A Brief Introduction to Luxury Goods
Before touching on the core topic of discussion, I would like to throw some light on the pivotal point of today’s debate: luxury goods. Let us understand what is luxury goods first. Then it will be much easier to gain some in-depth idea about its social media marketing strategies, which will be the main focus of today’s exploration hunt if we try to define digital marketing in economics. In that case, the concept of luxury goods seems like this -: luxury goods are products in high demand that increase with a higher proportion as the earning capacity of individuals increases. It consumes a greater fraction of the total expenditure of a person, in contrast to the essential amenities, which do not affect much of the spending.
In short, luxury goods are the ones that one can use to show off their status symbol at the cost of their income.
Social media marketing
We all have come across this term more often in our day-to-day life. As we belong to the generation who depend more on gadgets for shopping than physically visiting the shops to get our essentials, we are even more familiar with this. To the shake of your knowledge, platforms and websites are used to promote a product or service in the case of social media marketing. There cannot be an easier definition of social media marketing than this. If we come to the roles played by social media platforms for product promotions and sales, then these help to track the progress and fruitfulness of a product and help to know about the potential customers and their preferences for buying products. Bloggers, social media influencers, and celebrities are potential individuals for social media marketing.
Tips for selling luxury goods on social media
According to analytical research data from McKinsey, around 12% of the total luxury product sales are done online. And in today’s world, where people tend to follow social media influencers with incredible enthusiasm, it is not surprising to reveal that around 80% of luxury products bought online are influenced greatly by social media.
Now let us find out what created such a boom in the selling of luxury goods by social media influence.
1. Product photography: Eye-catching promotion
Carousel-style ads are the ones that could showcase different products at once. Photography with a well-illuminated background and setup enhances the luxurious product. To promote a brand’s premium status, we can try blending other luxury brands to increase its value. If we want to highlight the curtains of a mansion, we could add some luxurious furniture to magnify that premium vibe.
2. Influencer: The new brand face
People significantly follow various influencers’ advice, who hold a particular image among the public. So how could luxury items even get spread from this list? Conveying the message in favor of purchasing luxury goods never gets out of fashion.
Using influential hashtags could get huge promotions through all these social media influencers.
3. Behind the scenes: Unleash the blind spot
The promotion of luxury brands never gets the limelight. What if we try to get the attention of the elite group of people who are eagerly interested to know if the luxury product they are using as their status symbol is not only intensifying their reputation but also not harming mother nature? Local artisans’ work having the aroma of ethnicity should also be encouraged on social media through the manufacturer’s social media accounts to attract more and more premium users.
4. User-generated content: The ultimate charisma
Do you like to go for a brand that showcases its user-generated content to you in an authentic way? Definitely, yes. From the research supporting this fact, user-generated contents allure premium purchases as these come with the ultimate customer satisfaction.
Luxury brands could promote EIP (Extremely Important People) membership for their regular premium users, who could be no less than social media influencers to gain their faith in luxury goods.
5. Hashtags: The new trend setters
Even premium buyers are also not free from the alluring qualities of hashtags. If we can successfully run a hashtag campaign on any social media like Facebook or Instagram, that product’s sales would skyrocket because trends are the new pathway to show status symbols.
6. Reality check: Expectations vs. what we get
The exaggerated quality of a brand is never going to be beneficial if a brand wants to be the horse in a long race. The reality of the quality of products must be clarified to avoid further customer dissatisfaction as it would hamper the brand value. Always remember that the product’s premium character should be promoted via social media.
7. Targeted audience: The ultimate goal
Social media platforms like Facebook are focusing on the estimation of the annual income of the people to squeeze out the real targeted audience for a premium product. The revenue loss in promoting a luxury brand could easily be cut off by picking out the real buyers and focusing on them only.
Well after going through these ideas, are you able to find out how all these premium status symbols get to your doorstep? We are always optimistic that this much information will never disappoint us.