The particular challenges of marketing luxury brands
Luxury brands occupy a unique position within the digital marketing landscape, and can provide interesting insight into how the one-size-fits all approach to selling yourself on the internet is not always effective.
What makes a brand count as ‘luxury’? Is it the quality of the design or of the materials used? A little bit, but if these were the only criteria then any well-made smartphone or pair of trainers would count. The key to luxury when it comes to marketing is the idea of exclusivity, the idea that not everyone can get their hands on whatever it is the brand is selling.
The open and inclusive nature of internet would at first seem to work against the exclusivity that is so important to luxury brands, but that is not the case. Luxury brands have been able to harness the power of digital marketing to reach out to their target audiences while also increasing the wider recognition and mythos of their brand across the world.
In fact, a 2014 McKinsey study found that 50% of all luxury goods buying decisions are influenced by what people read or see on the internet. That percentage has surely continued to climb over the following years.
The aim of the marketing game for luxury brands is creating the highest brand value and pricing power through leveraging distinct and brand-specific elements such as heritage, rarity and innovation. The internet allows brands to do this on a much larger scale than ever before, making products more desirable as ever more people are drawn into their orbit.
Some of the things that luxury brands, or those in charge of marketing them, have to consider:
The power of visual
There is no single one-size-fits-all way of being successful on social media, and every different network offers their own individual pros and cons.
When it comes to conveying luxury, however, photographs and videos are of the upmost importance. This would seem to indicate that Pinterest or Instagram would be useful networks to use. Instagram is particularly popular with young consumers who, while pershpas not being able to buy your products, are critical in building up a sense of mystique and desirability.
Chanel is one of the most ‘pinned’ brands on Pinterest with around 1,200 products ‘pinned’ every day.
The balance of exclusivity and attainability
Social media is a great way of making your brand more inclusive. You can let people see who you operate and what drives you. A site like Instagram can help you let more people see your brand while allowing you to create the image of exclusivity that you want.
DMWF New York wants to spread the lessons the biggest luxury brands in the world have about creating a myth around your brand and really making people buy into your history and story. That’s why the conference has invited some truly heavy-hitters to this year’s event.
What can attendees expect to see at DMWF New York?
The conference is not just about getting the biggest, the best and the brightest that the marketing world has to offer in a single room. The aim is to provide real tangible insights about how the successes and challenges that they have faced.
Understanding and reaching Generation Z is a focus of luxury brands sharing their insight at #DMWF in New York this November. Calvin Klein, Marie Claire and GQ will be delving into the challenges and opportunities that lay ahead by tailoring marketing content showcasing their innovation and heritage to Generation Z on both Snapchat and Instagram – their platforms of choice.
You can see a full list of speakers and brands that will be attending DMWF New York on 7-8 November 2017 here.
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