I remember when I was 12 years old and preparing to play in a cricket team for the first time. In the days leading up to the first game I had taken my old cricket bat, pulled off the stickers, sanded it back, and then coated it with varnish until it looked brand new. The premium stickers I had chosen for the bat, were the same brand stickers used by my favorite cricket player in the world. I'm not sure that the stickers actually helped me make any anymore runs, however they certainly gave me a sense of confidence and helped me feel pretty special.

In a recent global survey, consumers expressed their relationships with premium & luxury brands in various ways:

• I walk taller
• I feel sexier
• I command respect
• I feel complete
• I live my dream.

When assessing the many things that matter in premium and luxury branding, focus on what matters most from the customers point of view. For example:

1. Build Brand soul, through legendary storytelling. This is the belief that the brand posses an exceptional history or because of its association with exceptional people.
2. Quality and often rarity. Research shows that consumers often have little product knowledge, but desire to justify price via craftsmanship. They perceive their choice to be based on genuine value and not for ego.
3. Cultural cool. Find out who the cool police are and ask them does your brand have the all important 'Must have' factor.

Ray Bull
Extracts from Warpole/Added Value survey.