Prestige assets, and how to build legitimacy by being associated with the best in class
Most people know what prestige is, and how it is related to the concept of status. The dictionary definition:
noun 1 reputation or influence arising from success, achievement, rank, or other favorable attributes.
2 distinction or reputation attaching to a person or thing and thus possessing a cachet for others or for the public:
But what many do not know is how prestige relates to marketing and how prestige assets can allow for improved legitimacy marketing.
What exactly is a prestige asset?
Respectability and legitimacy are assets. The respectability is a type of reputation which someone earns over time, based on measurable achievements. Individuals like Nelson Mandela, Muhammad Ali, are just two examples of very accomplished individuals who reached a point where they are recognized as the greatest, as legendary, as heroes. Individuals who are viewed as heroic, whether in tech, sports, or anything else, can be considered "prestige assets". This is to say that while these individuals might not directly bring profit to businesses, the business gains merely by having their brand associated with these special individuals.
Who are the prestige assets in the tech space?
There are many prestige assets in tech whom I'll leave unnamed. In general, any project which can associate their brand with the name of these individuals can benefit indirectly from the prestige their name lends. The legitimacy usually follows from that prestige, so when looking for example at Ethereum we can see many big names in tech and even outside of tech, who are now publicly associated with Ethereum. This has in my opinion tipped the balance in favor of Ethereum in terms of marketing and brand legitimacy in a way which Bitcoin will not be able to duplicate.
Prestige assets can also be companies, websites, and more
For example if we look at the name Monaco we can see why Monaco Visa selected the name. The Monaco name is prestiges and is the name associated with vast wealth. In selecting a brand, the data can be a guide to how the brand is being perceived from moment to moment. Legitimacy marketing requires maintaining a level of prestige which will allow your product, project, or company, to appear above the rest. To be associated with the best is what a prestige asset offers.
References
Hirschman, E. C. (1987). People as products: Analysis of a complex marketing exchange. The Journal of Marketing, 98-108.
Wee, C. H., Tan, J., & Foo, M. D. (2015). People as Products: An Exploratory Study in a Marketing Exchange Context of Singapore. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 217-221). Springer International Publishing.