If a picture is worth a thousand words...

Amid the myriad of social and digital marketing options, visual content is proving to be one of the most powerful tools for luxury brands, with online videos becoming a vital element of marketing strategies. According to The Internet Retailer, a consumer is 144% more likely to purchase a product after viewing a product video, making videos the “go-to” tool for consumer engagement.

Proof? Videos have been linked to boosts in e-commerce for numerous luxury brands. Luxury retailer Barneys New York released videos to coincide with their Men's and Women's Spring 2012 Collections. The videos featured models wearing the collections while singing, dancing, and telling real life stories. Thumbnails appeared throughout the video allowing shoppers to purchase what the models were wearing. More powerful than a standard product image, these videos captivated consumers and significantly impacted their purchasing decisions.

A digital pioneer, elite fashion house Oscar de la Renta is another great example of a luxury brand utilizing online video to engage their audience and drive sales. From streaming runway shows live on the Oscar de la Renta YouTube channel, to using Vine to display the latest jewelry pieces, the brand is able connect with consumers, showcase new products and drive traffic to their websites. In return the company saw their online sales for 2012 more than double from the previous year.

An important aspect for up-and-coming brands remember when utilizing video for their social media marketing is that content is key. A brand should strive to entice its audience; this is not about old-school advertising. By showing a behind-the-scenes glimpse at a design process or presenting an exclusive interview with the designer about a favorite piece, you can engage your audience authentically and create long-term fans.

As for what video platforms luxury brand should be using, we have a few recommendations. YouTube, of course, continues to be the most trusted and widely used video platform. Having a YouTube channel is a great way for a brand to collectively display video content under one umbrella. Google + hangouts are a rising platform for brands to reach consumers. Google + allows brands to stream live webcasts that can act as interactive video blogs. Vine, meanwhile, has become the visual version of Twitter, allowing users to create a short, six-second video that can be shared on various forms of social media.

While large luxury brands are finding great success with video, few smaller brands are properly taking advantage of the fact that, if a picture is worth a thousand words, a video is worth much, much more.