Marketing for Luxury Brands: Strategies & Trends

Posted on October 15, 2021October 18, 2022 by Bimal Mirwani

Luxury brand marketing is ever-evolving. Consumer habits change; industries rely heavily on precarious market forecasts and trends, and business decisions now revolve around data in order to minimize risk.

Mobile marketing for luxury brands is crucial to ensure that these brands can stay afloat. As well, factors with the innovation of day-to-day business operations are constant.

Just as is the way transformation is happening with how consumers interact with a product. Marketing and online marketing of luxury products is, understandably, constantly adapting to these changes.

In this post, we will explore the why’s and what’s of how luxury brand marketing strategy is changing. Read to learn more about how a luxury brand needs to adapt to an ever-changing target audience.

What is behind all these changes?
Is this a problem for luxury brands?
But first… what exactly is digital marketing?
What should you know about your market?
What does the research say?
How should you gather, interpret, and analyze your data?
How do goals determine your future?
Should you tell your company’s story?
This is where content marketing comes in.
Try, try, and try again
Closing thoughts

What is behind all these changes?

A luxury brand and how it does its online marketing of luxury products needs to change – and for good reason. Luxury brand marketing strategy seemed to work, and customers are usually already in the decision stage of the buyer’s journey.

This means that these customers know what they want, where they want to buy, and how much the price tag is. Having a clearly defined demographic for your product or service means allocating fewer resources to figure out what your target market is. However, times are changing.

One variable which has been left unaccounted for, and brought about by the ever-changing landscape of business, is influence.

In the digital age, where people are becoming more and more connected, marketing has evolved into more than just getting a company’s message out. It’s now about pulling your consumers in. This now needs to be considered by a luxury brand.

Is this a problem for luxury brands?

This has never been a problem for luxury brands. For the most part, luxury brands have banked on their bubble of exclusivity. In the past, most luxury brands have relied heavily on traditional marketing campaigns to raise brand awareness.

This means absurd amounts of spending on TV, radio, and print advertisements. Now that the landscape is becoming digitized, luxury brands are following suit.

A 2018 study by McKinsey found that mobile marketing for luxury brands is crucial. The importance of digital marketing can not be understated. Moreover, listening to what customers are currently engaged in is also key.

In the same study, online sales of personal luxury goods (accessories, apparel, beauty products, perfume, footwear, and leather goods) account for 8% of the global luxury market with nearly 80% of the total luxury sales being influenced online. In the era of social media, email, and influencers, relevance is now more important than reach.

So how should luxury brands adjust? Should online marketing efforts of luxury products be entirely digitized? Or should efforts of online or mobile luxury marketing for luxury brands be incremental to better measure results? Unfortunately, the answers aren’t so simple.

But first… what exactly is digital marketing?

Digital marketing refers to a business’s online marketing efforts. According to HubSpot, businesses utilize digital marketing as a tool to interact and nurture a connection with current and prospective customers.

Digital marketing provides businesses with a more targeted approach to better cater to the needs of their client base.

Digital marketing presents businesses with multiple channels to attract the interest of potential customers. Businesses will be able to create custom-made campaigns. These will be campaigns that consumers value.

With online luxury sales projected to triple by 2025, digital marketing is a huge force that has become difficult to ignore.

You could be developing a marketing strategy from the scratch. Or you could be revamping your online marketing of luxury product efforts. Here are a few things you need to know.

What should you know about your market?

Luxury brands have been known to target high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI). Both demographics represent a highly defined and specific audience.

In a study by PwC, 98% of the world’s wealthy have been found to use the internet and access mobile applications daily. In addition, 85% of HNWIs have been found to possess three or more digital devices. What exactly does this mean for luxury marketing?

This means that consumers of luxury brands are evolving. More and more, they are using the internet across multiple devices. This means that luxury brands now have multiple channels to target customers. As you can imagine, mobile luxury marketing for luxury brands is now core. Core to their marketing strategy.

What does the research say?

