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Challenge:
A new Internet based retailer of luxury
goods seeks to acquire new customers in this competitive marketplace.
Specific challenges faced by the retailer include:
- Competition - Market is extremely
competitive and dominated by entrenched traditional ‘brick and mortar’
brands.
- Pricing - Pricing is inelastic and
highly transparent with real time availability. Small changes in
pricing have immediate consequences on sales volume.
- Reputation – The client needed to
overcome the fact that as a new Internet based retailer they had no
established reputation or brand to fall back on.
Solution: Given that
our client’s marketing strategy was completely web based, we felt we
could take advantage of the speed, flexibility, and measurability of the
medium to maximize the results.
We realized that the market was very competitive and felt that we could
keep our marketing and pricing strategy flexible in order to stay ahead
of the “established” brands who did not have the same maneuverability.
The campaign began by testing several different options with very small
budgets. These included pay per click search engine listings, network banner ads,
shopping portals and websites catering to our target market. We then
utilized our proprietary Learn and React™ performance analytics platform
to measure results. We were able to see which placements produced sales
and eliminate those that did not.
Results:
This process continued throughout
the life of the campaign and lead to tremendous improvements in results.
From the first week of the campaign to its concluding eighth week, the
ratio of total sales to online advertising expense steadily increased
from 0.45 to 7.36; an improvement of over 16 times. The campaign
exceeded the goals of a 3.00 ratio and produced over $500,000 in sales.
To find out more please
contact us.
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