Monday, 19 October 2009

Luxury Brands Should Update Their Social Networking Status – 19/10/09

According to Facebook statistics, 96 percent of the next generation of luxury consumers - Generation Y - are using social media. And 27 percent of them claim their purchase decisions are influenced by such sites. These facts, sourced from a Forbes article, are another clear indicator of the growing power of sites like Facebook and Twitter.

This compelling article argued that social media can not be overlooked, saying “Brand makers that don't create their own conversation with their most passionate customers through social networks risk having a passionate consumer create that presence instead. Facebook and Twitter are cluttered with brand sites that weren't created and aren't maintained by marketers. And, what happens when brand makers don't initiate the conversation? Two good examples can be found on @123dolcegabbana on Twitter and the Emporio Armani fan page on Facebook. Both feature fans boasting of their discount brand purchases and fashion critiques, but no voice from anyone who officially represents the brand."

We had a quick look at 123dolcegabbana on Twitter and found they had 2,800 followers. And the Emporio Armani site had 204,725 fans. That’s a large window of opportunity for these brands, one that would be a huge shame to waste.

For more on the social media debate, consult our recent MO Down reports: Luxury Car Brands Hitting The Brakes On Social Networking and Louis Vuitton’s Paris Fashion Show To Be A Facebook Spectacular.

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Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,