The luxury industry has had a pretty precarious relationship with the Interweb for as long as the medium's been around. However, when social media became a thing and grew in ubiquity, the necessity of establishing an online presence became impossible to ignore for the players operating in this niche sector.
It's been an intriguing (and at times puzzling) love/hate liaison to bear witness to, and as the marketing landscape keeps evolving, the stakes are higher than ever. With that in mind, we wrote an e-book on the luxury industry and its lack of affinity for social media to provide a deeper understanding of their history together, as well as the current state of affairs.
Here's what we discuss in the e-book:
- A brief chronicling of the backstory.
- Why it's essential for luxury brands to build a presence on Instagram and other social platforms.
- How 3 luxury labels' Instagram performances compare to one another when measuring their key performance indicators (KPIs).
- How these houses can establish their brands on social without compromising their air of exclusivity and aspirational sensibilities.
- 5 specific recommendations for how to build meaningful engagement with their audience.
Below is an excerpt for a little whistle-wetting. Or you can just reach directly for the stars and download it now for free.
Think back. All the way back to 2010, when Instagram was the new app on the scene. We know, forever ago. While many buzzed-about social media platforms quickly lost momentum, Instagram racked up the likes quicker than anyone could keep track. Regular folks loved it, celebrities got on board, and savvy businesses - including fashion brands - jumped at the chance to share their story via photos. Before long, brands were being born on Instagram.
But here we are today and the corporate world of Instagram is all grown up thanks to a game-changing acquisition by Facebook in 2012. The inevitable ensued: the once purely organic app recently opened up its API to any brand that wishes to run
ads. Times, they are a changin’.
One of the remaining Instagram enigmas, to the chagrin of insatiable fashion lovers, is the hesitant participation by the top luxury fashion houses. Where art thou?
While some of the major luxury fashion houses like Dior, Chanel and Louis Vuitton have started using Instagram, and have racked up hefty followings on name recognition alone, their digital strategies generally leave something to be desired. Posting frequency is typically low, and engagement rates (the golden metric of Instagram) under-index versus the fashion industry as a whole.
So, where are the luxury fashion brands? What are they afraid of? The big guns in luxury goods (think Lanvin, Saint Laurent, Hermès, Tom Ford) have been hesitant to join social media platforms from the very beginning, afraid of losing everything they represent to consumers, namely their air of exclusivity. We can imagine that relinquishing control over a carefully cultivated image that took decades to build can be a scary prospect.
• 75% of luxury brand shoppers carry a smart phone
• 45% of their luxury purchases are influenced by what they see on the Internet
• Between 50-80% of all social interactions for luxury brands happen on Instagram
But it’s an unfounded fear that primarily rests on a widespread resistance to change within the industry. Most of these maisons are decades, if not a century old, and very set in their ways. Quite ironic when you think about an industry based on constantly looking forward to what the new trends are and fulfilling people’s cravings for perpetual updates. But we digress.
To read the rest, download the full e-book now and get learned on more background, concrete metrics, how the big guys are finally coming around, and specific recommendations for them going forward.
Love Luxe is a battlefield.