While branding is certainly very diverse and complex, a few rules of engagement apply. Specifically, brands tend to be split between aspirational and relatable. And for anyone looking to do crypto branding right, knowing the difference between the two is essential.
Understanding these forms of crypto branding will help you decide which is right for your business and how to attract the right audience. In this article, we’ll delve into both concepts and explain how one might favour your business over the other.
Aspirational vs Relatable Crypto Branding
Before anything, it is worth understanding what each form of crypto branding means. Aspirational crypto branding refers to deliberate efforts to curate a brand that seems out of reach and high-quality to consumers. In a sense, you want consumers to aspire to your brand and what it represents. Think of your typical high fashion designer brand; a Louis Vuitton bag or jacket is seen as a high-quality, exceptional brand associated with wealth and class. It’s been said that oftentimes, we pay a premium not just for the material used in designer products but for the association with a certain lifestyle, especially if it is one that we do not yet have access to.
A relatable brand, on the other hand, feels accessible to the average consumer and fits into the life they already live. McDonald’s, as a brand, is very accessible to the average person, as is a brand like Coca-Cola. This is the core difference between the two types of brands and why they tend to attract different customer bases. Rarely is a brand able to be both aspirational and relatable at the same time, and this has to be considered.
And as the crypto sector only continues to grow, brands have to decide which side they want to be on. Luckily, we have some things to consider,
How to Decide on Crypto Branding
So, you want to decide on what branding approach to take for your crypto business. Enterprises in the crypto space can be aspirational and relatable based on the following factors:
Type of Product/Service
The first thing to ask yourself is what type of product or service you plan to put on the market. As a rule, certain products are considered aspirational while others are not. Diamonds, for example, are a luxury product in every market, while water is generally not. Aspirational products are usually non-essential products or essential products of exceptionally high quality. If your business sells crypto wallets, for example, it can go either way. Your average crypto wallet is under $100, so they are not a luxury product by default. If you made your crypto wallet very high quality or equipped with features none other has, you can spin it as a luxury good. The same applies to crypto miners, price tickers, and so on. Even services can be branded as aspirational or relatable based on these circumstances.
Target Audience
The next thing to dictate whether your crypto branding should be aspirational or relatable is who you plan to sell to. Unsurprisingly, luxury products are sold to high-earning individuals, and it is worth asking yourself if your product will appeal to them. On top of this, you have to ask yourself if there are enough people in this tax bracket to sustain your business. If your business offers crypto tax services, you have to find out how many high-net-worth investors exist in your location that are interested in crypto. If the crypto investors in your location are lower-to-middle-income ones (or the high-income ones are few), branding yourself as a relatable business will work better in your favour.
Budget
Always remember that marketing a product as relatable or luxury also comes down to your budget. Luxury consumers pay not just for the aspirational nature of the product/service but the actual value it delivers. So, as you design either, you need the budget to bring it to the highest quality possible, lest customers will not stick around for long. If your business doesn’t have the budget to create a luxury experience, then luxury crypto branding will not be a good use of your resources. Then there is the branding itself. You’ll need a budget to both establish yourself as a name in the luxury crypto sector and target your audience. Ideally, you want a professional service like what we offer here at Proleo.io to make your journey easier and your efforts more effective.
Market Trajectory
While luxury products/services have always existed, the state of your market should dictate whether or not it is viable. So, before you proceed with luxury crypto branding, you have to look into the state of the industry. If no other business has offered the luxury version of what you plan to, it could be a sign of low interest. Besides the current state of the market, it is also worth looking at its future trajectory.
It goes without saying, but a crypto winter is not the best time to release a new luxury crypto wallet. But as the market is expanding, it is worth looking into what new sub-sectors might emerge and how there might be space for luxury products and services. Looking at the market trajectory means that you could get a leg up over your competitors and capture market share before anyone else.
Conclusion
Crypto branding can be one of the most powerful tools at your disposal as a business. If you brand yourself as aspirational, you can tap into the luxury market and have a dedicated customer base of high-net-worth clients. On the other hand, branding yourself as relatable means that your product/service can thrive in the general market. In this article, we’ve highlighted some of the things to consider before choosing either path, as there is no one-size-fits-all approach for all businesses.
Consider these and feel free to reach out to us here at BTCWire to get started with your journey.