Hundreds of prestige brands have a presence on Facebook. What specifically is a prestige brand, you ask? Our partners at L2, a think tank for digital innovation founded by NYU Stern Professor Scott Galloway, describe prestige brands as any brand that drives premium pricing based on its brand positioning.
Buddy Media and L2 were interested in how well these brands utilize Facebook to grow their business. So we partnered to determine the top prestige 100 brands on Facebook.
The result is L2’s latest Digital IQ Index® report: the L2 Prestige 100® Facebook IQ. Authored by Galloway, and released in partnership with Buddy Media, the report measures the Facebook aptitude of 100 prestige brands across Auto, Beauty, Fashion, Watches & Jewelry and Spirits & Champagne.
The L2 Prestige 100® Facebook IQ report examines much more than just how many Facebook ‘likes’ these brands have amassed. The methodology to rank the 100 prestige brands factored in size of community, as well as each brand’s use of Facebook platform functionality, quality of branded content, responsiveness and clarity, fan reactions and interactions, and integration of Facebook across the brand’s other digital marketing platforms. Multiplied together, these factors enabled us to rank the Digital IQ of each prestige brand.
Auto and Beauty brands led the way, taking the top seven spots on the list. The top 10 brands in the study are:
1) BMW
2) Clinique
3) Audi
4) Lexus
5) Bare Escentuals
6) Benefit
7) Bobbi Brown
8 ) Johnnie Walker
9) Belvedere
10) Tory Burch
“While many of the brands featured in the L2 and Buddy Media Facebook IQ Index have made tremendous progress on Facebook, there is still an enormous opportunity in front of them to use Facebook to grow their businesses,” said Michael Lazerow, founder and CEO of Buddy Media. “This first of its kind Index will help prestige brands assess how their Facebook marketing efforts rank against their competitors, so they can focus on standing out from the crowd.”
Key findings from the report include:
- Engagement vs. Size, Quality vs. Quantity: Analysis of the Facebook page size versus Engagement demonstrates a negative correlation, suggesting that many of the brands that have been most effective at acquiring Facebook fans have fallen flat engaging them.
- See, But Not Heard: Twenty percent of prestige brands do not allow fans to post on their wall; these brands posted average IQs of 82 versus an average of 107 for brands allowing wall posts.
- Product vs. Promotion: Analysis of more than 800 brand wall posts demonstrates that posts about products garnered the highest interaction rates across the study. Posts around contests and promotions registered the lowest interaction rates.
- Glocal: Brands that maintain both global and regional Facebook pages garner fives times the interaction of those that have just a singular global page.
- Facebook Is Not an Island: Prestige Facebook efforts are poorly integrated across digital platforms. Just over half are promoted on brand sites through share technology, and only 29 percent incorporate the open graph “like” API.
- F-Commerce: The New, New Thing: None of the Prestige 100 are currently engaged in Facebook commerce. It is predicted this will be the area of greatest investment over the next 12 months.
Would you like to see a full list of the rankings and learn more about what you can apply to your brand?
