Despite initial reluctance, the luxury sphere has embraced the digital world in recent years, having been forced to rethink its tried and tested strategy of remaining just slightly out of reach for the masses in order to meet its target customer base where they’re at. Increasingly, that has meant having a presence on social media platforms like Instagram, Facebook and TikTok, and this, in turn, has helped them to reach a wider audience.
Fashion labels like Gucci and Prada, which have always appealed to customers by positioning their products as exclusive status symbols that not just anyone can have, have had to concede that, in actual fact, the appetite for luxury is greater than ever, and even younger Gen-Zers are willing to part with their cash to be seen in the right attire.
And of course, a larger potential customer base means there are eye-wateringly large amounts of money to be made, too – so for esteemed high-end labels like the aforementioned, finding the perfect balance has been key to cementing long-term success and retaining loyal customers as well as attracting new ones.
In 2022, video content remains king, and on social media, is shared more than 1,200 per cent more than static image or text-based posts. On Twitter, it’s six times more likely to be retweeted, and on average, brands have reported a 34 per cent higher rate of conversion from video-based marketing campaigns compared to other types.
With this in mind, it’s perhaps unsurprising that one of the biggest platforms luxury brands are betting on currently is YouTube – somewhere they’ve been reluctant to have a presence previously. On Google, searches for terms like ‘luxury YouTube videos’ and ‘YouTube intro maker’ are at an all-time high, which is proof that both users and brands alike are continuing to turn to the channel to source and share content.
The likes of Chanel and Dior were some of the most notable names in luxury fashion to begin leveraging the platform first and have since established strong channels that pump out engaging high-end content regularly. And now, we’re seeing the likes of Gucci, which recently hosted a ‘fake talk show’ on the platform, and Prada designers Miuccia Prada and Raf Simons, who screened a captivating post-show interview after a recent Fashion Week, following suit as YouTube’s true potential to boost growth and build brand reputation continues to grow.
In the past, the most we’ve seen from such brands is an advertising campaign playing ahead of other types of luxury content we may have been logging on to watch, but now, it seems that Prada and co have begun to recognise the value of providing unique, bespoke content via their own channels that can help them to build their brands.
Video offers a unique opportunity to tell a brand’s story – from the rich history that brought it to where it is today, to the sourcing and manufacturing process of each of its high-quality garments and accessories – and further cement a sense of exclusivity and opulence.
Today’s luxury customer is more discerning than ever and demands transparency when it comes to sustainability credentials and ethics, so YouTube has emerged as an instrumental tool for brands to gain trust in this respect, too. And, as we all know, trust is essential to keep customers coming back for more, as well as convincing them to buy from you in the first place.
Customer acquisition across online platforms is at an all-time high, but costs are continuing to rise. Nevertheless, according to YouTube’s data and insights team, the luxury fashion world is investing more heavily in long-form video than it ever has done before in response to a dramatic surge in the number of users logging on each day to seek out information and engaging content from high-end brands. Today, that stands at around two billion users monthly, and it’s a number that continues to climb.
Conversion from the type of long-form video content posted on YouTube is somewhat complicated to track in that there is rarely a direct call to action or to click through and immediately purchase a product – but its role in the wider digital marketing strategy is an important one. According to a poll by GlobalWebIndex, which surveyed 2.7 million internet users from across the globe, more than a fifth of participants said they rely on video sites such as YouTube to seek out information on brands, products and services they’re interested in.
Video content allows people to see and experience items online before they purchase in a way that a static image simply would not afford them, and when making a large investment in a luxury product, it stands to reason that many seek out ways to confirm they are making the right choice.
As the year comes to a close, the renewed love for YouTube amongst luxury lovers isn’t likely to disappear any time soon, and thus, it will likely continue to be a part of the luxury fashion marketing strategy as we head into 2023. However, with every new year comes new opportunities, and social platforms like Instagram and TikTok have big plans in the field of video sharing, too – so which platform will eventually come out on top remains to be seen.
