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PURPOSE • Online PlatformTo bring Asian luxury products to a unified • online platform • MaintenanceMaintain an exclusive image and outlook • Registration • Only high end retailers, products and services shall be allowed to register • TargetThe website shall target Crème-de-la-Crème customer base
WHO IS OUR CUSTOMER? We target wealthy, high net-worth individuals (HNI’s) with an annual disposable income of above ₤ 50,000/- conservatively and their immediate families. Geographically: we shall be covering entire United Kingdom and further move to USA. Our customer base is mostly in Tier-I and Tier-II cities but a deeper penetration will bring additional benefits. Marketing approach: will focus on busy individuals, ladies of luxury, socially active young adults and wealthy seniors.
MAINTAINING EXCLUSIVE IMAGE: We shall only advertise at events and other modes relative to our target audience. Hence maintaining the status quo. • All registering companies will have to follow a joining criteria • Only Asian luxury and high end brands, products and services will be invited to join. • Create a Luxury ladies award club, also by invitation only • Further organize customers according to value, buying behavior and spending habits (by introducing customer levels to facilitate the vendor). • Create a separate clubs within Cacozi where only verified HNI's can join, strict joining criteria. The Select Club and The Signature Circle
HOW LUXURY BRANDS COMMUNICATE: • By featuring a couple of items, in a monthly issue of a magazine, from the entire range, sometimes even irrelevant pieces are featured by magazine editors i.e. a bracelet from a fashion brand or a painting from a furniture store. (Newspapers and magazines are already on their way out) Lifestyle & Fashion magazines Via own company website Word of mouth Luxury events and exhibitions A Brick and mortar store at an expensive/exclusive location
RIGHT MOOD THE LOGIC OF LUXERY Luxury item sales are mostly about 'want', need is rarely associated. It is the pride of owning something unique, hence the sale comes to be only when the product is displayed to its actual end customer. Impulse, hence hugely influences promotes such sales. + = + RIGHT MIX OF CHOICES AVAILABLE RIGHT TIME • When the impulse strikes, they can go to Cacozi portal or ask their PA or family member to find them a piece of furniture, a dress or a new dinner set and those options shall be readily available to them straightaway; before they get busy or that impulse subsides for any other reason. • What is the point of creating something that nobody knows, exists i.e. The customer would not want it if the customer would not know about its existence..Luxury is all about want, the desire of having something and timing is of the essence Customers can freely go to Cacozi anytime and browse through the products for hours in the comfort of their home, office or beach etc
WHY SHOULD YOU GO ONLINE: • LIMITED REACH: Store is localized • STAGNANT:A no. of home styling or fashion options and features can be showcased on a web portal while the same is not possible in the actual retail space, at any given time • ALIENATED: Everyone's online..it is the future,you cant judge customer interest offline • LIMITED BUSINESS HOURS: 24 HOURS 7 DAYS OPEN • OBLIGATION: Customers can look through items for longer/shorter time without obligation • CONNECTIVITY ISSUES: Web portal gives live updates upcoming sales, discounts & new additions • PHYSICAL MANAGEMENT: Have to maintain a strong presence of each major store • LACK OF BOUNDARY:Helps customers maintain their anonymity/boundary until they choose to interact, impersonal era YES, I HAVE A WEBSITE: NOT ENOUGH!!! It is an impersonal era. People do not even call friends and family. Chat, twitter, comment, tag, like are the forms of futuristic expression. The passive mode of interaction is becoming hugely popular. So for a physical store it lacks in many ways: BUT IS YOUR TARGET CUSTOMER COMING TO YOUR SITE ??
