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| Industry Panel Confirms: Criterion Global at the cutting edge of media strategy |
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| United States(prwindow)-
June 24 2008 -Criterion Global examines benefits and barriers of social media platforms as a means of targeting ultra-affluent consumers of luxury property development, resort, and gaming brands worldwide. |
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 At last week’s Luxury Interactive 2008 conference in New York, a panel of experts and social media publishers discussed social media as a marketing platform for luxury brands offering targeted, meaningful, integrated and un-intrusive content to specific customer bases.
Tellingly though, all panel members from Flavorpill, Sugar, Spire, and Indagare Travel agreed that the “barrier to entry is execution.” And of an audience of 250+ luxury marketers, only 8 indicated they were “clear on how to leverage social media” in their marketing mix.
Integrating social media with traditional media options is a highly developed capability of Criterion Global, a firm representing luxury property development, luxury resorts, and gaming worldwide. As Dee Solomon, SVP at Conde Net Media noted, combining social media with traditional media platforms like print advertising and event-based added value brings consumers down the pipeline from initial exposure to the valuation/consideration stage.
For real estate, the benefits of integrated or “holistic” media strategies - which incorporate social media into traditional plans and added value strategies - far outweighs its barriers, particularly with the consul of Criterion Global.
A recent survey by Classified Intelligence showed that 39% of real estate professionals felt “overwhelmed” by available media choices. Social media adds to the confusion for inexperienced property marketers, particularly when faced with the challenge of marketing luxury property.
Interestingly, low-end realtors have latched on to platforms like blogs, Zillow, and Craigslist, inundating the market with information for the average, middle-class property shopper. In fact, a significant percentage of neighborhood realtors even belong to LinkedIn, the professional social network recently valued at $1B US. This use of social media as a means of self-promotion and marketing for single family property listings has the unfortunate side-effect of tainting the image of social media as an invaluable tool for the luxury property marketer.
Data from Luxury Institute’s 2008 Survey, “The Wealthy and Web 2.0” indicated affluent use of social networks more than doubled since 2007. The audience surveyed, with an avg. net worth of $2.1M US belongs to 2.8 social networks on average, and averages 110 connections. And it’s not just the young affluent: the study showed “the rapid acceleration in the over 55 year-old wealthy consumers, whose participation increased fivefold, to 49%” according to Milton Pedraza, Luxury Institute CEO.
Luxury real estate, arguably more than any other category, stands to benefit from this trend, but may lack direction in this new era of marketing. Criterion Global’s conception of “holistic” media strategy has the benefits of selectivity, as each media platform is selected to reach only the luxury consumer, typically with Household Incomes (HHI) of $500K US at minimum. This strategy has the effect of eliminating waste and increasing the rate of return on the media investment.
At Luxury Interactive 2008, represented brands ranged from high-end home goods to fashion. Criterion Global, which manages media buying and global marketing strategy for real estate, resort, and casino clients worldwide, was the sole observer from the property sector.
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