Listen to Cattle Rustler. While not expert I have seen some in the area of Luxury goods and it is as he describes. For example getting to see Luis Vuitton's private sales room is an interesting experience.
However experience is not the only thing you are competing with. The luxury sector is also built on mystique. While an Armani suit might be better made than most other suits out there (although probably not much better than the premium IndoChino suits that are popular on here), that isn't the point. There are also much better ties than Hermes and much better loafers than Ferragmo....for less money.
That is not the point. The point is that these brands are about prestige. The most common vernacular way that I can describe is that the whole point of wearing a Hermes belt buckle with a Rolex is not because of quality, it is because it shows other people that you are better than them while allowing those who are "part of the club" to recognize you as such. Why do you think that literally every other Wall Street employee between entry level and the "Big Swingin Dicks" wears Ferragamo loafers with a Hermes belt buckle and tie? It is about social proofing.
In order to succeed in the luxury sector you need to be able to create mystique. This can come from using new materials or weaves, hiring brand name designers for clothes, utilizing food ingredients from the latest trendy farming techniques..... or for example You could advertise luxury real estate by building up a mystique around the builder's name and the over the top style of said real estate
Last example highlighted for a reason. Trump is one of the best examples I can think of off the top of my head about how to break into a luxury market without having a pre-existing prestige advantage.
How to apply that to whatever product you have in mind is something you have to figure out.
However experience is not the only thing you are competing with. The luxury sector is also built on mystique. While an Armani suit might be better made than most other suits out there (although probably not much better than the premium IndoChino suits that are popular on here), that isn't the point. There are also much better ties than Hermes and much better loafers than Ferragmo....for less money.
That is not the point. The point is that these brands are about prestige. The most common vernacular way that I can describe is that the whole point of wearing a Hermes belt buckle with a Rolex is not because of quality, it is because it shows other people that you are better than them while allowing those who are "part of the club" to recognize you as such. Why do you think that literally every other Wall Street employee between entry level and the "Big Swingin Dicks" wears Ferragamo loafers with a Hermes belt buckle and tie? It is about social proofing.
In order to succeed in the luxury sector you need to be able to create mystique. This can come from using new materials or weaves, hiring brand name designers for clothes, utilizing food ingredients from the latest trendy farming techniques..... or for example You could advertise luxury real estate by building up a mystique around the builder's name and the over the top style of said real estate
Last example highlighted for a reason. Trump is one of the best examples I can think of off the top of my head about how to break into a luxury market without having a pre-existing prestige advantage.
How to apply that to whatever product you have in mind is something you have to figure out.