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Growth Vault
S1E11: Luxury Experiences are easier to create than you think
Aug 21, 2023
The podcast discusses the creation of luxury experiences and how SaaS teams can leverage them for customer relationships. It explores the difference between luxury and premium brands and emphasizes the importance of friction in enhancing the overall experience. The speakers also discuss the significance of intentional inputs in various aspects of life, including business. The chapter ends with news about upcoming releases and listener feedback.
01:06:51
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Quick takeaways
- Premium experiences can provide a sense of exclusivity and special treatment for customers.
- Friction can be a feature in luxury experiences, creating a sense of theater and prestige.
Deep dives
Luxury vs Premium: The Power of Exclusive Experiences
Luxury products are not based on utility but rather on the status and exclusivity they convey. Luxury is a necessity that begins where necessity ends, as Coco Chanel said. Premium experiences, on the other hand, can provide a similar sense of exclusivity and special treatment for customers. It is important for businesses to understand the difference and to carefully plan and execute premium experiences to make customers feel special and valued. Examples of companies that have done a good job in building these experiences include Minted, Mark Blanche, YouTube, and Shopify.
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