Higher Perceived Value, Higher Achieved Branding

What makes people crave the best things in life? Why do luxury products tempt us, why do they create so much desire? It turns out that there are some pretty core psychological reasons for this and understanding them can be key to making your brand connect with your audience on a deeper, more personal level.

People are not only interested in premium products because of the quality and the craftsmanship, but because they want to communicate something about themselves

Self-esteem.

People are not only interested in premium products because of the quality and the craftsmanship, but because they want to communicate something about themselves. It helps to elevate their status – not just to those around them but within their own minds as well. It reinforces their sense of self in a way that is wholly unique, and not possible elsewhere. They connect that sense of elevation with the provider – whether that be the raise that put them in the position to make the purchase, or to the giver of the gift.

Accomplishment.

There are markers along the road of life, signposts that we take to measure our movement in the right direction. As a loose parallel to Maslow’s Hierarchy of Needs, the possession of luxury goods would coincide with the advancement to the level of Esteem. This stage speaks to respect, status, recognition and freedom. The moment you receive something with a high perceived value you are ‘lifted’, and the memory of that ‘lift’ is a powerful and desirable thing. It can be lasting too if that marker bears the imprint of the provider as a continuous reminder.

Authenticity.

The sentimentality towards lower priced replicas do not have the same potency as a luxury item, and this is a formidable lever. It’s the same condition that causes us to desire the receipt of new versus second-hand items. There can be the feeling that with the ‘lesser’, replica item, that you may not have bothered, especially if it's in a product category that is synonymous with luxury brands like fashion, automobiles, or high-end technology.

A Deeper Connection.

All gifts impart a feeling of reciprocity as evidenced by Cialdini’s 6 Principles of Persuasion. But you can make an even deeper connection with your audience, one that reinforces their self-esteem, engenders a sense of accomplishment, and plays to their sense of authenticity. Here are a number of product solution options for you to explore this phenomenon with.