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Jacqueline Snyder explains why people pay vastly different prices for the same product based on brand. A $1,000 iPhone in a new color sells because brands like Apple, Chanel, and Lululemon signal status and identity, not just function.
Jacqueline Snyder explains why people pay vastly different prices for the same product based on brand. A $1,000 iPhone in a new color sells because brands like Apple, Chanel, and Lululemon signal status and identity, not just function.
The canvas bag is a canvas bag is a canvas bag. I see this all the time with Chanel or Louis Vuitton. So why does someone buy the brand? Why will they pay $200 versus $10,000 for a bag? They're buying into the brand and what the brand means to them. And it doesn't matter whether it's luxury or not. Like, why do people go to Lululemon or Aloha? What brings them into there? The brand is such a big part of it, and it's also the identity people carry with it. You really need to think need, want, desire, or solve a problem. If you can create desire so great, that's how people who quote unquote can't pay their bills but have a $1,000 iPhone in the new orange color. The upgrade, the newness, like Apple is such a good example. Like we don't really need the next version for a while, but people buy it because of the status, the desire, the newness.
