A large portion of the urban population desires luxury brands to be a part of their lifestyle. And even this population is broken down into loyalists who idolize or deeply admire specific brands. While luxury brands are on top of things to stay up to date with their products, it is essential for them to keep up this pace in their marketing activities as well. When you flip a luxury magazine, you see a number of two page ads that would have cost the brand several valuable dollars. However, traditional marketing has to be reinforced with an effective social media marketing strategy for enhanced exposure.
As social media grows at an exponential rate, people are connecting and engaging online in new and innovative ways. According to Duke Greenhill, the founder and CEO of Greenhill+Partners, “…if luxury brands want to remain luxurious, they have to engage not only their paying customers, but also people who want but can’t have.”
Whether companies like it or not, a lot of brand related information is being shared online and brands that are not a part of these discussions are losing out on being a part of the buzz. Though luxury brands these days are setting up accounts on social networking sites, they need to realize the importance of having a “voice” in these sites. The voice should represent the characteristics and image of the brand.
