Nothing’s worse than going from “must-have” to “meh” – and no brand is exempt from consumers’ changing whims. Even luxury brands aren’t guaranteed to stay at the top once there – but social media listening can alert them to changing trends before it’s too late.
That’s what we’ll be discussing on January 27 during the webinar, “Improve Your Social Standing: Examining the Rise and Fall of Top Luxury Brands,” co-hosted by AdWeek.
Hope Nguyen, VP of Marketing at NetBase, will share details from our newly released report of the world’s top 45 luxury brands as defined by consumers in social – including the surprising rise and fall of some of those brands in the social media landscape.
The difference a year makes
NetBase followed the top 45 global luxury brands on social media for two years. This newest report documents the results from year two – and there were definitely some unexpected upsets in the ranks. Not even “classic” brands are safe, as that moniker is being redefined by digital-age consumers. Changes from year one to year two included:
- Chanel booting Louis Vuitton from the number-one brand slot
- The Apple Watch debuting in the top 15 – at number 13
- Rolex falling seven places to number 14 – notably, behind the Apple Watch
- eBay jumping from number 27 in year one to number five in year two
All brands – luxury or otherwise – have the opportunity to address shifting trends as they’re happening, but only if they’re actively listening to consumers on social, and taking part in the conversation.
Brands to watch
Take the uptick in watch chatter with the debut of the Apple Watch – 7% of overall mentions. Did Rolex consider Apple a competitor? They should have. Do they wish they’d done more to keep their #8 spot in year two? Probably.
And what did Chanel and Louis Vuitton do to rise in the watches category? Hope will explore this question and offer insights that will benefit all brands. Key here is keeping an eye on not just your own brand on social – but your competitors as well, as that accounts for 90% of the conversation.
She’ll also talk about how to reach luxury consumers on social media – by tapping into their emotions about luxury brands, and how luxury products make them feel. But beyond that, it matters how they feel about other aspects of their lives too. Hope will tell you how to use that information to create audience segments for highly targeted outreach.
Micro-targeting is the key to creating the individualized messaging that consumers demand now. Especially among luxury consumers – who crave an “experience” that makes them feel special. That includes on social media – because digital is everything now.
Convenience is a luxury
Credit-Suisse counts a digital presence “among the biggest trends identified in luxury shopping right now. A booming second-hand market should not be overlooked either.” The convergence of those two themes can be seen in eBay’s swift rise over the past year. If you didn’t see that coming, there’s no greater argument for social listening in real-time.
Last year’s reports aren’t any help. But staying apprised of social conversations in real-time gives brands a decided advantage as they can quickly tweak their marketing strategy to respond to changes in consumer sentiment.
With the overall luxury conversation growing by 75%, it’s clear that consumers’ passion for luxury isn’t waning anytime soon. Whether that passion will be for YOUR brand is another matter.
Join Hope on January 27 for the webinar “Improve Your Social Standing: Examining the Rise and Fall of Top Luxury Brands” and she’ll show you how to use consumer sentiment analysis and audience marketing to stay on top.
Or reach out to start exploring a deeper social conversation for your brand today.
Image from Adrian Ruiz
