta and Scarpetta, then that is your level of premium.
There are a couple of factors that are consistent among the brands that are considered to be premium options.
Executing at a high level is fundamental for a premium brand. Without it, the brand will not have the influence to compel consumers to purchase or to continue making purchases.
If you are defining your brand as premium, keep in mind there is quite a bit of thought and time put into developing a true premium product. To learn more about this process, send us an email today.