Key outtakes from Brandwatch on luxury brands:
- Social media by its very nature is at odds with luxury brands. They are ubiquitous by nature and accessible, they’re not exclusive and you can’t control the brand on the platforms.
- Rolex at one time protected their tweets, they don’t do so now. Their Twitter account amplifies their sponsorships and product launch news (which usually happens annually, with product tweaks)
- Conversations meant that they lost their brand exclusivity. (Or brands that previously been offline and unmeasurable, are now more visible online)
Use cases for luxury brands:
- Brand and trend monitoring
- Competitor intelligence
- Consumer insights
- Product development feedback
- Customer services
- Crisis management
Conversation volume doesn’t equal new business.
Luxury brands tend to be not so fast followers in terms of marketing innovation.