[PROJECT CONCEPT] Premiumization: How Brands Can Stand Out

The following concept is in early-stage development. If you would like to help influence its final design, please contact the team at Collaborata.

About

As brands continue to roll out new “premium” sub-lines as well as completely new brands at premium price points, it’s critical to understand why consumers are drawn to the idea of premium and how and why they choose one premium product or brand over another.

This project will reveal what motivates consumers to seek out and buy premium and how brands can best convey premium in a way that’s relevant, new, and motivating to different consumer segments.

Preliminary Objectives

  • Understand how consumers view premium brands (and new brands at premium prices)
  • Gain insight into the role of established vs. new brands in this space. Does a known brand benefit from awareness, credibility, confidence, etc,? Does a new brand bring excitement and a promise of “more” or “better”?
  • How do channels play a role in consumers’ acceptance of and interest in premium brands, including brick-and-mortar vs. ecommerce?
  • Understand what drives the desire to buy premium and how these motivations may differ across key categories
  • Understand what consumers consider to be “premium” (claims, packaging, ingredients, pricing, etc.) and whether and how these attributes differ by category Determine how and where consumers discover new or existing premium brands

Why?

As private labels continue to become more mainstream, brands are looking for new ways to remain relevant. Going “premium” can be a winning strategy.

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