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There was a lot of coverage when Bottega Veneta deleted themselves from social media platforms in January 2021, while Instagram and the likes are considered as big money making machines for brands. But are they really?
In 2017, Procter & Gamble cut around $200 million of its advertising spending in the digital space , due to concerns about bot fraud and brand safety. This money was reinvested in more traditional advertising channels, like television and radio. The outcome? P&G reduced its overall spending and still increased the reach of its messaging by 10%.
Is Bottega Veneta using the same strategy and investing their money in more traditional channels, like huge billboard ads, magazine ads but still covering social media by gifting to influencers? What else do they have under their hood? What we know for sure is that social media platforms are failing to truly capture attention or influence consumer behaviour. So brands have better come up with an advertising strategy where they rely less on them.