The pace of change around the world has never been faster. ChatGPT is the latest AI technology to reach mass engagement and its applications make headlines globally. Everyone is consuming media in ever-evolving ways, presenting luxury brands with both a challenge and an exciting opportunity.
Here are three steps to stay ahead.
Explore how purchase behaviours have changed
The way people interact with brands evolves gradually. Yet 2020 was a year of revolution for most; the meteoric rise of TikTok being one example and the need for Ecommerce businesses to stay buoyant, another. Now, in 2023, many customers are elated to be back in stores, while others are more content with online retail and some happy with a mix of the two. So, how does this impact advertising for luxury brands?
In short, it calls for a mixed media approach. Striking ads in glossy magazines still have their place. But are digital consumers buying Harper’s Bazaar each month or do they now take their tips from social media influencers?
Consider your relevance
These changes in habits don’t mean a complete shift to paid collaborations with Noorie Ana. Maintaining a balance between more traditional channels such as print and outdoor, and more contemporary digital platforms like Instagram, ensures luxury consumers are reached in environments most meaningful to them.
Many digital platforms also provide measurement opportunities not available to traditional channels – on and offline sales, ad attention and even footfall. In a world where digital convenience can alleviate the effort of travelling for goods it makes sense for brands to build a presence in digital spaces.
Adapt what already works
A high-end car brand is likely to have a heavy TV presence. A luxury fashion brand undoubtedly wants to be seen on the pages of Vogue. These are not bad choices! But with catch-up TV services like ITVX shifting to a catalogue-style streaming model, coupled with a wealth of first party data, could the car brand be less mass and more relevant? With Vogue.co.uk receiving 4.7m monthly visits, the fashion brand may be ignoring a significant online audience. Lastly, reach from a digital campaign is often more cost effective and the results more demonstrable.
Not everything will work. However, small adaptations to existing ways of working can unlock surprising insights and help luxury brands discover new ways of communicating with audiences – as well as acquiring customers who may have overlooked a brand relevant to them, but without visibility in their most relevant places.