The idiom ‘don’t run before you can walk’ comes to mind when devising a social media strategy. Due to the widespread use of social media, some luxury brands expect that building a social media presence will be easy. However, simply posting on social media is not commensurate with growing an active online community.
Social media is a powerful tool in luxury marketing, but brands must have a clear strategy that outlines their objectives and tactics to achieve them. A social media strategy helps your brand zero in on your goals, such as increasing brand awareness, driving sales, targeting a more exclusive group, and reaching new audiences. If your brand is focused on social media growth this year, it’s imperative to understand how best to harness the power of social media.
Continue reading to discover how to create a social media marketing strategy in 9 steps.
What is a social media strategy?
A social media strategy should outline your objectives, the tactics to achieve them, and the metrics you will use to monitor and measure your success and failures. The more precise the social media plan, the more fruitful your results will be. A succinct social media marketing strategy gives you the space to focus in a landscape with more competition, content, and apps than ever before.
Marketing to High-Net-Worth (HNW) and Ultra-High-Net-Worth individuals (UHNWIs) on social media requires a refined and unique approach. Devising a goal-focused social media strategy can help your luxury brand build relationships with this highly exclusive audience.
1. Set goals
A luxury social strategy starts with establishing clear goals. Without objectives, you cannot measure your success. According to the 2021 Sprout Social Index, increasing brand awareness (58%) and increasing community engagement (41%) are the most common objectives for brands.
Whether you want to build a more significant following or an active community, defining your social goals is the first step toward reaching them. Your social media marketing goals should be specific, measurable, attainable, and relevant and include existing and planned social accounts and platform-specific goals. These goals should align with your brand’s overarching digital marketing strategy.
Social media goals include increasing brand awareness, growing your brand’s audience, reaching a new demographic, and driving web traffic and sales.
2. Understand your target audience
Social media analytics can provide valuable insight into your followers, including useful demographical information such as where they live, their age range, and how they interact with your brand. This data can help your brand better target your audience. Each audience has clearly defined interests and media preferences, so adjusting your strategy and messaging to suit them is crucial.
Research is critical when targeting HNW and UHNW consumers. This elite group is suspicious of traditional marketing tactics and requires a unique and nuanced approach. Before writing your social media plan, research the platforms your audience and target audience are active on.
3. Select networks
Next, identify the platforms your audience is active on. Some HNWIs and UHNWIs use apps such as Best of All Worlds (BOAW), an invite-only app which is a cross between Facebook and LinkedIn and aimed at the elite, and Rich Kids, a quasi-Instagram which costs €1,000 per month. Otherwise, brands targeting this wealthy electorate can still capitalise on other social platforms with high-quality, targeted content.
Facebook and Instagram are some of the largest and most widely used channels to be present on and can be used to connect with a large pool of potential customers. They’re also known to provide the best results regarding social media advertising. Instagram is an excellent tool for increasing reach and gaining traction, which can be accelerated by using industry hashtags, connecting with potential clients, and generating conversation.
What sets YouTube apart from other video-centric platforms is its vast reach. According to The Social Shepherd, YouTube is the second most popular social media network, with 2.56 billion active users globally. It is especially popular with older users compared to other social media platforms, with 67% of users aged 56 plus. This is especially important for luxury brands targeting UHNWIs. According to the 2022 Wealth-X World Ultra Wealth Report, the most prevalent age of UHNWIs is 68, making YouTube a great platform to reach a more mature demographic.
This being said, luxury brands shouldn’t discredit using TikTok to target Gen Z HNWIs and UHNWIs. According to The Social Shepherd, 22.4% of TikTok users are aged 20 to 29, creating ample opportunity for brands to engage and build community with younger, wealthy consumers.
Your LinkedIn business profile is another route to engage with followers and potential clients. With 63 million decision-makers active on the channel, LinkedIn spans the breadth of B2B audience segments and makes the perfect platform to build relationships and generate leads. LinkedIn content focuses on the people behind the brand, making it imperative to tailor content and narrate a story.
4. Conduct competitor analysis
Competitor analysis enables you to understand what your direct competitors are doing on social. This will help you better understand what content is expected in your industry, which will help you define your targets.
