What’s in a name? For luxury brands, it used to be “everything,” with future longevity assured by history. But changing tides of consumer sentiment, driven by social media, means that brands now are only as secure as their latest social standings. With consumers in control, how can brands stay on top?
That’s one of many questions we’ll answer at the upcoming webinar, Growing and Protecting Brand Value on Social Media, co-hosted by NetBase and the American Marketing Association on 2/23/16 at 12:00 PM CST.
Using insights from the latest NetBase Brand Passion Report: Luxury Brands 2016, NetBase Vice President of Marketing, Hope Nguyen, joined by Localspeak Principal, Candida McCollum, will share crucial tips on using social media listening to stay relevant in the current consumer-driven market. Here’s a sneak peek:
Don’t rely on anything
Relationships between brands and consumers can be more personal thanks to social media – and in fact, they MUST be. However, it doesn’t happen magically. Brands must cultivate their relationship with social users, or pay the price.
Knowing where you rank against your competitors is important, but not something you can take to the bank. Louis Vuitton fell from the #1 spot and is now behind Chanel and Gucci. Rolex is falling behind as the Apple Watch sees tremendous success. And with Armani and Versace falling completely out of the top 70 highest-ranked luxury brands in just a year, it’s clear no brand is safe.
The takeaway here? If you’re popular you should know why, and work consumer relationships to keep growing. If you’re not where you want to be, take a look at competitors and see what your audience likes about them, and how you can offer the same. More importantly, see what consumers don’t like about them, and solve the problem.
Unfortunately, knowing what works isn’t a “one and done” job. Consumer attitudes are always changing and brands need to keep up. What’s helping your brand one day could easily harm it the next if you’re not following trends closely (and the turnaround can happen quickly). You need insights in real-time, and to respond with actions that matter to consumers.
Truth, consequences, and solutions
Hope and Candida will elaborate on these actions while examining the luxury brand stories of Chanel and Louis Vuitton, among others.
Chanel saw a rise in rank, moving up from the #3 spot in year one of our two-year study, to the #1 spot in year two. What put them there? They need to know the answer if they hope to stay at the top. After all, Louis Vuitton was #1 in year one, but dropped to #7 in year two.
For their part, Louis Vuitton needs to look at what trends have emerged to put Chanel, Gucci, Hermes, Apple, eBay and Dior ahead of them in year two. It’s one thing to fall behind a single place in the standings – falling six places is quite another.
Let your emotions lead
Avoiding this kind of fallout and protecting your brand value is exactly what social media listening is all about. So what must luxury brands actually DO?
To grow and protect brand value, you have to interact with consumers as if you know them, and appeal to their emotions – because luxury’s power is in how it makes consumers FEEL.
Hope and Candida will talk about how to use social media monitoring to uncover and understand consumer sentiment, and what other factors to consider in targeting your audience. They’ll also cover how social monitoring tools can detect issues before they’ve spiraled out of control. You don’t want to wait until you’ve dropped seven places – and you don’t have to.
There’s a lot more that will be discussed during the webinar, so register today so you won’t miss out. Your brand’s future may depend on it.
And for more details about the top 45 luxury brands, download the full NetBase Brand Passion Report: Luxury Brands 2016 today.
Image from Mark Harkin