Luxury Social Media
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2013 Social Media Guide for Luxury

"The luxury market is ideally situated to thrive on social media. Along with deeper pockets, a keen interest in staying up to date on the latest consumer product goods, and an appetite for luxury products and lifestyle markers that's growing all the time, its customers - the affluent - spend more time online than the general population. 

 

But luxury brands also face a number of significant hurdles : striking a balance between the low-key, sophisticated tones they favor in stores and the persistent, regular messaging practices required to gain market share on social media, the broader challenge of maintaining an air of exclusivity in the busiest, most wide-open marketplace in world history. 

 

These challenges dot a landscape that continues to evolve and diversify, as more brands move past the place of treating social media as a broadcast channel. Today, brands are no longer asking whether they need a social media presence, or where it should be, instead, brands have begun to ask: how has my social presence adapted to the challenges across the digital landscape?"

 

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How Rolex Will Benefit From Embracing Facebook

How Rolex Will Benefit From Embracing Facebook | Luxury Social Media | Scoop.it

On April 24, 2013, Rolex did something that few people saw coming – it started an official Facebook page. In just a couple of weeks they have accumulated almost half a million fans. Along with Patek Philippe, Rolex was one of only two major luxury brands/watch makers without a presence on the popular social media site. In 2012, Rolex began an official YouTube page to distribute films on its new watches, many ambassadors, and event relationships, signaling a possible change of heart when it came to being open about online communities. Rolex even used YouTube to advertise.

 

Social media participation might seem like a given to most brands, given the attention of consumers and ability to essentially market themselves for free. However, for a long time the predominant feeling at luxury companies was that not only social media was dangerous, but the entire internet at large. Years ago fellow watch industry insiders quoted Rolex personnel as saying that the famous brand would never even create a website. Clearly someone smart ended up winning that argument. Rolex actually has a rather beautiful website, which coincidentally was also revamped and redesigned at the same time they launched their official Facebook page. So why the change and what does this mean for Rolex?

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TechnoratiMedia : 2013 Digital Influence Report

"Sixty percent of brand marketers predict an average increase of 40

percent in social spend for 2013. Currently, the bulk of brands’ overall digital spend goes to display advertising, search and video, with spending on social, including influencer outreach, making up only 10 percent of their total digital spend. Within their social budget, more than half goes to Facebook, followed by YouTube and Twitter, with the remaining 11 percent of their social spend going to blogs and influencers."

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Luxury brands are still unsure about how to engage the Web's unwashed masses

Luxury brands are still unsure about how to engage the Web's unwashed masses | Luxury Social Media | Scoop.it

"It’s fairly incredible that, in 2013, with the threat of showrooming and predictions that physical retail will disappear entirelymajor luxury retailers are still figuring out how to get this Internet thing right.

 

That’s partly because, for luxury brands, preserving brand integrity comes above all else. A big part of their appeal is exclusivity — not just anyone can own a $1000, or $10,000 purse. Brand integrity is precisely how they get away with those obscene prices. So it’s natural that the democratizing power of the Web is a terrifying spectre in luxury land."

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Are Luxury Spots More At Home Online?

"If luxury brands aim for exclusivity, is mass media really the best place for their message? Find out why Martini Media CEO Skip Brand thinks luxury marketers might find a better audience with well-placed online video rather than with a prime time TV spot."

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How Social Media & Luxury Brand Websites Are Impacting eCommerce

How Social Media & Luxury Brand Websites Are Impacting eCommerce | Luxury Social Media | Scoop.it

"Luxury goods companies worldwide have focused considerable attention on online marketing and sales channels in the past year, to tangible effect. Initially, many were wary, fearing that e-commerce might diminish their brands’ integrity or that customers would be unlikely to buy expensive items without seeing them first. Indeed, the reasoning went, the in-store sales ceremony was an intrinsic part of the value proposition.

 

Most now accept that such arguments no longer hold for many luxury goods. Today’s consumers are perfectly comfortable buying all manner of items online. And even if some still prefer to make their purchases in a store, their buying decisions are often influenced by their online experience. 

 

Ambrogio Michetti, one of the authors of Digital Luxury Experience 2012, shares the key insights from the second report produced by the Altagamma-McKinsey Online Observatory, a collaboration between the Altagamma Foundation and McKinsey & Company."

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Content Marketing Mistakes in Social Media | Social Media Today

Content Marketing Mistakes in Social Media | Social Media Today | Luxury Social Media | Scoop.it

"A brand is essentially the sum of what people say about it. We’re connected and social now. And that’s not all. We’re hypercritical, hyperactive and so hyper-online, we’re barely offline when we sleep. ...

 

Along the way, it’s nearly impossible to avoid subjects such as blogging, search, social, and some of the other tricks of the trade. Why? Because the best website in the world won’t make you a dime unless people come to it and find themselves engaged with the content there. There I go again. I can’t stop spouting the gospel. I want my clients to understand the key to effective online marketing, or any marketing, is to get customers to know, like and trust you. That’s a high bar seldom achieved with a heavy dependence on ad or brochure-like communications. Ugh. Stop me now before I talk you into doing content marketing against your will...."


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Jeff Domansky's curator insight, May 24, 2013 1:29 PM

Learn from this collection of content mistakes and lessons from Barry Feldman.