30-Day Challenge – Day 2
On my way to school this morning, I had a conversation with one of my classmates about the thin line bloggers and social media publishers straddle between overuse and underutilization of the social media apparatus. Since starting this blog, my objective has developed from just gaining exposure to the luxury goods and services segments, to making connections with people that have similar interests. I’m not worried about how many followers I have (make no mistake I am thankful for my handful); how many facebook “likes” I get; or how many people choose to comment on my posts. I am more interested in the discovery of other publishers, consumers, and readers who have an iota of perspective on the topics I discuss.
So back to this morning’s conversation. It got me to thinking about how luxury brands are adopting social media in their quest to improve the “bottom line”. It is obvious that the choice of whether to adopt social media in the marketing toolbox is similar to the dilemma faced by architects with the invention of computer-aided design (CAD): should we stick to the pencil and paper or adopt this new fangled computer technology to design buildings? It’s not a question of whether you should use this innovative tool to differentiate yourself in the markets. The crux of the issue is how do you effectively use this instrument to drive your core objectives.
Social Media Translating to the Bottom Line
Luxury brands definitely want to avoid developing social media fatigue: the point when your social media efforts become a fad that first creates hype and then causes disinterest in what your brand has to communicate to consumers. Part of the problem is the corporate obsession with identifying the ROI of their social media initiatives. Brands need to first understand the main objective of social media. Rony Zeidan, founder & chief creative officer of RO New York Inc recently wrote an article highlighting the role of social media in luxury marketing:
Social media implants the luxury brand/product in the minds of consumers before they even know that they desire it
In my view, the biggest problem luxury brands have with the social media fad is that they can’t accurately quantify its impact on sales. Without realistic measures of consumer conversion, the “social media experience” for companies might as well be akin to the frustration of a seven-year old taking swings at a piñata.