• Conversation with Schanel Bakkouche: Retaining Exclusivity via Social Media

  • Mar 24 2022
  • Length: 12 mins
  • Podcast

Conversation with Schanel Bakkouche: Retaining Exclusivity via Social Media

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  • Joshua Williams: Luxury brands are increasingly under stress to expand their market beyond their typical customer base. And in some cases, many brands have been effective, but in other cases, it's alienated the core customer. So, my question for you, Schanel, is can luxury brands retain their exclusivity, notwithstanding the consistency required around digital content distribution. Schanel Bakkouche: Thank you for having me again. Social platforms characterized by their mass appeal, accessibility, and availability, contradict the very concept of luxury. Obviously, if we think exclusivity of brand, we can think of iconic items from renowned luxury brands; and not everyone owns them. This exclusivity helps luxury brands to maintain their stature: known by all, but paradoxically consumed by a few.  I would mention a few points that are very important. First would be apply the personal touch and stay more authentic. Too often luxury brands will use one generic message.  Then another point that it's very important is use consumer data. I think that customer data needs to be used to gain insight into what customer browse and add to their shopping cart, the offers that resonate with them and they respond to. By using signals such as purchasing behavior, interest, context, and location, luxury brands can make consumer feel that the communication are explicitly tailored to them, to receive personal attention, not to be addressed as a member of a broader audience. You know, this mindset can help luxury brands approach content and service in more meaningful ways.  The other point would be experience. Obviously social media platforms are taking steps to embed the entire shopping journey from discovery to checkout. So, incorporating live streaming sales, integrated product catalog, and now even AR. So, the experience is very crucial point here again, to keep the exclusivity of luxury brands.  For the full transcript, visit: FCNewsBytes.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
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