Information Technology Reference
In-Depth Information
format and are reliant on others for their longevity, the influence of blogs is
vast and the blogosphere has collective values for companies including luxury
brands.
The upside of the social web
The mass adoption of the social web is mainly due to the solution it offers
rather than the technology that drives it. This means that for users, the social
web's benefits derive from its multiple opportunities for interaction rather
than its enablement of the mastering of the web application tools.
Learning and understanding how the tools of the social web function is not
perceived as challenging for today's online user but simply as a necessary step
towards the benefits of this new medium. Since the social web has put the indi-
vidual at the center of its universe and relegated corporate bodies, the online
user has even more motivation to be active on the social web. The more active
they are, the easier the collaborative tools will seem to them and the quicker
they will evolve. This means that luxury companies must also master the tricks
of the social web and its technical tools in order to evolve at the same pace
as consumers. This is particularly important, as parallel evolution will provide
better insight into the change in the psychology of the luxury client.
The social web provides an exceptional avenue for luxury brands not only
to track consumer tastes, but also to get into their minds through a level of
transparency and openness that has never been seen before. The conversa-
tions and exchanges that take place on the social web are naked and conclu-
sive interpretations may be drawn from their topics, content, tone, passion,
involvement and even structure. Through the social web, luxury brands now
have the opportunity to see, feel, perceive and anticipate the psychological
evolution of the wealthy online whether they are clients, potential clients or
the wider public. Although not every luxury brand has recognized the mul-
tiple direct and indirect benefits of the social web, people actively converse
about luxury brands on the social web and they will keep talking whether the
brands listen or not.
The benefits of the social web go beyond monitoring the evolution of the
consumer psychology but also include multi-faceted communications, client
management and retail aspects that could contribute to the optimization of
the performance of luxury companies and a more intimate relationship with
clients. Here are a few of the most crucial benefits of the social web for lux-
ury companies:
1. The social web is an important tool for building brand awareness and
reinforcing brand identity. Brands that enjoy positive brand equity among
luxury consumers are generally more likely to be discussed or mentioned
in online forums. Luxury brands are also mentioned in a negative context
