August 17, 2017
While many luxury marketers have chosen to sidestep the growing demand of digital, Tiffany & Co., Sotheby’s and XOJet are brands that have stayed on top by introducing interactive technology-focused efforts.
Luxury Interactive has profiled these brands and how they were able to adapt to the digital age such as Tiffany flexing its social media muscles in a way that makes its marketing extremely personal, boosting engagement but also keeping its high-end image. Sotheby’s has shown similar prowess by partnering with eBay for an auction live-stream, which boosted its online auction attendance.
“Selling products today is a failed strategy,” said Chris Ramey, president of Affluent Insights. “Tapping into your prospect’s deep-seated values and emotions is key.
“Tiffany understands marketing evolution as well as anyone,” he said. “Emotive selling connects consumers who are disinclined to buy more stuff.
“This is the new reality for selling luxury.”
Luxury and digital
Luxury Interactive’s report details how Tiffany, Sotheby’s, Cosabella and XOJet have been able to navigate the new digital waters so well.
It starts with embracing digital in the first place, which many luxury brands have fought so hard to avoid, thinking their status would carry them.
However, Tiffany has been able to uphold its status while building an even stronger loyalty. The brand has accrued 6.8 million followers on Instagram, 9.4 million on Facebook, 1.54 million on Twitter and more than 171,000 on Pinterest.
Each post that Tiffany publishes is high quality, in reflection of its brand. Every photograph is pristine and shows off its jewelry in a high-end manner.
The jeweler has also innovated in the digital shopping market with its Engagement Ring Finder, which increases engagement by integrating augmented reality, social media shares and retail together. The app increased Tiffany ring sales by 20 percent.
A recent social media campaign from Tiffany showed the jeweler posting love notes on Instagram to start an interactive conversation with its community of followers.
In a series of posts shared by the jeweler, Tiffany is promoting its engagement jewelry in a way that is relatable to the majority of consumers. By personalizing its efforts with handwritten anecdotes, consumers may relate more to the brand and turn to its jewelry when the time comes to pop the question (see more).
Retail on digital
Sotheby’s was aware that digital auction sites such as Amazon and eBay had the possibility of damaging its business, even though Sotheby’s is much more high-end. Instead of attempting to take down the new trend or ignore it, the auctioneer partnered with eBay instead.
The auctioneer invested in online auctions and partnered with eBay to live stream the former’s in-person auction on the latter’s platform. This allowed Sotheby’s to increase its visibility to those who would not previously have had access or been aware of its auctions.
Luxury lingerie retailer Cosabella took to an artificial intelligence platform to help sort through shopper data to create email-marketing campaigns after its online sales started to plummet. The solution created a 4 percent increase in opens and a 40 percent revenue jump from email.
XOJet was able to do so well for its Uber-like private air app thanks in part to its partnership with the uber-like app, JetSmarter. This allowed XOJet to take a strong digital approach without the risk of creating its own application.
Customers are able to book through mobile application JetSmarter to fly its charters as of September of last year.
XOJet is lending its fleet exclusively to JetSmarter, which started off the former’s newly designed mobile app. The partnership means faster booking and cheaper flights for members, who can now quickly grab a ride through the app (see more).
JetSmarter's mobile app
“As we continue to rapidly expand our private jet services throughout the U.S. and internationally, providing our clients with unforgettable and stress-free travel experiences is our main goal," said Sergey Petrossov, CEO of JetSmarter. "Through this partnership with XOJet we will continue to offer our members the most luxurious private jet options and on-ground services, giving more travelers the opportunity to join our social network in the sky.”