In addition, accounting and professional services giant, Deloitte, found in its research that fast-changing trends have prompted luxury companies to keep an eye on new consumer classes.

This has been brought about by the digital age. Among these new consumer classes, high-earners-not-rich-yets (HENRYs) have been projected to be the wealthiest members of society. More than not, HENRYs look for a status symbol in their purchases too.

Understanding your target audience is essential. It is essential for the success of your digital marketing campaign as it gives you a peek into your customer’s online behavior. One can also know their spending habits.

Knowing where your customers shop, what types of content they read, and which kinds of marketing efforts they respond to are all essential to developing your luxury brand’s digital luxury marketing strategy.

How should you gather, interpret, and analyze your data?

After researching your market, the next step is to collect accurate and relevant data. Nowadays, data has become the bread and butter of any type of business. With the right amount of accurate data, luxury brands will be able to develop personalized approaches for a more seamless buyer experience.

Deloitte has also highlighted that consumer demand has become the core focus of businesses. Why, because of that, companies are becoming more and more reliant on other digital technologies. These include Artificial Intelligence (AI) and Big Data.

Companies Boost AI Spending – (image: Deloitte)

With AI and Big Data, companies are able to personalize customer engagement through the analysis of data.

Mobile luxury marketing for luxury brands is a big spend within mass marketing efforts. Luxury brands are now slowly realizing the importance of engagement as opposed to reach.

Data from past and existing digital marketing campaigns will help your luxury brand identify the factors that contribute to lower response rates and allow you to adjust your efforts accordingly.

How do goals determine your future?

After gathering as much data as you can, what’s next? Before developing your digital marketing strategy for your luxury brand, you must first consider what you want to achieve. Your marketing goals define the future of your luxury brand.

Are you a startup offering luxury products and services? Your primary goal is to build awareness. This is important for luxury brands to do this.

Are you an established business in one locale and thinking of expanding to a new market? Your primary goal is to capture market share.

All marketing efforts should align with what your luxury brand is trying to achieve. Setting clear objectives is key to any successful marketing campaign.

Specific, relevant, and measurable goals will allow your company to develop cost-effective and highly targeted digital marketing campaigns.

Should you tell your company’s story?

Telling your luxury brand’s story creates a connection with your current and potential customers.

Usually, when telling your company’s story, you don’t just talk about how your company started, you also talk about what sets your product or service apart from other luxury brands.

In this way, you create an easily digestible brand experience for your customers while also highlighting your unique selling proposition (USP).

The role of digital marketing is to convert leads that interact with your brand through various marketing channels and efforts. When it comes to luxury marketing, high conversion rates mean business growth. But how do you encourage existing and potential customers to interact with your brand?

This is where content marketing comes in.

Content marketing is a planned method to create and deliver relevant content to your target audience. Remember, content can mean a lot of things.

What could content be? It could be a social media post, a website landing page, or an article posted on your company’s blog.

Most luxury marketing for brands focuses on exclusivity and may find it difficult to connect with a broader audience.

Content marketing can help luxury brands tell a story the consumer can connect with and reach targeted demographics in a more efficient manner.

Market knowledge and customer behavior data give your luxury brand a birds-eye view on what types of content your existing and potential clients would like to see or read.

Familiarize yourself with basic search engine optimization (SEO) principles.

Key performance indicators (KPIs) can help to better measure results. KPIs can also keep objectives front and centre in the decision-making process.

Try, try, and try again

After understanding your brand and your market, gathering relevant data, setting goals, and establishing your brand story, it’s time to come up with a marketing plan.

What are the things you should consider?

1. Website Design

Promoting your product is as important as having a website. Having a strong online presence is crucial for every business in order to attract new clients and remain competitive. However, having a website is not enough.

You need to make sure that your website has the necessary keywords. It would be best if you took note that your keywords are targeted. Make sure your website loads fast and is suited for use on various devices.

Moreover, You should also consider user experience and user interface.

