OUR METHODOLOGY & OUR CONVICTIONS
You Can't Improve What You Don't Measure
And measuring is not that difficult
While most luxury and premium brands follow their performances through traditional retail KPIs such as foot flow, conversion rate, average basket or repurchase rate, it is very common to see a disconnect between the priorities expressed in the retail strategy and the available KPIs to monitor the evolution of the performance.
If the client experience is a strategic priority, then there should be a set of KPIs to monitor client behavior and satisfaction which are more closely connected to their experience than the resulting turnover. Bounce rate, dwell time, recurring visits even without purchase and satisfaction are just a selection of what can be measured today to define whether or not the actions led are efficient in serving the strategy.
Creating Actual Value for the Luxury Customer
We believe that luxury brands of today should focus on delivering meaningful value to their clients in order to remain premium and unique while fitting into a sustainable business model.
The era of Experience Economy is leaving the place to the era of Transformation Economy. Clients will progressively see more value in brands supporting their individual aspirations than in brands only offering entertainment. And spendings will follow.
In any case, the game is beyond products and services. It is about emotions, values and creating lasting memories.
It Is All About Execution
And thoughtful Change Management
Finding the perfect concept to answer your challenge is merely half the way to success.
Whether it is about delivering a new client experience or switching to much more efficient retail operations, the effort of transformation should not be underestimated. Moreover, we believe that it should be planned, accompanied and monitored along the process.
Any new commercial mechanics, the integration of any digital solutions or of any retail innovation will require the complete appropriation by both the retail and the office staff. Their integration since the beginning and all along the process is a success factor.
Our recommendations will also include training, coaching, and support for effective appropriation.
Only the innovation you need
Now that in-store digital has finally overcome its peak in the "hype cycle", luxury brands can consider integrating retail-tech more relevantly.
We don't believe in the gimmicky tech which promises showy and shallow entertainment. It won't make any aging brand look younger or cooler. It just won't.
On the contrary, we are witnessing the maturation of a number of innovations that can bring visible added value to the client experience, the retail efficiency or the data capture and business intelligence. Time to harvest!
For more efficient client geared actions
We are passionate about Behavioural Sciences and enthusiastic about multiplying their applications to power up our clients retail. Nudge Marketing is amongst the most promising tools and we continuously work at improving our methodology to help you tailor nudges to your own needs and observe their efficiency.
We also believe that offering memorable emotions to your clients and contributing to their long term happiness through the interaction with your brand is the future of luxury retail. The learnings from the behavioral economists and psychologists can provide a lot of inspiration to your strategy in this direction.