Online Trends - Luxury Market, Social Media ....
Given the current state of the economy a recent report showing the luxury market users growing online and looking for more value it is not a surprise. An article on eMarketer - "When the Going Gets Tough, the Rich Go Online. This is a shrinking market as more and more people has lost significant wealth. The market is also getting noisier requiring brands ot be more sophisticated in their online efforts. “Luxury brand marketers must stay top-of-mind with wealthy Internet users by offering superior customer service, personalized products, and exclusive offers and invitations,” says Ms. Phillips. “Other marketers hoping to catch the affluents who are ‘trading down’ must raise the bar in their online efforts—not merely by advertising, but by explaining how their products or services fit in with the ‘new’ affluent lifestyle.” For online retailers, keeping up with the Joneses will not be easy. With the explosion in social media, continued fragmentation of traditional media with growing use of online technology as the primary communication vehicle, across demographic sectors marketers now more than ever need to be engaging and strategic on how they leverage assets, including content and knowledge to effectively maintain and gain customer business. While infatuation is currently a part of the social media landscape companies will be compelled to integrate with email, off line marketing efforts while being true to their brand. The luxury market may prove to be more demanding than most, but the rewards are significant.
Hi John:
This is a great post. History shows us that in troubled times, the companies that are engaged and expand engagement with customers will ride the storm out. I dearly hope our ski resorts do not retreat any further then they have already. 40% cuts in marketing and advertising is no way to increase revenues. Thanks for the post. And have a great day in Boulder.