2. Search Engine Optimization (SEO)

SEO allows your luxury brand’s website to gain an audience through organic traffic. It’s not about quantity – SEO is about targeting quality leads that may, at one point, purchase a product or a service through your website.

This is especially true when it comes to premium businesses. The buyer demographic is more precisely defined in this case.

Efficient SEO takes a lot of effort but having an organic strategy will help boost your ROI.

Proper SEO involves SEO-friendly content, quality backlinks, keyword research, and analysis, as well as frequent website audits and web page maintenance.

Social media has been such a driving force in today’s market. The visual aspect of social media platforms is something that luxury brands should take advantage of to raise awareness and engagement within their online communities. For instance, Chanel has attracted numerous brand advocates after becoming one of the most “pinned” brands on Pinterest.

Chanel built a unique and impactful brand through digital marketing (image: Chanel)

The beauty of social media being part of your digital marketing strategy is that your reach is virtually endless. It’s now about finding quality leads. Quality leads are ones that are prepared to buy your product or service.

4. Email Marketing

Don’t let the recent technological advances fool you… email still works. Email is probably one of the most intimate and effective marketing strategies out there. Through email, you would be able to connect with high-quality leads and existing customers, thus increasing the probability of conversion and/or sales. Customers are able to be updated by email too. One can include the latest product launches as well as the latest news about your luxury brand.

Closing thoughts

Marketing strategies for luxury brands vary much like in any other industry. A one-size-fits-all approach is simply non-existent. Devoting time, early on, to determine which types of marketing efforts work for your luxury company and which ones don’t will help you save time, effort, and resources when coming up with marketing campaigns.

This will also allow your company to better target your marketing efforts and ensure better customer engagement.

Do you see how luxury brands need to change? Through increased innovation marketing it can elevate brand awareness, it all serves to bring more sales for them.

Are you a brand that would like to innovate its marketing? Don’t waste a moment longer! Let’s take your marketing up a few notches to achieve your business goals. We offer great SEO, social media, and reputation management services that help your business succeed.

With First Page Hong Kong, you’ll have dozens of digital marketing experts at your beck and call, ready to help you like they’ve helped thousands of other businesses.

To learn more, contact our talented team, and we can answer any questions you may have about how social media will benefit your business.

Sources:
https://www.mckinsey.com/industries/retail/our-insights/luxury-in-the-age-of-digital-darwinism
https://blog.hubspot.com/marketing/what-is-digital-marketing
https://www.mckinsey.com/industries/retail/our-insights/luxury-in-the-age-of-digital-darwinism
https://www.pwc.com/sg/en/publications/assets/wealth-20-sink-or-swim-gx.pdf
https://www2.deloitte.com/content/dam/Deloitte/ar/Documents/Consumer_and_Industrial_Products/Global-Powers-of-Luxury-Goods-abril-2019.pdf
https://www.scmp.com/magazines/style/news-trends/article/3008756/gucci-dior-how-luxury-brands-cleverly-use-social-media

US$6 Million for Digital Art? Here’s What You Need to Know About NFTs.

Posted on March 11, 2021 by Katherine Tu

If you’ve ever been on the internet in the past 10 years, you will have come across the iconic meme of the grey feline with a Pop-Tart body zooming through space, or better known as Nyan Cat. Well, that GIF has just been auctioned off for a whopping US$590,000 by the meme’s creator.

(source: Businessinsider)

How did a free and publicly accessible meme get sold for a fortune? The answer is through NFTs, or the newest cryptocurrency craze – a one-of-a-kind digital asset that cannot be replicated or replaced.

Despite being released in 2017, NFT’s have exploded in popularity the past couple months, with collectors, creators, and investors scrambling to get in on the virtual items that only exist online.

So, what exactly is an NFT, and why now? Read on for the low-down on the crypto buzz.

What is an NFT?
Why would people pay for this?
Rise of the Creator Economy
NFTs: Fad or Future?

What is an NFT?

An NFT is a non-fungible token that exists on a blockchain, with the same digital ledger technology as cryptocurrencies like bitcoin.

