Luxury brands are quickly looking to “influencer social media” as the sole solution to generate more digital revenue online. Sorry to report “social media” is not the largest influencer platform to reach consumers looking to buy online.
Don’t get me wrong, social media is still very important when it comes to luxury marketing engagement. However, it’s still a very social environment and not a luxury shopping gateway. Despite that “influencers” still think just by having social media followers is ideal for luxury brand collaborations to sell more luxury goods online.
A newly released article published in Adweek, also supports this theory. Revealing, in the U.S., people currently spend 70 percent of their time online browsing the open web, outside of social media and search platforms. But marketers currently spend more than 75 percent of their digital media budgets on social media and search, with analysts reading that figure at 100 percent for 2017 (Brian Wieser, Pivotal Research; Jason Kint, Digital Content Next). This means marketers currently devote a shrinking 25 percent to 0 percent of budgets to the other portion of time people spend online.
This means that as much as 70% of a direct target audience to sell luxury goods to are being ignored! Making the fashion trends and luxury lifestyle perception a fake influencer fraud. If luxury brands don’t start to focus on the 70% of moments where luxury consumers are devoting their attention, luxury brands will not sustain for future growth.
So what you are seeing and hearing is not all true, this could even be considered as alternative news influence. Say a luxury brand teamed with an social media influencer (take your pick among the many influencer luxury campaigns) and that specific campaign got over 100,000 or even millions of likes! That’s considered an absolute success, right?
An social media influencer (not a traditional celebrity) with hundreds of thousands or millions of followers are simply not exactly influencing immense online revenue for luxury brands. However, the luxury marketing campaigns are very nice look-books for engagement and promotional efforts to increase brand awareness.
This is not new news to us, we have long understood that luxury brands must focus more on their central website platform to drive revenue online.Stay social but focus on luxury digital marketing to sell more luxury goods, products, and services.