Lately I have been resurrecting my passion for watches. Looking at used vintages pieces on eBay, reading articles and watching videos on watches. Yes, I know its nerdy, but I love it. However, it got me thinking how come none of the high-end luxury brands like Patek Philipe, Rolex, Vacheron Constantine etc. aren’t in the social eye.
After digging into a few websites and doing some research. I was shocked, some luxury brands didn’t even have any type of social media presence. Patek Philippe had no official Instagram page. IWC has just over 650k on Instagram followers, with Rolex leading the pack with over 3 million followers. Compare this to Nike with over 68 million or even BMW with over 10 million makes these luxury, high-end and prestige brands look sluggish.
So that got me thinking, what’s the point of social media for luxury brands? “Research from Emerson College’s Engagement Lab, suggests luxury brands performing well in social media engagement often lagged behind in word-of-mouth (WOM) performance”
WOM and social media have an inverse affect, companies that focus on one have less impact on the other.Research shows that both offline and online social sharing is crucial for growth in the luxury market- and the market is demanding it to become more fluid.
Luxury watch brands that can successfully mingle both social and WOM experiences will surely be ahead of the game in sales. In today’s global market, brands need to stay abreast of social media in order to remain strong and relevant. One clear example is Valentino, a high-end luxury fashion designer. There social media presence can be felt over a verity of platforms. Including Facebook, Twitter and Instagram all of which having high impact of people. (ie. Having 8.1million followers)
Luxury watch brands need to get over their snobby, elitist old fear that social media will cheapen their exclusivity and prestige.