It was the Greek philosopher Aristotle and not a branding guru who first coined the term “the whole is greater than the sum of its parts,” but it could well have been the marketing guy. The ability of a brand to elevate a product’s perceived value over and above the accumulative worth of its various components is a hallmark of business in the 21st Century and particularly in the luxury product sector.
But the power of a well established brand is measured by more than just by its propensity to deliver a financial premium. Brands nurture fierce client loyalty, creating return business from consumers who identify with the product, the company and the exclusive community of which they have become part. Brands communicate the set of values with which the company wants itself and its products to be associated, like sustainability and responsible sourcing.
Brands dominate certain personal luxury product categories, like watches, fashion, perfume, luggage, shoes, apparel, cosmetics and beauty care, but when it comes to jewellery they are still grossly underrepresented. Here, they comprise less than 20 percent of the trade. Jewellery consumers are far less likely than their fashion counterparts to buy a particular product because they identify with what it represents, rather than purchasing it mainly because they feel are getting good value for their money.
The upcoming CIBJO webinar discusses branding with an esteemed group of industry leaders.
CIBJO’s second season of Jewellery Industry Voices webinars are offered for free online. Previous webinars can also be viewed at: cibjo.org/webinars