Upskill 4.0 workshops involving entrepreneurs always start with a theme that then becomes the trigger for businesses to recognize and capitalize on their strengths, outlining targeted strategies to refine their image and increase their market value.
The focus of a workshop with entrepreneurs participating in the new edition of Upskill Cariverona was the Premiumization, the process of building a valuable brand from craftsmanship.
Leading the workshop Alice Rizzetto, account manager of Upskill 4.0, Olga Popa e Riccardo Lumina, project manager of Upskill 4.0.
At the international level there has been a debate about the revitalization of the premium brand segment-that is, brands that convey a quality product to an audience that seeks customization and originality at a medium to high price.
Neither luxury nor mass market, but an intermediate positioning of value. A premium brand is a symbol of quality, an experience that goes beyond the product. It is a promise of excellence, a commitment to satisfy desires and expectations that go beyond mere necessity. So it is not simply an expensive or high-class brand.
This perception of value can come from a variety of factors, such as brand image, reputation, customer experience, innovation, and exclusivity, distinctive attributes that give the brand a desirable and unique position in the marketplace.
If we wanted to summarize, we would say that there are three distinguishing factors of a premium brand: craftsmanship, customization e authenticity.
Craftsmanship is, for example, the Flos Biagio table lamp by Tobia Scarpa, carved from a single block of fine white Carrara marble. Here the craftsmanship lies in combining the technology of the machinery with the artistry of identifying the correct thickness and perfect weight for this type of product.
Customization is the seven-meter custom Murano glass chandelier in the central staircase of the Gallia Excelsior hotel in Milan. This represents the extreme degree of customization, which in this case becomes luxury. As a minimum degree of personalization one can find, for example, the initials of the name on the shirt.
Symbol of authenticity is Neapolitan tailoring tout court, which is recognizable and unique and is an important factor of authenticity.
So what elements can a company with strong ties to craftsmanship focus on to make its mark in the premium brand segment?
At Upskill 4.0, we have identified three: the storytelling which is the ability to develop a coherent and organized narrative; the community which involves the active involvement of consumers; theexperience which is expressed in value-added services both online and offline.
Premium caters to conscious consumers and tries to engage their customers as much as possible, pandering to them, instead, luxury is a rarity, a sought-after commodity that is inaccessible to many.
To understand the differences between premium and luxury, one can analyze the main characteristics of these two different types of offerings, thus between premium and luxury brands.
The most important attribute in premium brands is quality, while in luxury it is exclusivity.
Premium brands focus on their reputation, while luxury brands focus on their heritage that conveys prestige.
Premium products are more expensive than standard or cheap options but are more affordable than luxury goods, which have a higher price range.
Premium products are moderately available and can be found in a variety of retail environments, while luxury products are intentionally limited.
Premium products emphasize quality, functionality, and durability in their designs. Luxury products aim for timelessness.
With entrepreneurs from Upskill Cariverona, we measured each company's positioning through a three-dimensional graph based on the three variables, then storytelling, experience and community, thus enabling entrepreneurs to assess their level of excellence and identify opportunities for improvement to consolidate their position in the market.
The Upskill Cariverona path for businesses in Verona, Vicenza and Mantua is at the halfway mark (it will end in June) and also thanks to such important moments of confrontation, such as this workshop, expectations about the final solutions increase!
