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THE NEW CODES OF PREMIUM
Traditionally, when we heard the phrase ‘premium or luxury brand’ we can tend to think of an austere brand with a stiff upper lip.
But this is changing.
Today, successful premium and luxury brands are loosening up to connect with a younger and wider audience. By democratising the experience of premium and luxury, value is springing up in new and exciting places, helping to heighten desirability for brands and services.
We’ve thought of five ways we think brands are showing this new type of ‘premium and luxury’; with guidance on how your brand can react to stack the odds in your favour.
01
Embrace the Absurb
Premium brands are leaning into and embracing their quirks. We are seeing a growing number of brands adopting the abnormal or irreverent, especially in their choice of partnerships and activations. Satire becomes sophistication.
Operating in these spaces allows brands to be more playful, especially if they have held a traditional or heritage positioning. But don’t adopt for the sake of it. It must have purpose.
Provocation/Takeaway:
Where in our marketing mix could we loosen our shoulders and embrace eccentricity to reach and connect with a new audience? POS? Activations? Partnerships?
02
Process Over Polish
Premium brands are embracing the Japanese philosophy of ‘Wabi-Sabi’; embracing their imperfections or looking at new ways to reimagine their methods or products.
Embracing your brand’s imperfections strengthens trust and desirability with your audience. It takes a certain degree of humility and honesty to act in this way and can help brands nail those tricksy craft and sustainability cues without becoming overly preachy or green-washy.
Provocation/Takeaway:
Do we have a story or perceived weakness in our brand DNA that we could reframe as a positive regarding our process? Could this inspire a new range extension or NPD?
03
Simplify to Amplify
Today’s premium brands recognise that true refinement is demonstrated through craftsmanship and the quality of ingredients, rather than overwhelming their audience with explicit claims or excessive information.
Subtlety, rather than flashy displays, communicates a sense of class that loud displays cannot. Brands in this space employ a clean, thoughtfully curated set of assets to hit these elusive premium tones.
Provocation/Takeaway:
Where could my brand start to bring a sense of subtly and refinement on pack? Are there any elements of my brand that are outdated or feel flashy that could be softened?
04
Reinvent The Residual
Legacy or historic premium brands have a whole host of distinctive brand assets that they’ve invested in over the years.
Whilst these may be residual in places, there’s lots of equity and value in reimagining them for the future. So don’t reject the residual codes that made you great haphazardly. Successful brands build on them or reimagine them to play in more modern spaces.
Provocation/Takeaway:
Do any of our ‘residual’ assets need an update? What key ‘residual’ assets should we fight for and invest in?
05
Own The Occassion
With rising costs and less people going out, opportunities for premium spirit brands in on-trade settings are clearly declining. This shift makes home occasions a key area for premium brands to establish their presence in the spirit category.
These new “replacement occasions” at home offer a valuable opportunity for premium brands. With consumers beginning to adjust to higher prices in the off-trade, there’s opportunity to capture this value if the execution and quality can match up with consumer expectation.
Provocation/Takeaway:
Do we have a proposition for these new ‘replacement occasions that can align with this new behaviour we are seeing from consumers?
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