Smart luxury companies have increased their online marketing budgets and partnered with agencies that are skilled in helping them reinvent their digital marketing – what are the advantages?
The reason you should be using a digital marketing agency for luxury brands
By 2023 eCommerce revenues are predicted to make up 20.8 percent of all retail sales across the globe. This isn’t an excessive figure, but one that will surely increase with 81% of consumers choosing to do their research before buying in stores. In order to succeed and maintain their market share, high-end luxury brands that are moving fast are changing to maintain their image of exclusivity in a digital world.
It’s not something new also – back to 2014 when McKinsey issued a research report which claimed that digital marketing activities are now influencing at about 45% of all luxury sales. In contrast to ATL campaigns that require ongoing re-investment to increase the value of customers Digital actions offer a high cost-per-year value for customers, and are able to reduce cost. They are quantifiably measurable investments in the long-term customer relationship because they are able to target qualified customers.
Below are three pieces of advice that luxury brands must consider in order to establish a successful online marketing plan.
Storytelling and Heritage
Heritage, whether in the sense of tradition or through a means of custom-designed product development is expected when clients are paying for a luxury price. The ability to communicate the meaning of the product, and describing the characteristics that define a luxury brand is the key to a successful high-end.
Digital marketing creates new opportunities for luxury goods and services to tell their stories in a more immersive, interactive and captivating manner. Brands can freely change and develop unique experiences for their customers that establish their brand’s identity.
A seamless integration of clear story and the latest technology allows luxury brands the ability to communicate with their clients through every point of contact in price and location.
Aspiration
Photography and creative direction are probably one of the top ways to convey the feelings of aspiration that we associate to driving a luxurious car, wearing designer clothing or being a part of something special.
With this in mind visual social networks such as Pinterest and Instagram provide a fantastic possibility for luxurious brands boost awareness of their brand and increase advocacy for it with a minimal investment.
User Experience
The amount of digitally-enabled spending by high-end consumers grows and so do their expectations of digital technology.
The majority of websites of luxury brands are elegant, however there’s an unspoken need for outstanding user experience and the best functionality.
According to eMarketer According to eMarketer shoppers who are discerning check an item seven to eight times prior to making a purchase. This is why it’s imperative that an online store functions as smoothly as a store experience.
What’s next to Luxury Brands?
As we move into the future, I am getting the impression that speaking about offline and online marketing will become outdated. They are both integral to one another and should be used in conjunction.
For the most innovative and digitally-savvy luxury brands are already making progress. For others there’s no better time than now.
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