Why as a small Luxury Brand you shouln't fall in the Black Friday trap
In the light of Black Friday Weekends , as Luxury Brand consultant my biggest struggle every year is keeping start up luxury and premium brands from indulging into the BF sales. Why? Because, of course it’s tempting to put a sale on, jump on the bandwagon and get a little sales revenue increase. The sound of cha-ching on the Black Friday can be exiting yes, but the consequences of adding sale to your luxury brand is not worth it, here is why:
1. BRAND DEVALUATION :
Luxury / Premium fashion is not like commercial fashion - people indulge in it for reasons of self esteem, self pleasure, social status and class and the quality of make. By asking a price premium you are promising to deliver on your luxury quality. What happens when a start up / small luxury brands offer sales? - it tells the consumer the price of the product is not worth the premium and therefore the luxury expectation drops. Why would the consumer continue to buy full price when you’re willingly devaluing your product? And not just that, you are devaluing your brand and brand DNA.
2. DEMOTING THE PREMIUM POSITIONING:
Luxury is for the classes , not for the masses - you’ve heard that one before right? We don’t want to say your brand is for a selected few only , but when you’re trying to affirm your brand DNA and positioning on the market , building trust and emotions connection with the consumer comes over time. Adding sale to your luxury fashion brand operation is causing the opposite effect - the consumer stops thinking your product / brand is valuable and stats getting the feeling of commercial disposable fashion, but hugely overpriced.
3. Increase price resistance
If the consumer sees they can obtain your luxury product for less, why would they buy it for more? You are , self-handed giving them the indication your product is less. Purchasing luxury is not with logic, but with emotion and part of that emotion is self-esteem. If they can have it for less, it won’t be precious for them anymore and for next time the consumer will just wait for the next sale to come.
Don’t fall into the trap of Black Friday, instead work on building positive and long lasting connection with your consumer.
THE AGENCY DE LA MODE IS LUXURY AND SLOW FASHION BRAND CONSLTING AGENCY.
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