YOUR WEBSITE V/S THE ONLINE MARKETPLACE It is a move similar to when shops went from streets to malls to give customers an easy and collective approach, knowing that the strength and the benefit lies in all stores being at one place, and that effect is proven globally. Focused Approach: Personal store website has minimal SEO and it is not tech savvy Dated No constant product updates on the website, not in line with online mktg tools, if website available Dedicated Team: Extra burden to train staff to maintain a website. Customer Experience: • Each website is different and it is hard for the customer to easily understand/get the feel of what is happening. UI & UX issues
Handling Queries/Response Time: The store staff are not usually trained to handle queries over the phone and even if they do, it mostly goes to we shall call you back after checking/confirming etc • Liberating: 3rd party purchase is easy as the experience is more freeing0 • Closes Sales Better: A wider variety of options i.e. carpet, side tables and coffee table to match sofa • Get That SaleNo absolute focus on online retailing, relying on word of mouth (most of the chatting these days is through virtual mediums) • Wider Platform:Direct contact with your target audience on a wider platform • Regular Visits: High customer turnaround (revisit numbers) • Additional Sales: Parallel to your website and/or physical store
ANALYTICS CANNOT BE SUBSTITUTED There are so many folds of technology and analytics that go into understanding the customer today that it in itself is a wholly separate business and can not be managed in –house by companies, no matter how plush the website is, it is indeed: LIKE A LUXURY SEDAN WITHOUT AN ENGINE OR A SELF PROCLAIMED DOCTOR
YOU CANNOT STOP RUNNING YOUR BUSINESS AND GET INTO: Which geographic areas lack coverage and the reasons, mobile network reach etc Abandoned shopping carts, website bounce rates and the reasons A choice of payment methods and dealing with payment gateways The final delivery experience Was the whole process hassle free and/or where exactly the customer lose interest Customer metrics, A/B testing, Keyword research etc Understanding analytics Conducting predictive analysis Creating actionable reports Understanding consumer behavior, mapping customer journeys Planning based on the website metrics Keeping abreast all tech trends and pivoting accordingly Focusing on Customer experience using the website Is it fast, is it slow, on desktop, on mobile, what is lacking, did anyone CLICK!!
ATTENTION SPAN It has been surveyed by Microsoft in 2016 that human attention span has gone from 12 secs in year 2000 to 8 secs in 2016 , that is less than the “Goldfish = 9 secs ”
Satya Nadella says, Microsoft C.E.O. ‘True scarce commodity of the future’ will be ‘Human attention’ Even the popular refined taste series Downton Abbey is also hyper-paced..it does not stay on one scene/thought much longer. Entertainment, news and other industries have also caught on to this nugget of information. HOW TO CATCH A PERSONS ATTENTION IS HIGHLY VALUABLE ?? ATTENTION OF A MILLIONAIRE – VERY TRICY !! DIVIDE IT FURTHER FOR A BILLIONAIRE!!
WHAT WE OFFER Exclusive Platform: Luxury retailers only Dedicated to High Net Worth Individuals Prime focus on Asian Luxury BIG on Value added services Focused on Celebs and VIP's Fame Event tracker Maintain Rare and Elite status Customer Segmentation Big Data Analytics
WHAT WE OFFER • Advertising options • Product presentation • Planning ahead • Giving back Powerful Social media integration Religion & Festivities Seniors market Influencer awards Global foresight
THE U.S.P. • Select Club for Exclusive listings • Treasures of Antiques and Rare items • On Demand services • International shopper services • Exclusive Social Benefits • & many other services Verified Luxury Vendors A Unique Focus on Asian Luxury Exhibition parties @ home Event listing services Personal shopper services Dedicated Account managers Discreet & Private
THE SELECT CLUB This is a special registration. The applicants will have to apply for a registration and submit required documentation, their social and financial records will be taken into account to ensure that they can join the club. It will allow the members the following benefits: • Limited range items • Exclusive range displays before products launched to market • Beneficial to celebs and VVIP's if they want to further secure their details • Exclusive home visits can be arranged • Personal shopper services of the international curator • Invites to special events and exclusive launches, openings and shows • Reach Signature range of this circle and you shall be primary interest of exclusive benefits from all luxury brands. • Elite match making services
CREATING A CLASS WITHIN UPPER CLASS THE SIGNATURE CIRCLE: For the brands that fear losing their exclusivity, we have created “The Signature Circle” The customers in this circle shall be cherry picked from ‘The Select Class’ based on their shopping history and social interactions etc Additionally we shall add the known VVIP’s and Celebs to this circle to give you a concentrated audience You can display your products here without losing any exclusivity This Club or its product details will not be displayed to the general shopping population
SIGNATURE CIRCLE PURPOSE FOR THE CLIENT: Account managers (like P.A.’s) will be allocated with personal contact to do the direct running for you. Anything: Anywhere: Anytime (within UK to start with). Clients shall pay a certain fee for this service (and travel cost ). The cost of the product and any other variable shall be additional. Personalized shopping page will be provided as we gather data on client’s interest’s. The members will get access to limited editions and designs/products that are not available to normal visitors Gives clients an option to leave comments with products if they think that they should be getting a special price i.e. wearing it to or using that product for a high marketing coverage event Clients can list their upcoming events, those with high media coverage, so that the brands can solicit them for carrying their products. Earliest possible delivery, max 24 hours.
