Page 48 - enLIGHTenment Magazine - September 2017

build a luxury braNd

3. Great experiences so rare and sensually or-
“Why is this important to know? Because we o en
misjudge who our clients are,” he commented.
chestrated, the experience and memories of
them so precious, that they are actually luxury
“The a uent are not hung up on luxury brands
when it comes to home furnishings,” Ramey said. products, packaged and sold in exactly the
same way.
“They don’t know we exist! There is limited brand
awareness. The customer typically doesn’t know Ramey pointed to the latest generation of adver-
“Luxury
a Tommy Bahama from a Kravet sofa. You have to tising for luxury cars that emphasize “feelings” plus

brands ‘own’ put the brands into a context they know so you can “relationships” and “touching the heart.”
de ne who you are and expand your eco-system.”

the mind Another component in the luxury market that Ra- more vaLuabLe tHan money
mey wanted the audience to be aware of had to do While the a uent maintain their middle class values,

and hearts with pricing. “Luxury brands do not negotiate price,” there is something they value above all else. “The

he stated. “Consumers inherently believe that the ultimate luxury is being with family. At a certain point
of the best higher the price, the be er the product must be. If in your life, you get the idea that if you buy a new car,

prospects. you’re going to be in the luxury segment, you have to it’s a thrill for about a week. A er a while, it no longer
live it. Be authentic, not a poseur.”
gives you that pleasure,” Ramey remarked. “Time

They Ramey also mentioned that today’s New A uent is currency. As Francis Ford Coppola told the Wall

demographic doesn’t have much money yet. They Street Journal, ‘Material objects are very short-lived,
successfully fall into categories such as HENRY (High Earner Not but a memory with your family lives forever.’”

Rich Yet) and TINA (Two Incomes, Not A uent). He To become a valuable asset to your clients, Ramey
created also noted, “The newer the wealth, the more over- suggested designers “Edit, simplify, fascinate, teach,

the-top they tend to be [in their choices].”
and nd context” in the interest of saving them time.
desire.
According to Ramey, Luxury is de ned by:
“When you can a ord anything, you o en need less
Their best [of it],” he stated, adding, “Scarcity will always be a
1. Things so distinguished by their inherent val-
part” of the luxury de nition.
prospects ue, generally one-of-a-kind, so rare, or in such
short supply that their uniqueness commands
protect your branD
are our best a premium price.
Ramey emphasized to his audience that their brand
2. Things so distinguished by the quality of the is sacred. “Everything communicates and re ects on
prospects.”
art and design, quality, and science lavished your brand,” he stated. “And every texture, each fab-
ric, each object, each piece of furniture, each color,
on them that they command a premium price.
every touchpoint is an opportunity to di erentiate

and demonstrate your DNA.”
To keep opinion of your brand high, it’s important

to evaluate the collaterals associated with your
brand. “The a uent will judge you by the brands

with whom you associate,” he warned. Aspects to

consider are: location, the technology platform you
use, colleagues, collaborations, country of origin for

your products, and even the images you use.
“Be identi ed with the right brands, and don’t be

found in the wrong place with the wrong association.

The a uent increasingly rely on peer alliances,” Ra-
mey said. “You are de ned by others. For example,

are you found in design centers, Virtuoso, Luxury
Portfolio, Home Trust International, and Leading

Hotels of the World or is your business a liated

with Home Depot, Lowe’s, Houzz, Angie’s List, Home
Advisor, Century 21, and outlet malls?”

Above all else, Ramey advised seminar a endees
to “manage and simplify every detail.” —Linda Longo

46 enLIGHTenment magazine | september 2017
www.enlightenmentmag.com