With the rise of the digital age, luxury brands such as Dior, Ferrari and Cartier have seen a shift in their customers’ behaviour. While brick-and-mortar stores still play a key role in the luxury experience - including driving the majority of sales - more and more luxury shoppers use social media to compare products and find trusted recommendations from peers and influencers before even stepping a foot in a store.
Today, social media plays an ever-growing role in the decision-making process of luxury buyers, with research from McKinsey showing that over 44% of all luxury goods sales are influenced by Internet research or online buzz.
Because of this change in the luxury consumers’ journey, it is essential for brands to get a comprehensive understanding of the behavior of the socially savvy luxury customer and develop winning and innovative strategies to promote themselves on social, beyond traditional marketing campaigns. As a result, most have invested significant time and money into building their online presence, but without the ability to effectively measure the ROI of these efforts.
Social media analytics enables luxury brands to cut through the social media noise and extract the very best information from these online interactions to identify consumer trends in real time and discover new influencers with the clout to sway luxury buyers.
This guide will help you to:
- Identify customer preferences by tracking influencer-driven social conversations
- Build loyalty and improve conversion by using social data to identify the best opinion leaders for your brand
- Make social marketing more effective by using social media metrics to understand how each social platform is used
- Measure the real ROI of your influencer program by correlating social KPI’s with internal company data.