The landscape of luxury brands involves quality, experience, exclusivity, and balance to deal with the digital transformation.
After all, according to the 17th Bain Luxury Study, a market study conducted by Bain & Company in 2018, the audience of this type of niche has become increasingly diverse, young and digital.
In addition, according to what was observed by Bain & Company, luxury brands have understood that it is necessary to align product offerings, communication, engagement strategies, and visibility channels with the new reality of the audience.
However, this is only possible from the moment that brands in this niche monitor, analyze and interpret relevant information about market movements and consumer behavior.
So, if you work in the communication of any luxury brand, here is our question. Are you giving the proper value to media monitoring?
5 reasons for luxury brands to invest in media monitoring
If monitoring news and social networks is important for startups and mid-sized companies, imagine for luxury brands.
After all, we are talking about the segment of luxury accessories, luxury cars, lodging, clothing, jewelry, shoes, travel, food, cruises, among many other market segments.
In other words, the luxury brand landscape stands out for providing the consumer with experience, exclusivity, and value.
The big point is that digital transformation has impacted this segment. And this has expanded the possibilities of action, visibility, and mapping strategies.
However, for this, it is necessary to put forces in the strategy of monitoring news and social media.
Thus, we have mapped 5 reasons for companies in the luxury segment to invest in monitoring.
1- Understand the new consumer behavior
The first reason to invest in media monitoring in the luxury brand sector is to understand consumer behavior.
According to the Bain & Company study, brands in this niche cannot close their eyes to the young audience.
After all, Generations Y and Z are responsible for a significant portion of luxury purchases. And this scenario occurs mainly when we talk about the digital market.
In addition, companies have been adapting the type of product they sell to align their communication with the issue of inclusive fashion. And it should not be forgotten that they have kept an eye out for new distribution channels to generate more engagement.
This means that those who work with luxury brands need to understand 2 points.
- The consumer has changed.
- The forms of interaction between companies and the public have also been impacted.
However, it is only possible to understand this when:
- We monitor our audience.
- We understand where the consumer is.
- And we analyze who influences them.
So that is the first reason for you, who deal with luxury products, to monitor media, especially social networks.
2 – Assess what kind of visibility the brand has in news outlets
The second reason that makes media monitoring indispensable in the luxury segment is the assessment of brand visibility in news vehicles.
That is, through monitoring, we can evaluate magazines, TV channels, and blogs that mention the company. In addition, it is possible to identify communication actions focused on ads, events, advertising campaigns, among other points.
This type of monitoring is well known by those who work with communication. After all, you may know it as news clipping.
The big point is that, before, clipping was limited to detecting mentions about the brand and calculating centimeters.
Today, it is possible to go further.
With news monitoring, you can evaluate the sentiment of the stories and the repercussion of campaigns and events. Thus, it is possible to understand what kind of visibility the brand has in the press.
After all, don’t forget: a simple slip can put everything down and generate an image crisis.
Thus, it is important to build an effective monitoring strategy that includes print, digital, television, and radio media.
And this is essential if you want to keep the experience, exclusivity, and brand value intact and visible in the press.
3- Identifying Digital Influencers
According to the report The State of Influencer Marketing – special focus on fashion, luxury & cosmetics, influencer marketing has impacted the way consumers view brands and make purchasing decisions.
In addition, almost 40% of this influence comes from social networks and blogs. This impacts 72% of consumers interacting with luxury brands digitally.
Thus, it is no surprise that companies from various niches, including the luxury sector, are interested in partnering with digital influencers.
The big point is that it is only possible to identify which influencer is aligned with our brand if we monitor the performance and visibility of these people on social networks and news vehicles.
Through monitoring, we can go beyond quantitative metrics (followers).
Thus, we can see aspects of content quality, engagement, and the audience reached, for example.
And this is essential for luxury brands to ensure adherence, visibility, experience and exclusivity in the digital information age.
So, if you are in the luxury industry but don’t know what micro-influencers are, it’s time to start valuing social media monitoring.
4- Map the competition
The fourth point for you to invest in media monitoring in the luxury goods segment is to map and track the competition.
This is nothing new for business managers and social communicators. However, it is important to remember that the digital medium has brought us new possibilities to understand the performance of our competitors.
From news monitoring, for example, we can identify:
- What kind of visibility the competition has.
- In which notebooks it is used as a source.
- Which campaigns it has been running.
- Which studies and reports it has released, among other issues.
With social network monitoring, we can evaluate aspects such as:
- Audience engagement
- Type of content used in the digital media.
- Which influencers are partners.
- What consumer needs have not been met, among other issues.
So by taking a closer look at our competition, we can build more effective action plans that are better aligned with what the market and the public demand from luxury brands.
In addition, we can bring balance to the exclusivity-experience-brand-value-digital-visibility relationship.
So, if you didn’t value media monitoring over your competitors, it’s time to change that situation.
5- Maintain brand reputation
Fifth reason to invest in media monitoring if you care for the image of a luxury brand: reputation.
Reputation is a subject that involves a lot of care, hard work, and strategic vision.
The big point is that reputation and monitoring are two aspects that need to go hand in hand.
After all, if we don’t monitor what people say about our brand, the behavior of the ambassadors who promote our products, and the receptivity of the public, we will be walking in the dark.
And walking in the dark means leaving the brand susceptible to mistakes, slips and crises by association (celebrities in crisis and who have some relationship with the company, for example).
So, if the previous 4 reasons did not convince you to invest in media monitoring, we hope that taking care of luxury brand reputation shows how important the subject is.
After all, building reputation takes time. But a simple slip can impact all the work you’ve done so far.
How to monitor media effectively in the luxury segment
If you understand the importance of news and social media monitoring in the luxury brand niche, you should know that this strategy does not need to be complex or manual.
Here at Knewin, we have solutions that fit the context of companies and professionals from various segments.
In this context, companies that sell luxury are included.
With our solutions, you can monitor media in a comprehensive and curated way. It all depends on your professional demands and your search for more competitiveness and more effective decisions.
In addition, we deliver analytical reports on news and social media monitoring. These documents help you align your brand with the reality of consumers, the market, and the global scenario.
So, if you are interested in monitoring media in an agile, simplified, rich and analytical way, contact Time Knewin.
Our team will help you measure luxury with the quality, comprehensiveness and agility needed for the digital information landscape, leaving the competition behind.
Click here to contact our team and learn about our monitoring solutions for luxury brands.