Today, luxury fashion companies like Balmain and Spring are adopting some core growth hacking strategies to give them an edge.
The keys to growth hacking:
Before getting into specific examples, it’s useful to know some of the core concepts of growth hacking:
Growth hackers begin with a minimum practical product and get it out to potential clients as quickly as possible. This permits them to check whether there is a proper market for it.
Eschew traditional marketing:
Growth hackers augment the meaning of marketing to incorporate things like PR tricks, shows and whatever else that gets a great amount of attention on social and legacy media without costing a fortune.
Data is king:
To that end, these minimal effort campaigns must stand the test of social charts, SEO rankings, A/B testing and other information based measurements, these are the apparatuses of the growth hacker.
Now look at how two well-known luxury fashion companies are applying these principles.
Balmain combines product/market fit with savvy social marketing:
Balmain’s creative chief Olivier Rousteing realized that if one doesn’t have an association with the fans that gives the prime visibility, individuals will move on to the next thing.
Rousteing turned Instagram into a key social channel in 2012. He began posting pictures of himself and also his well-known companions while wearing the designs he composed. This permitted Balmain to gauge client estimation before the product was finalized, and it enhanced engagement and sales by creating energy for what the organization was working at.
Spring makes data-driven CRM into an art form:
Spring gives luxury brands a platform to achieve clients through the application. They deal with the transportation, stock, and warehousing, and Spring includes value by being the most straightforward versatile shopping app in the business sector. There’s no shopping basket, one can simply pick the size of the item needed and swipe right.
Both Spring and Balmain have adopted the mantle of the growth hacker, using data and social networks to improve their offerings and maintain the strong relationships they have with existing customers.