People want what is difficult to have.
Aspirational branding is a marketing strategy that positions a product just out of the reach of most of the customers who want it.
This creates a pool of customers who aspire to buy the brand in the future. This is known as an aspirational audience.
Aspirational branding only works when it is backed by a strong reputation for quality, fashion, features, and benefits.
The following strategies are associated with aspirational branding.
Prices are set to maintain a ratio of aspirational audience to customers.
At the top end, only a small percentage of the people interested in the brand are actually buying it. If a high percentage of the people interested in the brand are customers, it’s no longer considered an aspirational brand.
Aspirational customers are typically motivated by the social status of the products. If there is no social status, it is no more an aspirational brand.
The product in never promoted. An image is promoted.
Often, it is an image of a person with high taste, great connections, very attractive, an enigma if possible.
Aspirational brand categories are extremely competitive. A niche strategy is the only way to succeed. The sharper the niche, the greater are the chances of success.
Often, there is a ‘created’ waiting list for aspirational products.
If it’s available off the shelf, it does not make buying a memorable process.
Waiting period builds the aura satisfying the ego of customers who covet ‘niche’.
An aspirational brand needs to be interesting with superb stories and experiences to share.
In other words, the experience must live forever.
If possible, it should create envy in others.
What are the brands / products you aspire for?
What makes you aspire for them?
Would love to know your thoughts.
With love, prayers, and exceptional wishes,
As I live…I learn
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