social networks

Social media for luxury brands

Isaac Mostovicz writes that luxury brands will continue to explore the potential of social media in 2011...

The efforts of mid-range brands to reach consumers through social media channels are well documented. However, social media’s association with inclusivity means that ‘exclusive’ luxury brands have been slow to explore its uses, but this looks set to change.

2010 saw the luxury market experience a digital tipping point. Many brands launched e-commerce sites, some experimented with Facebook and Twitter personalities (e.g. Burberry, Gucci), while a few went even further; streaming live runway shows at New York Fashion Week and enabling consumers to interact in real time, is just one example.

The fashion industry in particularly has been quick to recognize the potential of such interaction, and has driven the emergence of ‘crowd sourcing’. This allows an engaged consumer base to determine which products should be manufactured – the ultimate empowerment of the consumer.

My prediction is that luxury brands will this year look at how to capitalize further on the instant consumer connection that social media can facilitate. However, a recent report from Gartner revealed that 70% percent of social media campaigns will actually fail in 2011, highlight

ing that brands must carefully consider their strategy before executing a campaign.

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The Rise of the Luxury Bloggers

Isaac Mostovicz writes that new media is turning exclusive with the take off of the luxury blog...

Just as an elite choice of social networks is developing, another online platform is targeting the luxury consumer – blogs. Blogs are most often themed by interest; fashion blogs, food blogs, travel blogs, political blogs etc. The luxury blog is also a popular form that isn’t specific to one area of interest, but covers all aspects of society that may appeal to the luxury consumer. International Life is one such luxury platform, offering an online version of their print magazine with news and reviews from the world of fashion, beauty, psychology, business, art, food and drink, property and sport. Another, Luxury Insider, has quick links to watches, getaways, cars, dining, yachts and jets. Rather than heading to specific blogs to keep up on the latest trends in each of these areas, these websites puts it all in one place for its users. Moreover, the website editors select the very best of content for their luxury readers, veering them in the direction of what’s most revered in the luxury world.

Combining the worlds of online shopping and blogging, 20ltd is a shopping site, but only sells 20 exclusive luxury goods at a time and you cannot purchase the items anywhere else. The element of challenge here, of being that person to bag that one unique item, is an element that would appeal to the Lambda personality.

In a new media world where people value their friends’ opinions rather than being told by a brand what’s good, Luxury Reviewer has an army of thousands who review the latest trends in luxury style. For the Theta personality, knowing that one’s peers think highly of a product could ultimately be the clincher for their decision to purchase something.

These sites reiterate that luxury is not just a product but is a lifestyle. They also take heed that in today’s world where anyone can share their voice on the internet, the consumer’s view on luxury products is just as influential as the image illustrated by a brand.

Rena Klingenberg says of this article...

I’ve noticed the abundance of luxury-themed blogs. I think they can also be useful for designers and artists to glean some basic concepts and new ideas that can be morphed into products and services for non-luxury customer niches.

Jacquelyn Retta says of this article...

Great blog here! Also your site loads up fast! What web host are you using? Can I get your affiliate link to your host? I wish my website loaded up as quickly as yours lol

Yash says of this article...

May I ask you to have a look at The Rich Times (www.therichtimes.com) as well? You will find it one of the most up to date luxury blogs in the market.

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