But, here’s where it differs.

Most bitcoin is fungible, meaning that it can be easily exchangeable, like cash. However, NFTs are non-fungible, which means they are completely unique and not easily exchangeable.

When you purchase an NFT, you get access to the asset, and the ownership of the asset – which is authenticated by blockchain and unerasable. This means it’s yours, and only yours.

Pretty simple, right?

So while this renders them pretty much useless as a currency, its perceived value was realised in the form of digital art, surfacing in many forms such as images, music, film, and animations.

Nyan Cat is just one of many NFTs to be sold recently, with singer Grimes amassing US$6 million from hers, and artist Beeple flipping his 10-second video for US$6.6 million.

This concrete idea makes it easy for non-crypto people to understand, contributing to its massive cross-over appeal and explosive popularity.

Why would people pay for this?

Much of the conversation surrounding NFTs is becoming the future of fine art collecting. Like physical art purchased at a Sotheby’s auction, investors believe NFTs will appreciate in value – which lies in the item’s scarcity and authenticated ownership.

For buyers, blockchain provides a certificate of ownership and authenticates the item as truly one-of-a-kind, unlike traditional things that can get forged and replicated. Think of an NFT as Mona Lisa, except it only exists in the digital realm and is protected by a burly security blockchain called Ethereum.

There is a catch though – people can still ‘right click’ and save the piece of digital work. The difference is, you get the bragging rights as the owner. To put it simply: anyone can purchase a Mona Lisa print, but only you can own the original.

Rise of the Creator Economy

Another major benefit of these hack-proof, virtual tokens is returning power and control to the artist. Even before the days of the interwebs, artists have struggled to reap the benefits if their work has gone up in value.

Now, NFTs have a function where artists receive anywhere from 2.5% to 10% of the sale price each time the token bounces to a new owner. Content creators get paid each time their content is distributed on the internet and allows them to get a more significant cut of profits instead of selling through an art gallery or auction.

But, the possible benefits don’t stop there.

Ticket-based NFTs can allow parties like festival promoters to split the revenue amongst the DJ, caterers, landlord and more. The payments would be confirmed and authenticated via blockchain on the spot, opening a window of opportunity for creatives to receive fair income.

NFTs: Fad or Future?

It’s not a stretch to say blockchain technology has revolutionised ownership. As the world shifts to increasingly virtual environments, NFTs have solved something that’s never been tackled before – and that’s digital scarcity.

The possibilities are not limited to the art world, and digital ownership, once thought to be untrustworthy and non-existent, ceases to become an issue with NFTs.

Christie’s has become the first major auction house to sell an NFT-based artwork. The music industry is already making strides – with Kings of Leon releasing an NFT album, and Mark Cuban betting on the film industry as the next stop.

But, NFTs are not without its criticisms. The nature of NFTs makes it no different than the physical art world. It encourages buyers to cash in on artists at the peak of their popularity, not to mention the novelty factor encourages extreme pricing.

However, if this is anything like the web page boom in 1996, the possibilities are just beginning. Whether it’s a bubble that will soon pop, or the start of a trillion dollar industry, one thing is for sure – only time will tell.

What’s your opinion on the future of NFTs? Comment down below!

Clubhouse: The Audio-Chat App that Took Over the World

Posted on March 4, 2021 by Katherine Tu

“Did you get an invite?”

Whether you’ve just heard the name in conversation or perhaps still waiting to secure a coveted invite, the buzz for this exclusive app is real – and it’s taking the world by storm.

Launched in March of last year, the audio-based social networking app grew steadily before skyrocketing in popularity at the end of January 2021, thanks to the appearance of famous users like Elon Musk and Kanye West.

Still, the club of users remains relatively small, compared to the likes of Facebook or Twitter. So, if you’d like to know what the buzz is about, here’s a simple introduction to Clubhouse.

What is Clubhouse?
How does it work?
How did it become so popular? (5 simple reasons)
Should my business open an account on Clubhouse?
Key Takeaways

What is Clubhouse?

