Tapping into the Luxury Market on Social Media
In 2012, Four Seasons Hotels and Resorts issued its The Luxury Consumer in the New Digital World: Then and Now. Though it is a couple of years old, the report reveals some interesting insights about luxury consumers and social media. For example, the report found that 72 percent of the wealthy are active Facebook users. In addition, the report also looked at the expectations of the affluent which include a high level of customization, true distinctiveness and innovation, and constant exceeding of expectations. What’s more, the majority of luxury consumers (65 percent) feel that brands that lack a presence on social media are “out of touch.”
What does all of this mean two years after the report was issued? If your target audience is affluent, building a social presence is no longer optional — it’s a must. After all, that’s where your prospects are actively engaging with their preferred brands. If you’re not there, you’re not relevant to them and likely perceived as being behind the times.
Fortunately, you can rectify that by getting started on social media. Keep the following key points in mind about luxury consumers as you build your social media presence:
- Wealthy consumers want to be surprised and delighted. Improve your customer service so that your team consistently delights customers both online and off. Every little interaction counts including responding to comments in a timely manner.
- Wealthy consumers rely on online reviews. 92 percent of Internet users read and use online reviews. What others say about your brand has a huge influence on buying decisions. Enable Facebook’s online review tool and encourage your satisfied customers to leave reviews.
- Customization is prized by luxury consumers. 34 percent of luxury consumers expect customization. If you don’t currently offer customized products and services, consider adding customizable options. If you do offer customization, highlight that fact. You could also ask customers to share photos of their customized products on your Facebook page. This adds both social proof and an element of “word of mouth” advertising to your page.
If you’re already on social media, you can tap into the luxury market even further by using Facebook ads. Not only can you target your ads to specific demographics such as ZIP code or income range, Facebook’s Power Editor provides you with even more categories for audience targeting. For example, “Partner Categories” include demographic data from Acxiom, Datalogix, and Epsilon. Categories such as Net Worth, Investments, Income, Spending Methods, Purchase Types, Store Types, Affluent Baby Boomers, High End Decor, and Above Average Spending allow you to fine-tune your luxury audience.
Finally, remember that no matter who you’re targeting on social media, engaging in a two-way conversation can bring your brand to life. Despite its digital nature and relative newness, social media is simply another channel that allows you to connect with customers and prospects.