It’s not enough to look like a luxury brand if you do not understand and embody the luxury mindset. Many people 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 sell at a premium level.
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 or product, 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 personal 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 be anywhere from determining the best places to stay while traveling down to the quality of toothpaste they decide to use.
The person who embodies a luxury mindset looks at the quality of an experience, service, or product before determining if it’s in their best interest to pursue buying.
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
Here’s 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 buyers of your products and services.
You’ll naturally understand their behaviors around what they desire, how they choose to buy, and more.
Selling to a luxury buyer 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 having a document somewhere that lists the traits and beliefs of your ideal customer or clientele so that 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
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The can be some overlap between luxury and premium, but they are different.
Some similarities are they both can fall into the category of a higher price point.
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.
Also, a luxury brand tends to be more exclusive, not always 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, there needs to be something unique or obvious about your product or service.
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 all can take for granted is having the internet.
Overall, I think it’s really important that you distinguish if your business is a luxury brand or a premium brand. Understand that there will be overlap, but you should truly understand your positioning in your market.
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 taking care of your top customers because you value their business.
You may also have more intrinsic values, such as your faith, that you want to incorporate into your business.
My faith is rooted in God and Jesus. This is important because I try my best to use Bible principles to help me navigate and make decisions in all areas of my life, including my brand and business.
Determine what your values are and then incorporate them into your business. It will help people to understand if you are the right business for them or not.
Exude Gratitude and Be of Service
Gratitude can go a long way in helping you to lead your luxury brand with longevity.
When I first started in business, I asked someone more experienced than me what advice they could give me 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.
“When we express gratitude, we become more vulnerable and authentic. The connection with the other person strengthens, by promoting trust and mutual respect.”
Intelligent Change
One of my favorite parts of serving luxury founders is the intention that they pour into their products and offers.
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 luxury brand founders who truly pour intention into everything they make. They focus on the quality of the products and services they provide and don’t sacrifice quality over profit.
That is one of the values I look for when finding a mutual fit to bring a brand to life.
Use these insights that I’ve shared and incorporate them into your brand.
If you need support to articulate the brand values and vision for your luxury brand, reach out and connect with me. I’d love to discuss this further by getting in touch.
