"As luxury brand access to traditional marketing channels in China is denied, digital deftness will define the winners in the world's fastest growing luxury and e-commerce market."
New York, NY (PRWEB) February 22, 2013
Chow Tai Fook took the top spot in L2’s inaugural Digital IQ Index®: China - Watches & Jewelry Supplement. The Hong Kong-based company, followed by second-ranked Cartier, were the only two brands in the report to earn Genius and Gifted titles, respectively. This inaugural supplement, authored by Scott Galloway, NYU Stern Clinical Professor of Marketing, and a team of researchers at L2 Think Tank, benchmarks the digital competence of 22 global Watches & Jewelry brands in the Chinese market on 800 data points across four dimensions: Site, Digital Marketing, Social Media, Mobile.
Download the full rankings and key highlights from the report:
Top 20 Digital IQ Ranking:
1. Chow Tai Fook
4. Tiffany & Co.
6. Van Cleef & Arpels
7. Raymond Weil
8. IWC Schaffhausen
14. TAG Heuer
18. De Beers
19. Vacheron Constantin
20. Harry Winston
“As luxury brand access to traditional marketing channels in China is denied, digital deftness will define the winners in the world's fastest growing luxury and e-commerce market. In this year's report, an overwhelming 64% of Watches & Jewelry brands registered a Feeble ranking, suggesting that the bar is high but that basic investments can move the needle."
-Maureen Mullen, Head of Research & Advisory, L2 Think Tank
Brand Standout: Chow Tai Fook is the only e-commerce-enabled brand in the category, boasting a site with best-in-class customer service, prices listed in both dollar and RMB, and social media integration across all digital properties.
Fallow Field: Nearly two-thirds of the brands assessed in this supplement earned Feeble IQs, making it the second-weakest performing luxury vertical in China after Fashion.
Social Disconnect: On average, Watches & Jewelry brands are present on 2.4 social media platforms and have Sina Weibo communities of just under 66K--the smallest and least engaged across all prestige verticals. Montblanc leads the pack on emerging, event-based social site Douban, with a series of gated user-generated content campaigns. Patek Philippe and Vacheron Constantin are the only brands with no social footprint in China.
Still Searching: Just 41 percent of Watches & Jewelry brands invest in Baidu Brand Links, while only 45 percent engage in basic paid search. Brands control less than one-fifth of paid search real estate for brand terms, allowing aggressive third-party retailers to purchase and control the rest.
L2 is a think tank for digital innovation. Founded by NYU Stern Clinical Professor of Marketing Scott Galloway, L2 helps prestige brands navigate the digital marketing landscape through events, research, and advisory services. The L2 Digital IQ Index® is the global, seminal benchmark for digital performance of brands and the largest and most robust study of its kind. Rankings are published annually across numerous industries, including: Luxury, Beauty, Retail, Travel, Spirits, Auto, and Consumer Packaged Goods. For more information, visit: http://www.l2thinktank.com