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Tips for Competing in the Luxury Market

RICHARD PANDISCIO President & Creative Director, Pandiscio Co. Recent Posts

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November 1, 2010

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When a small business is competing in the luxury brand market, they are up against stiff competition from large corporations with big marketing budgets. This doesn't mean that you can't compete. It means you have to be better and smarter than your competition. As a small business, you have more agility than a behemoth. If your brand isn't working for you, you can probably change your company's image without going through endless board meetings, let alone shareholder meetings. But how do you know if re-branding your company is right for you? Here are some key evaluation tips for starting the process:

Tip #1: Assess Your Business

The best branding effort requires an in-depth and sophisticated understanding of your company and the industry in which it operates. If you have thought about re-branding your business, it is probably because you know something isn't working. Are your sales stagnant? Are there new players in your market that are attracting your target customers? These can be huge challenges that confront many small businesses, yet are magnified even more when it comes to the exclusive luxury market. Research your competitors, your customers, and your own company. Lay out a blueprint for success and a feasible business strategy for your company. Think about where you want your company to go and how to best serve the needs of your clientele.

Tip #2: Assess Your Brand's Weaknesses

Before you can determine your brand's strengths, you must assess your brand's weaknesses. This can be a challenging process, but a frank appraisal will leave you better equipped to determine whether or not reassessing your brand is the right choice for your company. Start by asking, Are you getting the desired results from your marketing efforts? Is your brand effectively communicating with your clients? Or are your customers' wishes being met somewhere else by a different product or service? If you determine that the problem lies in the communication of your brand's message, pinpoint the weaknesses. Is your brand, company, or service simply not memorable? Is your brand causing confusion? Are you too exclusive? Is your brand not allowing you to grow and diversify? Evaluating your brand's weaknesses can be a thorny process, but it is an important step in judging whether re-branding is in your company's best interest.

Tip #3: Assess Your Brand's Strengths

The next step in deciding whether or not to re-brand is to assess the strength of your current brand identity. Does your branding have real value? If so, can it be reinvigorated to better meet your customers' desires? Is your branding communicating your services, products, and message to your customers? Or is your company going to be better served under a new brand? These are tough questions, but answering them honestly is key to building a better brand strategy.

This process can be challenging for a small business. Working with an experienced branding agency can help guide your company through the rebranding experience. It is worth the investment. A successful re-branding process will not only effectively communicate your company's core brand message, but it could positively affect and shape your company, as well as the service or product.

This article is part of our Project RE:Brand web series

in which small businesses undergo brand makeovers from design experts.

Please leave your branding questions as comments below and check back for responses from our experts. (Note - this feature is currently not available on mobile devices.)

Richard Pandiscio is the Principal at Pandiscio Co., a leading brand creative and boutique design agency specializing in luxury real estate branding, marketing design, and advertising based in NYC.

View the business profile for Pandiscio Co. in the OPEN Forum Connectodex.