Even in a weak economy Luxury Brands are driving sales with the implementation of ecommerce and social media. In a recent study done by PM Digital shows that many luxury brands are in fact leading the way with digital marketing and gaining loyal new customers. These brands have the ability to establish and boost revenue and growth in their respected markets. For example, global sales of luxury goods are expected to increase another 6-7 percent, surpassing an annual revenue growth of $255 billion dollars.
The implementations of different strategies are a part of luxury brands recipe for success.
Goods of Luxury Brands are both a product and experience. Marketers of a luxury brand try to create a whole experience for the consumer. With the help of social media, digital media, and etc help strengthen and shape these brands experience to ultimately drive traffic and sales.
Balance between Organic & Paid search perform at its best when you have a strategy that has been implemented to convert clicks and then ultimately sales. Most luxury brands rely heavily on organic search that paid search isn’t really a necessity.
Social Media networking channels are contributing to shaping the experience you have with brands and having new way of targeting consumers. Most of these brands are adopting different ways to engage with consumers. Luxury brands have responded by joining social media platforms like Instagram and Pinterest. Social Media’s importance to luxury brand sites is considerable – it drives nearly 8% of traffic. Now more than ever email is thriving in this social media world. The strength that email will always have is that it can reach the right customer at the right moment with the right offer. Luxury brand sites continue to use email as an online traffic driver as its proven ability to reach brand loyalists at targeted times of the year, such as when new collections come out for luxury brands.
All businesses can learn from the use of luxury brands recipe of success using different implementations of different strategies resulting in a recipe for success.