The only constant in marketing is change.
Even the best-performing marketing campaigns may lose their luster if they’re left alone for too long, suffering from overexposure or failing to adjust for changing trends. The only way to sustain success in your high end marketing strategies is to adjust it over time.
Of course, that process can be easier said than done. It’s tempting to lean back and rest on your laurels after the implementation of a comprehensive marketing strategy.
In reality, your work is just getting started.
These 5 steps will help you measure, adjust, and improve your luxury marketing strategy on a consistent basis.
1) Find the Metrics to Track
How do you define marketing success? It’s a seemingly simple question with a surprisingly complex answer. You have to be able to translate abstract goals into specific key performance indicators (KPIs) that you can actually track within your digital efforts.
Don’t fall into the ‘vanity’ metrics trap. It’s tempting to get excited about the amount of people your post has reached, or how many of them actually like it.
In reality though, and especially in high end marketing, those metrics hardly ever translate into actual sales.
Instead, you have to get specific. Focus on KPIs like:
- • Total web visitor to lead conversions
- • Web visitor to lead conversion rates
- • Lead to customer conversions and rate
- • Ad spend, spend per click, and spend per conversion
These types of metrics are easier to attached directly to your marketing goals, and help you remain accountable in all your efforts.
2) Set Regular Internal and External Benchmarks
The above are crucial metrics to track for any high end marketing effort. They’re also useless without the proper context.
In isolation, a 6 percent conversion rate sounds great. But what if everyone else in your industry actually converts their lead at a 20 percent rate? Chances are you’ll want to make adjustments.
Enter the importance of both internal and external benchmarks. Start externally, researching KPIs like average conversion rates in your industry. Then, compare these averages to your own previous efforts to set a baseline.
Establish exactly what your campaign needs to reach on a regular basis to be considered successful.
Your campaign time frame is just as important. Establish the exact times at which you evaluate your campaign, and stick to that timeline. For example, you might track more specific KPIs (such as web conversion rate) on a weekly basis, but only track customer conversions (which are more infrequent) monthly.
That way, you’ll not just now how to evaluate success, but also when.
3) Research New Trends in Your Audience and Media
As your campaign is running, don’t rest on your laurels.
If you do, you risk sticking with a strategy that has proven to work in the past while the rest of the marketing world moves forward. Especially in the digital world, it’s impossible to succeed by embracing the status quo. Change is not just inevitable, but should be embraced.
Researching new trends, therefore, is key to success. That, in turn, consists of two parts:
- 1. Understand your audience. Pay close attention to web and social media analytics to determine if you still attract the same audience, or whether it’s changing. Then, research media consumption and preference trends specific to your audience.
- 2. Consider the changing medium. Pay attention to new ad types, newsfeed algorithms, and more. When Facebook rolls out augmented reality ads, think about how you can transfer that option into marketing success for your luxury good or service.
4) Refresh Your Luxury Marketing Content Continuously
Never assume that the same content that worked yesterday will still be effective tomorrow. After a time, audiences tend to go tired of the same image or text, regardless of how impressive it once seemed.
They crave change, and your marketing messaging should give it to them.
Most experts recommend refreshing your creative at least every four to six weeks. The same is true for all types of content, from web traffic to testimonials. And of course, publishing a new blog post at least once per week can significantly aid your efforts.
You don’t have to start from scratch.
Evaluate your old content, and think about ways to expand on the concepts. Look at engagement statistics to determine which pieces have performed especially well, and build on that momentum.
That way, you can continuously refresh your content without having to undertake a massive effort.
5) Build a Listening Component Into Your Marketing Plan
The final, but perhaps most import step is to build a plan to listen to your audience into your larger strategy. Digital marketing, especially in high end industries, is not a one-way street. It has to consider feedback and comments from customers who were happy or unhappy with their experience and want to talk about it.
You can build your social listening strategy on a number of levels:
- • Spend a dedicated portion each day reading and responding to comments, messages, and replies on your various digital platforms.
- • Set up a Google alert to monitor brand mentions in both media outlets and digital forums.
- • Leverage a dedicated listening platform to monitor brand mentions on outlets like Twitter, Facebook, and Instagram.
Consumers now prefer social media to all other types of communication for customer service. In a high-touch luxury environment, being prepared for these interactions is absolute key. Build a listening component into your plan to get your audience’s pulse and adjust your marketing strategy accordingly.
Embracing a Marketing Strategy Designed for Improvement
Through the above five steps, you can effectively gauge just how your marketing plan is performing, and where you can make the necessary improvements to increase success over time.
Of course, you also have to take care of the improvement itself.
You can take a number of approaches to make that happen. One is to build out extra content at the beginning, and roll it out over time. Of course, that doesn’t account for audience trends that you might discover in the duration of the campaign.
The better path is to embrace a marketing strategy with built-in improvements and adjustments. Keep an agile marketing mindset to move quickly when changes are needed, and keep your campaign at the forefront of success.