Social Media Analytics — Fashion

http://technode.com/2014/03/15/explore-intersection-fashion-technology-technodes-march-meetup-sidelines-china-fashion-week/

Social Media Analytics

ANALYTICS is a ten letter word most retreat from. However; in the realm of Social Media it’s pure gold. Anyone in charge of leading a global luxury fashion brand must run towards it.

The short of it, top social media analytic tools like; [1]…..

· Keyhole
· AgoraPulse
· Brandwatch

…... allot for;

· Measuring trends in consumer brand behavior across social media platforms

· Tracking consumer’s engagement on social media platforms

· Visualizing market share and demographics

In an industry where analyzing and predicting consumer perception and habit is key this tool is vital to long term health of global luxury brands.

Balmain and Analytics

One the most talked about collaborations have been with H&M and Balmain. It’s been touted as one of the most successful designer collaboration ever, by Daily Telegraph. What led to the massive success? ….

Two words: SOCIAL MEDIA

More specifically, the utilization of social media and analytics to support its campaign. Balmain kept a pulse on where conversation was digitally occurring and brand perception value.

Crimson Hexagon, an analytics company, studied Balmain successful partnership producing the following results:

http://www.crimsonhexagon.com/blog/current-events/balmain-x-hm-the-impact-of-influencer-marketing/

[3] The first volume chart depicts the general H&M audience, and the second represents those who have aligned themselves with the Balmain collection.

How Balmain’s competitor uses these analytic tools, plus more

Traditionally, Balmain doesn’t have any one-to-one competitors. It resides in a niche market and serves a niche customer; however, it doesn’t mean it can’t learn a thing or two from other fashion houses.

Take a look at Burberry. Burberry doesn’t solely place emphasize on campaign data analysis, but content creation as well. The brand excels in connecting consumers to the brand and growing its digital foot print through transparency. For example, one of Burberry’s campaigns focused on showing consumers what goes on behind-the-scenes through their social media platforms.

http://www.bbc.com/news/business-35483480

A Point Worth Noting

A foundation of strong data requires a foundation of great content. When luxury brands curate content it drives stronger analytics and can be used to build up and retain a luxury brand’s digital market share.

Bottom Line: Curate honest content, Interpret supporting analytics, Target digital market share

This post was created as part of the Global Luxury Management Program at the NC State Poole School of Management. All thoughts and opinions are my own.

Cites:

[1] http://keyhole.co/blog/list-of-the-top-25-social-media-analytics-tools/

[2] http://www.telegraph.co.uk/fashion/brands/balmain-hm-most-successful-designer-collaboration-ever/

[3] http://www.crimsonhexagon.com/blog/current-events/balmain-x-hm-the-impact-of-influencer-marketing/

[4] http://www.bbc.com/news/business-35483480

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