Luxury brands are jumping on the bandwagon of Snapchat. Burberry, Everlaneand Valentino have all become active users of Snapchat in the last 2 years. Why? Because the demographics of Snapchat have changed- when launched the platform quickly became a favorite in the 18–24 year old market and now there is an increase engagement amongst users in their mid 20’s and up (38% of all users). As brands look to actively engage on many platforms to capture the attention of the consumer, being on a platform like Snapchat has become a necessity.
I first heard the term “attention arbitrage” used by Gary Vaynerchuk. Attention arbitrage is the act of trading your time for attention. Snapchat is a great example of this. Brands and people are spending lots of time creating content to capture the attention of their community. Vaynerchuk has famously, in recent keynotes, given himself lots of credit for forecasting the rise of Snapchat. But is Snapchat the right platform for the luxury space? Should this be the way to capture the audience?
The luxury market has undergone a huge shift in the last 20 years. What once used to be a closed market, reserved for the Christian Dior’s and Chanel’s is now a wide playing field with the customer determining what defines luxury. Brands like Maiyet focused on sustainability, community and style have been able to make a mark in the space because of these shifts. Consumers are making decisions on personal values, individual aesthetics and a desire to curate ones life. This has forced the luxury market to evolve. Here is where the social media platforms come in.
Early adopters in social media are also striving for a sense of individuality. They want to be the first to make a mark on new platforms and the brands that meet them there are at an advantage. The recent wave of 25+ year old adopters to Snapchat will be the bridge to a critical mass of users. So where will your brand be? The luxury brands adopting Snapchat are adding a level of transparency to their brands to create a sense of connection. As a small to medium sized brand you have the greatest gift of transparency: one that needs to be curated, but not manufactured. How does one justify spending $3,000 on handbag? They show how its made, they talk to the artisan. How does one create a sense of belonging to New York Fashion Week? They show the behind the scenes with the models. Brands are even now doing specific product launches just on Snapchat to give followers an exclusive (i.e. Glossier).
But Syama, do I have to be on another platform?
I am a huge proponent of meeting your customers where they are. If you want to get ahead of the retail masses then start a consistent Snapchat channel before everyone jumps on board. You will get the chance to be one of the business accounts that a new adopter of Snapchat would follow. Once the user base reaches its height, all the small and medium sized retailers will be on it; and you will be one in a sea of accounts trying to get followers. Sounds a little like Instagram right?
Instagram just rolled out Stories? Does this make Snapchat obsolete?
The new stories functionality is a great attempt to take over the Snapchat market, especially for the older users who don’t want to start using another platform. BUT, just like how Instagram was the newer playing field for Facebook, Snapchat is the newer playing field for Instagram. More instant, more transparent and more engaging. Instagram is becoming the new pay to play space with advertisements, just like Facebook. Snapchat is raw and not yet monetized in that way.
Re-evaluate your social media strategy. If you cannot be on all the channels then pick the ones you want to fully max out. There are also trends to watch out for; Facebook is a pay for play platform, Pinterest is leading the way on social selling, Twitter is great for peer to peer but not for sales, Instagram is rolling out new features for businesses to optimize sales and YouTube continues to be the best long form branded platform for evergreen content. The live options on Facebook, YouTube and apps like Periscope are wonderful for event based content and weekly series type content. Snapchat is leading the charge with Snapcash and might be giving users an option to the China based WeChat platform. If you haven’t heard about WeChat it is a social selling app where you can chat with friend and buy inside the app. Again, pick your platforms and max them out. In addition, stay on top of the new platforms that launch and consider which of them are going to attract the early adopters you want to engage with. Right now I’m checking out Hyper and Jelly.
For a startup brand social media can seem like a can of worms. There is no way to start, than to start. I suggest thinking about how you want people to perceive your brand, then find the platforms that allow you to do it easiest. Don’t create the same content for all channels and think about how you would want each channel to feel like they are getting something special directed to how they best engage. Example: It’s easier to take polls on Facebook than on Pinterest. If you want your audience to be actively engaged with product development or marketing ideas then build out your Facebook with active conversations.
Brands that have been around for a while need to ask themselves: Does it make sense to be on all the social media channels? Are all of them working? Are there trends that I have not been paying attention to? What are the new channels? If you have a content team that can manage all your channels, then amazing you can do it all. But, if you are a small company and the time you spend on social media is literally the time that could be spent on the phone with your manufacturer, then you need to be critical about your time and efforts. Be where your customer is, don’t waste your time being where they are not.
Syama Meagher is a retail strategist for brands and retailers. She works with growth stage businesses and helps entrepreneurs launch and grow fashion businesses through ecommerce, wholesale and brick & mortar. Syama is a former at Barneys New York, Gucci, AHAlife and Macy’s. To build your brand and create a profitable business check out www.ScalingRetail.com and email firstname.lastname@example.org