The audio-chat app is the newest social networking phenomenon that requires an invitation from an existing member to join. In short, it’s like a podcast or webinar, but with an added layer of exclusivity. Users are free to jump in and out of different chat rooms, with the ability to discuss and explore all sorts of topics such as business, sports, and current events.

This opens a new window to real-time learning and allows users to gain insights into the minds of entrepreneurs, thought leaders, and celebrities. Touted by its founders as a platform to share authentic and nuanced discussions, the app also serves to grow businesses and provide valuable networking opportunities.

Now, the app has officially hit unicorn status, with a US$100 million investment injection propelling its valuation at US$1 billion – and its growth is not about to slow down anytime soon.

How does it work?

Using the app is simple – you must register with your real name and either become a listener or a moderator. Moderators can open a room, which holds up to an audience of 5000 users. If you have your hand raised as an audience member, the Moderators can ‘invite you to the stage’ to speak.

If the host or moderator follows you, you get seated above the audience members, making it easier for you to chime into the conversation. The app also features locked and private chat rooms to mimic those of real social situations.

Another thing to note is the temporary nature of the verbal discussions. The audio never leaves the chat – and so when the conversation ends, there’s no recording available.

How did it become so popular? (5 simple reasons)

By now, you can probably start to see its global appeal. It’s fresh, exclusive, and audio-based – a stark contrast from the anonymous and visual nature of social media that exists today. With being said, here’s a quick rundown of why it’s gotten some massive traffic as of late:

1. Audio-Based Chat

Taking a 180 turn from the visual nature of Facebook, Twitter, and Instagram, Clubhouse is voice-only. Plus, with the proliferation of instant messaging, it’s safe to say fewer people talk verbally over the phone. With so many similar social media apps on the market, reintroducing verbal communication provides users with a never-before-seen experience is incredibly fresh, and dare we say, exhilarating.

2. Authenticity

You’ve probably come across them at least once – accepting an invite or replying to a comment from a user who turns out not to be a real person. Having the exclusivity of an invite-only system removes the cloak of anonymity and helps ensure you’re not just chatting to a random bot. We see you “John Smith,” and no, you won’t be missed.

3. Quick & Easy Content

Starting your podcast or webinar requires scriptwriting, recording, and editing, which can be time-consuming or difficult to slot into your schedule. With Clubhouse, you need to focus on a chosen topic and open a room. You can control engagement by selecting the topic and moderating the discussion.

4. Freedom of Topic

To put it simply, the sky’s the limit. Your discussion topics could include everything from travel to investments to health, making it incredibly versatile for whatever you choose to use on the platform. Users can join as listeners if they want to learn more about a topic, or conversely, create their own room if they wish to grow their business following. Plus, you can choose to be “silent” or vocal in discussions, so it’s a flexible way to connect with other users and grow at your own pace.

5. Done Means Done

Not allowing any recordings of the discussion gives users a sense of urgency and FOMO (fear of missing out). Since users cannot revisit the information once the discussion ends, people will be more inclined to tune into the Clubhouse session.

Should my business open an account on Clubhouse?

The best part about Clubhouse is that you’re engaging with real people with a genuine interest in your topic. The exclusive nature of Clubhouse allows you to gain authority and become a thought leader in your industry.

If your business has influential senior management or employees well-versed in the public speaking field, opening an official Clubhouse account can be a great way to increase exposure, engage your target consumers, and act as a voice of trusted authority. Suitable industries include but are not limited to health food companies, educational products, B2B consultation services, and more.

Trust me, the possibilities are endless.

Key Takeaways

As a new and exciting platform, Clubhouse is a dynamic way to learn from thought leaders and industry experts, and even give you the chance to become one in your field. If you’re considering opening an account for your business, it can be a new way to capture customers and increase reputability in ways traditional testimonials cannot.

However, as a relatively young app, news and updates are continually following Clubhouse, with trolls, lack of moderation guidelines, and ethical considerations bubbling as growing areas of concern.

