How important are status and status symbols to YOU? For some marketers, this topic resonates strongly. How can they create and sustain markers of success?
Before reading below, check out these related posts:
- Understanding the Young Chinese Luxury Consumer
- Marketing High-End Sneakers
- Psychology and Pricing
- Sensitive Topic – Raising Prices
The Marketing of Status and Status Symbols
For psychological and financial reasons, many consumers eschew expensive socially-driven purchases. Yet, even a lot of those people look to purchase at least a few reasonable-priced status symbols. Why?
“Just like birds decorate their nests with things that shine, humans collect indicators of the status they’ve achieved. That’s why status is so frequently confused with wealth. Since money is universal collateral, having a lot of it will gain a person a high rank in basically any community. That’s why so many people want to appear rich (whether they actually are or not).”
“But money isn’t the only unit of community value. A political leader, for example, might earn status through proven hours of service and genuine connections with members of their constituency. Someone in a highly skilled industry, like a chef, might cultivate their sense of esteem by competing for and displaying prestigious culinary awards. Artists and actors can be dirt poor and still revered for their talent.”
“In each community, status is measured differently — and the symbols that are coveted by members of that community are different, too. Not only that, but those symbols are constantly changing. The more people have something, the less impressive it is, and another top symbol will arrive to take its place.”
The following Lexington Law infographic highlights “The Psychology of a Status Symbol.”