Fashion brands have capitalized on social media like no other industry. These platforms have offered a window to display their near-flawless images and beautifully presented products to fashion-obsessed followers. These networks have become the epicenter for their marketing strategies - making fashion one of the most competitive verticals in social.
As we reported in our in-depth report on the industry earlier this year:
“Fashion brands are some of the largest in the social ecosystem, with an average Facebook Page fan base of 356,753 users, 138,551 followers on Twitter, and 512,957 followers on Instagram – much higher numbers than average brands in other industries.”
We recently launched the Social Health Index to give social media marketers an in-depth but easy-to-understand picture of their social media performance. We are using the fashion industry to demonstrate this metric in action for the first time.
The Social Health Index is the world’s most comprehensive social media metric for understanding competitive performance across Facebook, Twitter, and YouTube. it enables everyone at any level of your organization to see overall social performance against any market or geographic benchmark they choose.
It looks at 4 elements:
We analyzed a fashion industry cluster consisting of 23 brands from around the word. The list below shows the Top 15. These numbers indicate the overall Social Health Index rating – for each criterion on each platform, we get a single number that represents the performance over the selected time period. This overall Health Index score is based on the median value of each element of P.A.R.S., ensuring that the results are not susceptible to one-off fluctuations and spikes.
As you can see – Louis Vuitton, Elie Saab, HUGO BOSS, Armani and Versace make up the Top 5 brands.
To go a bit deeper, we compared Michael Kors with Louis Vuitton. Michael Kors should analyze Louis Vuitton’s performance on Facebook with particular attention to shared posts – where Michael Kors lags a bit behind in Shareability. Michael Kors could benefit immensely by analyzing their best performing posts and then replicating those patterns to increase their Shareability. Improving any of the P.A.R.S. scores on Twitter would definitely help to boost their overall score. Both brands compare relatively the same on YouTube in terms of Acquisition and Shareability.
HUGO BOSS comes in third. They have the weakest results on YouTube for Participation and Acquisition, but had the best in Shareability between them – HUGO BOSS could probably learn a thing or two from Louis Vuitton’s YouTube strategy as well. The Social Health Index gives the competitive intelligence these brands need to focus on enhancing their tactics in the weakest areas on all three platforms.
Today, brands use multiple platforms to communicate their messages and interact with targeted groups in specific locations – the smart ones do this all based on deep, competitive insights. The difficulty lies in understanding the vast array of metrics and defining what social media success means for them – and then reporting that to company leadership.
Benchmarking is a critical aspect for gaining a competitive advantage in the market; fashion brands know this well. So-called “vanity metrics” are one thing – but you need to go deeper, and compare your performance.
Our goal with the Social Health Index was to build a reporting mechanism that was actionable at the tactical level and insightful at the management level. As a result, the Social Health Index was born. Brands looking to improve their social media performance should utilize it for tracking progress over time, directly comparing effectiveness with key competitors in order to take their strategy to the next level. It makes the most complex aspects of social analysis simpler, by providing a clear comparison with both direct competitors and top brands across all platforms on the metrics that matter.
Find more information about the methodology and cooperation between Lenovo and Socialbakers in developing the Social Health Index.