Stretchy Brands (feat. Aston Martin)
James Bond drove the iconic car brand. But he never had to live in his Aston Martin.
Now he can.
As reported by CNN, The British luxury automobile maker announced it is licensing its name to an ultra-high-end residential tower in Miami, Florida. The 65-story condo building, to be completed in 2021, will sell units priced up to $50 million each.
Do you expect me to talk? No, Mr. Bond, I expect you to buy!
This isn’t the first time Aston Martin took its brand out for a spin. It recently announced a partnership with Triton to build a line of luxury submarines, an underwater investment that the company bets won’t, well … go underwater.
But how does it know? I’ll wager that in both instances, Aston Martin engaged in some strategic brand research with one question in mind: Exactly how stretchy is our brand?
Here’s how it works. Identify your core consumer base. Then, do quantitative research that asks these consumers how they perceive the brand. In the case of Aston Martin, what do its most avid customers think are the brand’s core strengths? Let’s assume the top responses include stylish and timeless design, exceptional quality and attention to detail, and maybe an affirmation of social status.
Then the fun part: What else do these high-end consumers buy? What qualities do they look for in these purchases? Do these qualities match those they associate with the Aston Martin brand?
Bingo. Stylish and timeless design, not to mention exceptional quality and attention to detail, apply just as much to a condo as to a car for the well-heeled set.
For the right consumer, it’s not a ‘stretch’ at all to imagine living in The Aston Martin Residences. Assuming, of course, they come with a parking space.