Having the best quality in a product or service doesn’t necessarily mean that it’s destined to be number one or sell more than your competition. There are many brands that we can look at to illustrate the concept of presenting a product or service as higher quality.
For example, just because a consumer paid significantly more for their Rolex watch doesn’t mean that it will work better or tell the time more accurately than a Seiko. Additionally, paying thousands of dollars more for a BMW over a Toyota does not mean that the BMW will have less mechanical problems than the Toyota. QUITE the opposite if you’ve ever owned a BMW, Mercedes, and/or Audi. Let’s be real, you aren’t driving these cars because they’re cheap. Paying more for a pair of Louboutin heels doesn’t mean it will last longer or be more comfortable than a pair from Nordstrom Rack. In almost every industry, the leader in quality doesn’t always translate to being the leader in sales.
Having the perception that the brand is quality is the goal you should have in mind when branding your business. You can achieve this by becoming a brand that specializes in your specific market. If consumers see that the brand is focused on one specific area of a problem, the brand will be perceived as being more knowledgeable about the problem and therefore coming off as a quality brand.
Another way of having your brand embody the perception of quality is if it’s priced more expensive above its competition. This gives the consumer the psychological belief that they brought the best quality brand because of the hefty price tag. It also speaks to a consumer’s status. Consumers don’t always buy a more expensive brand for themselves; it’s to show the people that they come in contact with that they can afford it. Think of all the famous celebrities in the world. 99% of the time you won’t see them in anything that ISN’T brand name or doesn’t have a hefty price tag attached to it.
When presenting your brand at a higher price than your competitors, it’s best that when a brand first hits the market that it already has the higher price. This creates the perception of higher quality and superiority to consumers that your brand is better than the rest simply based on price alone. Introducing the brand at a competitive price, and raising it later on makes it look as your trying to price gouge consumers, which inadvertently ends up making your brand look misleading.
At the end of the day, in order to communicate high quality, your brand needs to present itself as high quality. However, when you do offer a brand at a higher price than your competitors you must ensure that there is something with the brand that gives it that extra quality. It could be as simple as having better packaging than your competition, a sleeker website, or better presentation. The point being that your brand needs something to justify the higher price. Remember, having brand quality means that you need to specialize in a given marketplace so your brand will have the most recognized name and you will be able to charge more for it.