To reduce risk and improve effectiveness, you should diversify your other social media platforms and implement digital marketing strategies such as SEO and PPC (Pay-Per-Click) to capture a more comprehensive audience base. At First Page, our professional team of marketing specialists is always on top of the latest digital marketing tools to provide you with practical solutions you need to scale your business.

Want to know more about the update or how you can optimise your social media platforms? Get in touch with our digital marketing specialists today!

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What is The Computer Revolution and Its Impact on Digital Marketing?

Posted on January 7, 2016September 28, 2022 by Stanley Lo

Back in the early days of computing, people used vacuum tubes and other primitive technology to power their machines. But in 1971, Steve Jobs and Steve Wozniak invented the first Apple computer, which started the computer revolution.

This technological upheaval completely changed how people interact with information. It paved the way for digital marketing as we know it today. Early digital marketing was crude and rudimentary by today’s standards. Still, though, it was a significant step forward.

Without the computer revolution, we wouldn’t have social media, online search engines, or even email. So what exactly is this watershed event that has so changed our world? Keep reading to find out!

What is the computer revolution, and how did it come about?

The computer revolution started with the introduction of the first Apple Computer. This was in the early 1970s. Apple’s founders, Steve Jobs and Steve Wozniak were part of a new generation of entrepreneurs. They saw the potential of personal computers and were eager to make them available to as many people as possible. Jobs and Wozniak’s vision was realized in the Apple II.

The Apple II was marketed to both businesses and consumers. The success of the Apple II ushered in a new era of computing. One in which personal computers became an essential tool in both work and home life. Today, it’s hard to imagine a world without computers – and it’s all thanks to the vision of Apple’s founders.

What are the key components of the computer revolution and their impact on digital marketing and society as a whole?

The computer revolution has had a profound impact on digital marketing and society as a whole. It has changed the way businesses operate. Not only that, it has changed the way consumers interact with brands. Lastly, it has changed the way we live our lives. Here are three key components of the computer revolution and their impact on digital marketing:

The rise of the internet

The internet has transformed the way businesses market their products and services. It has also made it easier for consumers to compare products, find reviews, and make informed buying decisions.

The proliferation of mobile devices

Mobile devices have enabled consumers to access the internet from anywhere at any time. This has given rise to new marketing strategies such as location-based marketing and personalization.

Social media has revolutionized the way brands interact with consumers. It has created new opportunities for marketing, such as influencer marketing and user-generated content. It has also made it easier for businesses to collect customer data and insights.

How can businesses take advantage of the computer revolution to improve their marketing efforts and better reach consumers?”

The computer revolution has changed how businesses market their products and services. In the past, businesses used traditional marketing tactics. These included print advertising, television commercials, and direct mail. Yet, with the advent of the internet and digital marketing, businesses now have a lot more tools and strategies to use.

Digital marketing is a way for businesses to reach customers through different channels. These channels include email, social media, search engine optimization, and online advertising. Businesses can communicate with more potential customers than ever before using these channels. Besides, digital marketing allows businesses to collect data. They can collect data about consumers and their buying habits. Marketing messages. can now be This data can customized marketing messages with this data. These messages can appeal to the specific needs and interests of individual customers.

In this computer-driven world, businesses that don’t use new technologies are disadvantaged. They can reach more consumers than ever before and compete better in the marketplace by using new computer technologies to improve their marketing efforts.

Closing thoughts on the impact of computers on digital marketing and its potential implications for businesses in the years ahead.

With the rapid advancement of computer technology and its impact on digital marketing, businesses would be wise to pay close attention to these changes and their potential implications for the future.

Marketers who want to stay ahead of the curve must expect these changes and adapt their strategies accordingly.

At First Page, we believe in staying ahead of industry trends so that our clients can stay ahead of the competition. If you’re interested in learning more about how computer technology impacts digital marketing or want help adapting your marketing strategy for the future, contact us today. We’d love to chat with you!