Tuesday, 15 June 2010

Luxury Brands And Social Media- The Perfect Match? - 15/06/10

What does the Queen’s birthday and social media have in common? A buzz of conversation surrounding luxury brands and social media has been the hottest topic this long weekend. Just as brands like Lacoste and Mauboussin have realised, the platforms of social media and the online world are powerful marketing tools, particularly in boosting sales.

MO Luxury’s recent online research with high net worth and aspirational consumers has brought attention to the fact that luxury brands need to embrace their consumer feedback, through efficient product information. Whilst some consumers choose to research online before purchasing in-store, a growing number are opting to shop via e-commerce platforms, meaning luxury brands would be ignorant to overlook their online communities.

Whilst there is obvious struggle in balancing the unique, often inaccessible world of ‘luxury’ with that of the widely available arena of social media, brands such as Boucheron and Faberge have fully embraced the possibilities of selling online, and have seen great results.

Whilst labels are aware of the dangers of counterfeiting and the concern of the degradation of the luxury in-store experience through involvement with e-commerce, it’s quite obvious that this is an area that needs to be addressed efficiently and effectively as the popularity of social media grows.

The challenge now for luxury brands is to find the balance between generating an online buzz and increased awareness of their brand through social media, without defiling their status in the luxury market.

Image credit: boucheron.com

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1 comment:

Joseph Shippee said...

Dearest Melinda and Co,

Again - great topics. Here are a few articles I've written over the years, expressing a few of my views regarding the luxury retail segment and the internet. Take a look and let me know what you think. It's very important to consider social media and e-commerce solutions in different lights - because they bring to very different functions.







Who's behind the MO DOWN

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, www.moluxury.com.au