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    Snehashis Khan
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    To charge a premium price, companies should specialize in catering to wealthy customers by cutting out downmarket customers to avoid image issues, with exceptions for airlines. Brands appeal to segments and using separate brands for each product-segment match takes investment but may be worth it to target additional segments by adding value, such as Nokia creating Vertu for a luxury segment.

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    To charge a premium price, companies should specialize in catering to wealthy customers by cutting out downmarket customers to avoid image issues, with exceptions for airlines. Brands appeal to segments and using separate brands for each product-segment match takes investment but may be worth it to target additional segments by adding value, such as Nokia creating Vertu for a luxury segment.

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    12 views2 pages

    Great Marketing Ideas

    Uploaded by

    Snehashis Khan
    To charge a premium price, companies should specialize in catering to wealthy customers by cutting out downmarket customers to avoid image issues, with exceptions for airlines. Brands appeal to segments and using separate brands for each product-segment match takes investment but may be worth it to target additional segments by adding value, such as Nokia creating Vertu for a luxury segment.

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    © All Rights Reserved
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    of 2

    SPECIALIZE TO CHARGE A PREMIUM

    • Many companies think that being the cheapest is the way forward,
    yet very few people consistently buy the cheapest options.
    • There are plenty of wealthy people to fill stores with “luxury” goods.
    • Wealthy people appreciate a bargain as much as the next person.

    • A company or brand that specializes in catering for the wealthy needs


    to cut out the downmarket customers altogether, otherwise it will
    have an image problem.
    (The exception to this rule is airlines)
    DEVELOP A SEPARATE BRAND FOR EACH MARKET
    • Brands are the personality of the product. They appeal to a particular
    segment, and what suits one segment will not suit another.
    • Sometimes firms will use an overall brand to “wrap” the others but in
    most cases firms use a separate brand identity for each product-
    segment match.

    • Consider whether your product or service could appeal to another


    segment if value could be added. Developing a separate brand for
    each segment will take investment, but may be worth it.
    (example: Nokia and Vertu)

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