Watchfinder, is a renowned UK brand, retailing in pre-owned luxury watches, since 2002. It started with the idea of buying and selling luxury time pieces over the internet which seemed to be quite a challenging task in 2002. However, a good business sense and continuous determination turned this challenging task into a company with an annual turnover of 25 million GBP (Great Britain Pound). Also, a flagship boutique in the London Royal Exchange was opened.
Watchfinder’s Business Objectives
Since the company originated in cyber space, trading over the website (e-commerce portal) is the basic business model of the company. Apart from this, tapping clients through all the means of internet marketing has been the key revenue driver and the primary objective of the company. The company did some analysis on the average value of orders received from all different means of sources. The strategists worked around on the business objectives and divided it into 2 different parts :-
- The experts realized that only 1% of the visitors are converting into sales due to the fact that the high average value (3,500 GBP) per order makes the customer think for a quite number of days before buying any article. This made the experts list out the visitors who visited the product repeatedly but never intended to buy the same. The experts actually wanted to woo those visitors to return to the product and make a purchase.
- Secondly, they also wished to promote their recently opened physical boutique in the city of London via website and marketing campaigns.
Strategy/Approaches Adopted by Watchfinder
Watchfinder hired a marketing agency, ‘Periscopix’- a Google certified analytics partner, to re-device their marketing plans using tools like Google Analytics and Google Display Network.
- The consultant tapped valuable insights of highly focused visitors who showed interest in several articles but never bought them. The team identified the right audience and executed valuable marketing campaigns along with ads across the complete list.
- The hired agency analyzed the behavior of the visitors and segmented them into various defined groups based on the stage of purchase process, language, location, time spent on web pages, brands etc. to send key messages to the visitors.
- They also tied up with the big teams of various investments banks and big brands like JP Morgan and Goldman Sachs to engage their employees to buy Watchfinder’s articles.
Results Achieved By Watchfinder
Periscopix has done a tremendous job in understanding the Watchfinder’s business objectives and devising the marketing plan which worked well for the brand. Within a short span of 6 months in the game, Periscopix revealed outstanding figures in favor of the financial health of the flagship brand.
- The marketing agency proved its worthiness by giving return on investment as high as 1300% .
- The re-marketing list produced higher conversion rates, both in terms of goals and transactions, from the visitors who spent more than 10 minutes on the website and bounced back without purchasing.
- There was 13% increase in average order value by lowering the cost per articles by 34% versus Watchfinder’s non-brand search campaigns.
The idea of re-marketing by Google Display Network worked so well for the company that the Watchfinder’s team decided to go forward and increase the investment in the same area.
Every business understands the language of results in the form of facts and figures. Periscopix re-marketing plans makes the Watchfinder’s business figures realize their presence. The leading marketing agency which turned the business of Watchfinder’s into a more profitable venture set up an example of ‘hand in hand wins the race for business’.