When you think of luxury fashion giants like Louis Vuitton and Prada, you also think of fashion magazines like Vogue, GQ, and Elle. The high-end fashion industry has enjoyed a stronger than average print media viewership than other industries. According to Zenith Media, spending for luxury brands exceeded $1 billion in 2016 which was an increase of 63% since 2013. At the same time, spending on magazine ads fell 8% during that time span. Luxury fashion as an industry is roughly doubling its spending on digital advertising to capitalize on the shifting trend in reaching customers.
The fashion industry is shifting, just like much of the world, into understanding the power of digital advertising for marketing a brand and an image. The world of business has come to know how much value digital marketing has because of the wealth of demographic and consumer information that can be gathered. The fashion industry traditionally has had a strong tie to print viewership through magazines such as Vogue, Elle, and GQ, and has weathered the shift in media away from print better than most, and is now learning the value of going digital. Using digital advertising as part of a well-rounded media portfolio is a huge benefit when you want to understand how your sales funnel really operates. With digital, you can find out just how sales leads are generated. Another aspect of digital which is a great benefit to brands and companies is being able to crowd source your content. Being able to have an online community generate content for you is a great way to naturally accumulate authentic interaction and have your online network build a buzz for you. Focusing on winning over thought leaders and influencers is what you are able to achieve through online marketing.
The author, Bob Ottaway, is President and Founder of Ottaway Digital. Established in 1999, it has been a pioneer in SEO, digital advertising & social media since 2006.