Why Luxury Brands Need To Evolve Their Media Planning & Buying Strategy...

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Whatever it is, the way you tell your story online can make all the difference.

Introduction

For the past 10 years, I’ve had the privilege of leading digital campaigns for some of the worlds most iconic luxury brands. Throughout this time, I have seen a clear trend amongst these brands: they are all more than well-represented online but it is the quality of their content and the manner in which they engage with consumers that determines brand success. As we enter a new decade where consumers rely on social channels to research brands and products before buying, agencies must adapt their role in order to drive real business outcomes. If not, agencies risk being left behind as luxury clients will seek partners who can deliver results rather than just pretty creative assets or media impressions.

Most luxury brands are well-represented online, however it is the quality of their content and the manner in which they engage with consumers that determines brand success.

You might think that luxury brands are well-represented on social media, but it is not so. Having a Facebook page and posting content once or twice a year isn’t enough to engage consumers in a meaningful way.

According to Forbes, “The luxury industry has been slow to embrace digital marketing because its customers tend to prefer traditional advertising channels such as print and television. But this trend is changing quickly: 70% of consumers now use their mobile devices every day for shopping purposes." As online engagement becomes increasingly important for luxury brands, they can no longer afford to treat their digital presence like an afterthought. It needs to be integrated into your overall strategy so that it serves as an extension of your brand identity rather than something separate from the rest of your media mix.

The luxury industry as a whole is showing a reluctance to embrace new platforms and formats but this shouldnt stop agencies from offering suggestions and educating clients on how best to use these formats to drive outcomes.

It’s a brave new world, and luxury brands need to be ready for it. The luxury industry as a whole is showing a reluctance to embrace new platforms and formats but this shouldnt stop agencies from offering suggestions and educating clients on how best to use these formats to drive outcomes.

The luxury media landscape is changing, but it doesn’t mean that the ad dollars will follow suit straight away. Agencies need to offer insights into how to engage these audiences in more meaningful ways - whether that’s via online video or social media platforms like Instagram or Snapchat (or both).

As more and more consumers are using mobile devices and social media for research, agencies must ensure media performance metrics are aligned with client KPIs.

As more and more consumers are using mobile devices and social media for research, agencies must ensure media performance metrics are aligned with client KPIs. Media planning and buying is one of the most critical components of the marketing mix. It's also one of the least understood by many luxury brands, who tend to rely heavily on their agencies for this aspect of their program. Simply put, it's all about allocating advertising budgets to different media channels (e.g., TV, radio, print) based on each channel’s ability to deliver against key business objectives such as brand awareness or product sales volume growth.

As consumers seek an enhanced experience from luxury brands, agencies need to provide insights into how to engage these audiences in more meaningful ways.

The role of media planning and buying in the luxury industry has been evolving for some time now. It's no longer just about where to run ads on TV or online—it's about creating campaigns that speak directly to consumers and deliver them a memorable brand experience.

The importance of media planning and buying to luxury brands has never been greater: The stakes are high, as marketers strive to compete for consumer attention against other brands and experiences that offer more value (in terms of both utility and emotion). In order for marketers at luxury companies to stay ahead of the curve, they must continually innovate with their marketing strategies by understanding what engages customers today—and tomorrow.

Today more than ever media planning is essential to optimize ROI from all media channels as consumers become ever-more sophisticated in their ability to avoid advertising messages.

Today more than ever media planning is essential to optimize ROI from all media channels as consumers become ever-more sophisticated in their ability to avoid advertising messages. Media planning is essential to optimize ROI from all media channels as consumers become ever-more sophisticated in their ability to avoid advertising messages.

Media Planning is the most important part of the marketing mix, but it’s also the least understood. Agencies need to reevaluate their role in the marketing mix for luxury brands, otherwise risk existing in a legacy model.

You can't talk about luxury brands without talking about their integrated approach to marketing. From the beginning, they've been a little more sophisticated than other brands in terms of how they think about media. They're known for being data-driven and using data to inform their media planning, but it's important that they also be creative with how they buy as well. Data is great, but if you don't have an idea of what you want to do with it, then all of your efforts are wasted.

Conclusively

The key takeaway here is that luxury brands and their agencies need to come together to talk about the future and how they can work together to solve these challenges."