The Goal of Branding....

A masters degree in "luxury retail management" will be launched this fall at the International University of Monaco, says the BBC News website. The program will have 35 seats and be taught in English.

The postgraduate program will cover topics from trends and competitive
dynamics to "codes, symbols and rituals" in luxury retail. The goal of the
course is to teach how to provide an "exceptional and inimitable shopping experience in which consumers develop long-lasting and emotional ties with the brand".

All snide comments aside, there's a lesson here even if your product or
service isn't Rolex or Rolls-Royce. The goal of branding is to build
long-lasting emotional ties to your products or services.

The stronger your brand, the less price becomes an issue.

Allstate insurance, for instance is fighting back against price-focused
Geico's Gecko, and Progressive's Flo. Allstate's Speed Dating commercial is intended to draw you back to a face-to-face relationship to your insurance agent. They beg the question: Do you know who to call when you need to file a claim? Not the phone number. The name of the person.

As I see it, whether you're selling luxury goods or more practical goods
and services, it all boils down to building a relationship.

Takeaway: What makes your brand worth it? Are you promoting that? What more can you build into your brand to create a stronger bond with your customers?