Why does people pay $10,000 for a Louis Vuitton?
It surely isn't made out of Gold.
The answer lies in storytelling.
They have built a brand that speaks for you. It will be very awkward a rich lady goes screams at everyone that she's got a huge bank balance.
But they need to send the message somehow. And people are desperate to read each other.
Luxury brands offer a solution. They invest a fortune on branding & advertising to tell everyone that anyone who buys there product is a premium segment audience.
Rich people pay $10,000 for buying that because the product helps them tell everyone who they are.
Watch this ad to understand how they are telling the story: Emma Stone Ad for Luis Vuitton
How is your brand's advertising helping your customer in telling their story?
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