Should you be promoting luxury or premium in the new economy? I recently read Seth Godin’s newsletter that addressed this subject.
According to Seth a luxury is a needless expensive priced product that does not relate to top performance. A premium product is an expensive variant on a commodity product where you pay more, but you also get more.
Selling premium products must be part of your strategy and marketing mix. Consider what premium products you have in your range and cut down on the luxury.
Copyright 2009 The Retail Guru Newsletter