Research your competitors’ account handles and review their content. Note the content they share and what their audience responds to. As you track, you may notice your competitors are selective with their platform choice. For instance, B2B businesses tend to gravitate towards LinkedIn and Twitter, whereas B2C brands tend to focus on Instagram and TikTok. You can leverage this information to optimise your own social media strategy. And don’t forget to keep your eyes peeled for gaps in the market.
5. Conduct a social audit
If you are already using social media, ask yourself the following questions:
- What is working, and what is not?
- Is your audience engaged?
- Are you consistently posting?
- Is your content varied, e.g., are you posting a mixture of graphics, videos, infographics, articles, etc.
- Do you use analytics to share content at the best time?
- Do your profiles meet your brand guidelines?
Once you have gathered this information, you can begin thinking of ways in which to improve. The audit offers an insight into what purpose each social account serves. If the purpose is not clear, contemplate if it’s worth keeping.
6. Establish the infrastructure
Your social media strategy is your rule book. Now that you have set goals, you must write succinct instructions on how to manage your channels to achieve them. It can be a blueprint anyone can pick up, read, and understand the dos and don’ts, which will ensure consistency moving forward.
An integral part is tone of voice, which encompasses not only the words you choose but their order, rhythm and pace. Each brand differs; some luxury businesses, such as yachting brokers, opt for a respectful and sophisticated tone of voice. Conversely, some luxury fashion brands may opt for a playful and humourous tone of voice.
If you are happy with your existing brand guidelines, incorporate these into your strategy. As well as tone of voice, brand guidelines will also include colour palettes, fonts, imagery, and design guidelines. If you don’t have brand guidelines, adopt a consistent brand voice and style appropriate for your business. From infographics to Reels, many brands rely on the same content formats and creative touches. These themes can help you become more consistent and focus on a successful content strategy.
Additionally, your luxury brand needs to identify content pillars that can be used for different purposes, channels and types of content. Content pillars are typically three to five sets of themes or topics your brand will consistently discuss, amplify, and create content for on social media. Consider how these topics work for different platforms.
7. Set up and optimise accounts
Once you have identified which networks to focus on, it’s time to set up your social accounts or improve your existing accounts, making sure to align with your social media strategy. Ensure you fill out all relevant information, such as email address, Linktree link, and bios.
Make sure to optimise your profiles:
- Craft a compelling bio and include keywords
- Use consistent branding across networks so your profile is recognisable
- Your profile pictures are sized correctly
- Use Instagram-pinned posts
Use Google Analytics, Facebook Insights, or Twitter Analytics to monitor and analyse your traffic, clicks, conversions, and other key performance indicators.
8. Create and curate a beautiful monthly calendar
Your social calendar should list the dates and times you will share content on each channel. You can plan all your social activities – from images, link sharing, blog posts, and videos. It should detail your daily posts and content ahead of time and ensure your posts are spaced out appropriately and published at prime times. You can plan your whole content calendar and get recommended times to post using social tools such as Hootsuite, Later, or Sprout. Consistency is a key ingredient to a social media marketing strategy.
Regarding design and creativity, content targeting HNWIs and UHNWIs must look the part. This elite audience is no exception for judging a brand by its appearance. Typography is how a brand’s message speaks to its audience, and its style must reflect the written tone. Imagery must always be professional, bespoke, and thoughtfully considered. For luxury brands marketing to UHNWIs, this means eschewing stock images wherever possible. Content must support the quality, exclusivity, and craftsmanship of a product.
A luxury brand’s storytelling must be consistent across all platforms. It is fundamental to building a strong and trustworthy connection and resonating with discerning HNW and UHNW customers, ensuring that they can rely on the quality of the experience of the brand’s promise and products.
9. Monitor your results
Be prepared to regularly revise, revisit, and change your social media strategy. It should be a living document that you adjust when necessary. Refer to the document often to ensure consistency, and be open to making changes that better reflect new objectives, industry changes, or overarching marketing strategy.
Relevance is a luxury marketing agency specialised in developing social media campaigns that reach and resonate with UHNWIs. To learn more or speak to our social media experts, get in contact today.