ARRANGE HOME & VIEWING & EXHIBITIONS Signature circle customers have an option to create a home exhibition for their own viewing benefit. They can select various products or generalize a type and arrange a time slot. They can also request to generally arrange a Bazaar for their upcoming party etc to entertain their guests with a unique shopping experience. They will be encouraged to do so, giving us an opportunity to reach out to their contacts.
FOR SOCAIL BEES ARRANGE MARKETING/EXIBITION AT HOME For SOCAIL BEES arrange market/exhibition at home Clients can also choose to select items or product categories and choose a place to display them to their friends or relatives They can benefit from sales commission A minimum fee will have to be paid by the exhibitor which will be cancelled if sales go above a minimum amount A minimum of 30 potential clients must attend A 3 hour time slot will have to be booked Location details and maximum visitors have to be given Minimum floor size Value of goods, number of items or price bracket required
WHERE TO FIND OUR CUSTOMERS: MARKETING • Targeting architects and interior designers • Recruiting (OTC basis) social bees • Partner with luxury cars, AMEX and Imported liquor labels to break into their client base • Schools, Colleges, country clubs, golf courses, luxury hotels • Develop in-house magazine for promotions and place it at luxury venues. • Online competitions: BEST HOME, BEST WARDROBE etc & Feature homes, yachts etc Social media advertising & S.E.O (Create engaging videos for advertisements) Participating in luxury exhibitions and shows and interacting with target audience directly Target Business and First class passengers on flights Creating brand visibility : shopping malls, Premium restaurants, Five star hotels and Premium Cinemas, country clubs etc Target upcoming events of HNI's and plan accordingly (weddings, engagements, births etc) Focus on secretaries and P.A.'s and organize events and/or discounts/commissions(loyalty card) for them. Engaging with top travel agents to get our branding to their customers
THE 3 BASICS OF ANALYTICS APPLICATIONS: Retention: Identifying value leakage EG: Losing too many customers after 1st purchase and Recognize other unhappy experiences Analytics backed pricing and promotional changes: using machine learning to see the effectiveness of promotional activities. Quick cycle test and learn approaches: In cutting edge applications, E.com players set up weekly test cycles to adjust prices (up or down) to launch targeted promotion on select sku’s Understanding how ‘value migrates’ in customer life cycle: Conversion of a new customer – report and analyze First time repeat purchase behavior – report and analyze Purchases with trading up or category expansion - report and analyze Use data to identify customer cohorts i.e. life changes; new home, new job etc (market acc.) - report and analyze
CREATE A BETTER SITE: Regular testing of landing and opening pages Check ‘social mentions’ using available tools (+ve or –ve and influence those) Actionable reports on bounce rates Actionable reports on abandoned carts • Personalized shopping and personalized reminders • Conduct customer journey mapping • Regular A/B testing • Remind customers of their wish-lists (determine when & how) • Geo-location tracking and marketing accordingly
UNDERSTAND SOCIAL MEDIA: What is our brand personality? --have to create statement— • Find the segments of the social media society/community that you can relate to • Start with the low hanging fruit • Understand what the community (related) is saying • How we can associate with that message • Keyword research on related topics • Find communities within communities & connect • Create long and short stories (content)
THE BIG 5 APPROACHES TO SOCIAL MEDIA • Brand Maintenance:Monitoring the social space and replying to mentions in social media • Community:Could be building or nurturing a community, Brand ambassadors, people who love your brand and/or passion point • Influencers:Identify relevant influencers, monitor their activities closely and approaching them as appropriate • Thought leadership:proactive and reactive reputation management work, endeavoring to place the brand favorably as having credibility or expertise in your arena. • The Big Splash:Creative programs that are supposed to get a lot of attention Elements of social media • DIGITAL REAL ESTATE • CONNECTIONS: Influence marketing & The Big Splash • CONTENT • ENGAGEMENT
INFORMATION V/S BRAND In current times due to the following reasons ‘information’ is the key and not so much the brand (relevance applies): Transparency: Google knows Social proof for info, to gain trust and to connect with the company Absolute value Trust: building it, to create +ve info (walmart lowers prices in cart) How trust develops for a website/company: survey data How fast the page loads How clean and clear the website is; not too busy Trust symbols Instant chat tool Social pro of Product videos Adding badges Showing social proof on you front page or somewhere accessible
SOCIAL PROOF… • Bloggers who have used and/or written about it, actively replied to your queries, online search results • Responses alongside product • Reviews by other users on site, previous customers • Photos of customers using/wearing it • Companies list their product pics from Instagram & Pinterest etc • Videos of actual usage or people using it i.e. celebs or influential people
We are thank you for your time. TEAM CACOZI