5 Insights to Embody a Luxury Mindset
As a creative entrepreneur, it’s not enough to look like a luxury brand if you do not understand and embody the luxury mindset. Many businesses want to look luxurious but face a disconnect in articulating that within their business.
There could be several reasons why.
Maybe the person wants to look luxurious, but they are very frugal and prioritize price over quality.
There is nothing wrong with being frugal; however, if the people you want to connect with and sell to aren’t price-first buyers and shoppers, then you’ll automatically face some friction.
Let's clear a common misconception: Being luxurious is not just about the price tag. A higher price point does not automatically equate to luxury; it could simply mean you offer quality services and an overall elevated client experience.
True luxury goes beyond price-it's about the quality, the experience, and the value you provide. So, if you're offering a premium service, remember, it's not just about the price; it's about the entire experience you provide.
Let's explore the transformative power of embodying a luxury mindset. This mindset isn't just about attracting the right people to your business; it's about elevating your life.
It's about believing in your worth and attracting opportunities that reflect that. So, let's explore this together and see how it can revolutionize your business and overall life.
What is a Luxury Mindset
A luxury mindset is an internal belief you have about yourself and what you believe you deserve in all aspects of your life.
For example, do you know someone, or could it be you, who takes their time to find the best quality of something they want?
It doesn’t matter what it is…
It could range from determining the best places to stay while traveling to the quality of toothpaste they decide to use.
The person who embodies a luxury mindset considers the quality of an experience, service, or product before deciding whether it's in their best interest to buy.
People of this mindset tend to be sensitive to the knowledge or materials involved in products or services. They are also great at researching and gathering information to make the best choice.
They may even decide to wait a little longer to ensure their decisions are concrete. Other times, they instantly know if something is right for them and will invest before even looking at the price.
Do you align with any of these behaviors?
Why Embodying a Luxury Mindset is Important
As I mentioned initially, when you embody a luxury mindset, you can sell more effectively to the people you want to become clients of your services.
By understanding your luxury clients' mindset. You’ll naturally understand their behaviors around what they desire, how they choose to buy, and more.
Selling to a luxury client is not always easy. Remember, they aren’t just looking at price but the overall quality and experience.
Think of someone other than yourself who exudes class, confidence, prestige, and more.
For me, I think of Diahann Carroll or Audrey Hepburn.
With the person you have in mind, ask yourself what would need to change for you to capture this person’s attention.
Would you need to adjust the way your brand identity looks and feels?
Would you need to change the way your brand speaks?
Would you need to adjust your mindset?
As promised, let me go over 5 ways you can embody a luxury mindset.
Check Your Own Beliefs About Luxury
It’s important to identify your beliefs about luxury.
Do you have negative or positive associations that may be hindering how you communicate your offers?
For example, you may struggle to charge at a higher price point because you don’t believe people have the budget.
If you need clarity about this, a great way to work through this challenge is to understand your ideal buyer and what motivates them to buy.
I recommend keeping a document that lists the traits and beliefs of your ideal clientele, so you can refer to it often when making business decisions.
Remember, whatever you believe will be reflected in how you run your business.
Understand the Difference Between Luxury and Premium
There can be some overlap between luxury and premium, but they are different.
Some similarities are that they both fall into the higher price point category.
They both tend to be associated with a brand name that’s recognizable or trusted.
The difference is that premium brands are more accessible to a larger market. Think of brands such as Michael Kors, etc.
While a luxury brand tends to be more exclusive, it is not always the case, depending on where you are on the luxury spectrum.
When I say "spectrum," today people have created other versions of luxury, such as quiet luxury, laid-back luxury, affordable luxury, etc.
Essentially, to dance in the world of luxury, your service needs to be unique or have a different approach than the norm.
Growing up, luxury to me meant investing in something you’d looked forward to. It wasn’t something you did every day, but you would experience it on those special occasions.
Of course, now you can have everyday luxuries due to technology.
A luxury we can all take for granted is the internet.
Overall, I believe you must determine whether your business is a luxury or premium brand. Understand that there will be overlap, but you should truly understand your positioning in your market. Ultimately, your clients will be the ones who will determine if you meet the bar for either category.
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Be Clear About Your Values
Having strong brand values will help ensure that you stay focused on your journey.
Brand values are about being clear about what your business stands for and also what it doesn’t tolerate.
This can also include your rules of engagement or, more specifically, being clear about how your business will conduct itself when dealing with others.
For example, you could have a policy that prioritizes caring for your top clients because you value their business.
You may also have more intrinsic values, such as your faith, that you want to incorporate into your business.
One of my values is my faith in Jesus. This is important because I try my best to apply Bible principles to navigate and make decisions in all areas of my life, including my business.
Determine your values, then incorporate them into your business. It will help people determine whether you are the right strategic partner for them.
Exude Gratitude and Be of Service
Gratitude can go a long way in helping you to lead your business with longevity.
When I first started in business, I asked someone more experienced than me for advice on how to lead a team and more.
They said, “Work hard for your people, and they will work hard for you.”
Over the years, I have found this to be true.
When you operate from a place of gratitude and service, it comes back to you in multiple ways.
This also helps to make great communities that foster tight-knit relationships.
During the current times we are all facing in the world, I believe we can all use more gratitude and service to others. You never know what someone is going through.
Here’s what Intelligent Change had to say regarding gratitude:
“When we express gratitude, we become more vulnerable and authentic. The connection with the other person strengthens, by promoting trust and mutual respect.”
One of my favorite parts of serving high-end creative entrepreneurs is the intention that they pour into their services and overall client experience.
Execute With Excellence
Pursue excellence in your work and interactions.
To embody a luxury mindset, you need to remember the importance of operating with excellence in your life.
Not just in business but in your relationships with those you engage with and care about.
Recently, I was asked what made me focus on the luxury sector in my business, and the answer was that it’s a part of who I am.
I’ve always loved quality and sophisticated aesthetics, and so it feels like an extension of me as a person.
Plus, I love that I get to work with creative entrepreneurs who truly pour intention into everything they make. They focus on the quality of the services they provide and don’t sacrifice quality for profit.
That is one of the values I look for when finding a mutual fit to bring a brand to life.
Embodying a luxury mindset is about intention. So use these insights that I’ve shared and incorporate them into your brand.
If you are curious about where your brand stands in the luxury market. Be sure to take my complimentary Brand Alignment Quiz to get insights on what is working and what has opportunities in your business.
