I recently received the Restoration Hardware Fall 2023 Interiors Catalog, which has always been a favorite to flip through and see the latest trends in RH furnishings. Ordinarily, I scan the book vs. intently studying the pages; but upon flipping open the cover, I was struck by the opening address from Chairman & CEO Gary Friedman.
TIME IS THE ULTIMATE LUXURY
In his address, Friedman juxtaposes the abundance of options and choice in today’s world (“we are living in a time of more”) with the value the RH brand brings its customers in curating the most talented designers, sourcing the world’s finest materials, and creating inspiring spaces. As he so eloquently states,
“Time is why we are not in the furniture business, offering you an endless selection of choices, styles and colors. We are in the business of creating an inspiring way to live.”
At Ramey, we build premium brands that help our clients reach higher. As my business partner and Ramey CEO Chris Ray shared, the mandate for building a premium brand isn’t just a marketing ploy, it’s a two-fold business strategy. First, premium brands drive category-high profit margins. Simultaneously, premium brands build closer, long-term relationships with their customers. And as a result, they often enjoy higher rates of customer satisfaction, retention, and advocacy. This second layer is key and while it may be considered a “softer metric” when compared to profit margin, it can’t be ignored because it is one of the greatest attributes of what defines a premium brand, which is the value a brand brings to its end-user.
Continuing to build upon Friedman’s opening address example, he shares the myriad of ways Restoration Hardware is leaning into the value it brings, all from the point of view of “saving you time” – specifically calling out “what are our values and what do we value?” RH built a platform of talented designers and manufacturers, and has the largest residential interior design firm in the world. They source the finest materials from all over the world, unwilling to compromise on quality and its standards. The company also showcases how the new way of living fluidly transitions from indoors to outdoors and how the spaces in which we live are not meant to serve just one purpose.
RH has a clear point of view and positions itself from a place of strength, understanding what its customer values and what value it brings to its customers. This is a hallmark of a premium brand.
To see the full opening letter from Chairman and CEO, Gary Friedman, check out the digital copy of the Fall 2023 Interiors Catalog.
If you are interested in learning more about how Ramey might help your brand Reach Higher, please fill out an inquiry with us, and we’ll look forward to collaborating with you soon.