Brand allure is what drives the journey toward a product purchase decision. But when we purchase something, we’ve reached the end of the journey. What creates the emotion of “brand allure” and how do product brands harness it? As you’d expect it’s all psychological, but it works on a mass scale to enable products brands to draw in so many customers. Additionally, the brand can demand a cost factor which is usually many times higher than the cost of goods to produce the item.
It all starts with brand image. Brand image constitutes the perceptions of the brand with those who know it or want to know more about it. These perceptions include views on quality, construction, company ethics, and service. When the brand image is viewed as being high, then all variables are considered high. This includes quality and service, no matter if the product and company deserve it or not. The amplifications go both directions, which can destroy a brand if the image is one of weakness.
Brand image development usually starts via influencers who the target consumer trusts and associates with. This would include celebrities, friends, family or anyone of power or status the consumer admires and/or wants to emulate. Thus, securing personalities to your brand, even if the person has never confirmed their like or dislike is enough to create a positive brand image with the consumer. This is why social media influencers are so sought after by brands. The idea of “social proof” is powerful in the digital age and is a heavy influencer with millennials who look for social validation before committing and acquiring almost anything.
Another dimension of brand allure is the perceived risk for engaging with the product. The risk is most strongly associated with cost, although it can be associated with one’s personal “brand” via how they are viewed by others due to their choices, or social acceptance. When the monetary cost of the product is low the perceived risk is low, but even if the cost of the product is high, if the brand allure is cemented enough, the perceived risk is low due to confidence in the decision to buy. When considering something as expensive as a car or residence, however, perceived risk is usually higher when third-party validation becomes less important versus the impact of monetary loss.
The perceived risk flows into price evaluation where the elasticity of the price consideration is influenced considerably by the strength of the brand. Consider Goyard, a plucky French brand who has refused traditional advertising mechanisms in favor of word-of-mouth support in a very long game growth strategy. This, along with all the proper brand allure variables such as image, low perceived risk, and low price evaluation to value, have made the iconic design patterned brand an underground success among those who follow fashion.
All these lead to purchase intention. When you have a perceived strong brand image, low perceived risk and price evaluation which supports the brand in question, you have a strong intent to purchase, which is what all brands attempt to succeed at doing.
We’ve been about the business of selling recycled wallets, that are unique, one-of-a-kind wallets for 10 years now. Many other imitators have come and gone, but we’ve persisted due to our customer based who understands the value, sees the brand, the low perceived risk and good price evaluation. We love what we do and have always placed our customers satisfaction above our profits which shows in our brand allure.
Here are the best 7 and 1/2 minimalist wallets we see on the market. THESE ARE IN NO PARTICULAR ORDER, because we love wallets so much, that it’s hard to tell your children who’s your favorite. You can try and debate us, but we’re not going to listen.