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The idea behind premiumisation is that by adding unique and desirable features, such as high quality materials, superior performance, or superior customer service, a product can be differentiated from its competitors and appeal to customers who are willing to pay more for an elevated experience or an added value proposition.Premiumisation is being used across a wide range of industries, including fashion, automotive, hospitality, and technology. It can involve various tactics such as exclusive packaging, personalized services, and limited edition products.
The goal of premiumisation is to increase the perceived value of a product or service, leading to higher profits and stronger brand loyalty.However, it’s important to note that not all customers are willing to pay a premium price, and a premiumisation strategy should be implemented carefully to ensure that it doesn’t alienate the brand’s existing customer base.
Some examples: Tanishq, Royal Enfield, Taj hotels, Nexa by Maruti, Paint brands, Fabindia, Manyavar…….and some of the treatment options in hospitals !!!!!