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12 Types of Premiumisation

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Premiumisation is competition to offer higher quality items that consumers value. It is the opposite of commoditization that can be defined as competition to lower prices for a standard level of quality. Premiumisation occurs in a product category, market or industry where customers are willing to pay more for higher quality. The following are common types of premiumisation.

Rarity

Releasing things in small batches such that demand exceeds supply. For example, a toy manufacturer that releases 10,000 units of a limited addition collectable when demand might be 100,000 units.

Ingredients

Using quality parts, materials and ingredients such as a restaurant that offers artisanal foods.

Craft

Offering handmade things in an automated world.

Customer Service

Customer service that is exemplary in some way. For example, a restaurant with well dressed waiters who are unusually good with people.

Sensory Design

Superior look, feel, taste, smell and sound. For example, a pair of shoes that customers appreciate for their form and overall artistic design.

Experience

The end-to-end experience of a product or service including intangible elements such as the interior design of a restaurant.

Status

Social status attached to a brand, product, service, ingredient or area. For example, a spa that is located in a posh shopping area such as Ginza in Tokyo.

Features

Functionality such as a vehicle with cutting edge safety features.

Performance

A product that outperforms the competition in a measurable way.

Reliability

Quality is heavily associated with durability in real world conditions. A mobile device that breaks the first time you drop it won't be perceived as a premium item.

Position

A superior position that is difficult for competitors to match. For example, the only hotel on a popular beach.

Details

Attention to details such as packaging.
Overview: Premiumisation
Type
Definition
Competition to offer higher quality.
Also Known As
Premiumization
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