- An almost immediate increase of 35.33% in cash flow through an intimate understanding of customers’ desires and requirements.
- A deep understanding of KT Jewellery’s Ideal Target Customer, and therefore a keen understanding of how to market KT Jewellery products and services to this large Ideal target market, by removing all the guesswork from the equation, and therefore lowering overall marketing costs.
- 80% of consumers say they are more likely to do business with a company if it offers personalised experiences - Edelman
35.33% Increase in Sales In 45 Days By Understanding the Customer Profile …
Introduction
- The success metrics that KT Jewellery saw after doing business with Retail Lifesavers was that there were multiple missed opportunities lost every single day, due to a lack of understanding who their current customer was, and who their ideal target customer was.
- KT Jewellery is an experienced family-owned jewellers’ that is located at The Glen Shopping Centre in Melbourne. Greg the owner was frustrated that after a major refurbishment of their store and The Glen Shopping Centre, that this had not raised their profile as was desired, and many people were unaware of who KT Jewellery was, or where they were located.
- The opportunity that KT Jewellery saw in Retail Lifesavers was that we saw that KT Jewellery had missed 2 Key Pillars of Retailing, specifically, Pillar 2 – Ideal Customer, and Pillar 5 – Implementation which meant that they were leaving 30%+ minimum cash still on the table from a customer perspective. Greg and the team were aware of the problem, they just did not know what the problem was.
What were measurable key performance indicators to deliver ROI?
- Success Metric #1 - Greg’s first friction point was simply a lack of understanding of who was KT Jewellery’s current customer vs who they thought was their current customer. Key Pillar 2 – Ideal Customer. This points to their marketing not converting as they believed it should have been doing.
- Success Metric #2 - Retail Lifesavers after conducting extensive background analysis of the whole demographic of the Glen Waverley and surrounding areas could point with certainty to the friction point of KT Jewellery leaving “cash on the table”, being that they did not know who their ideal target customer was.
