Exponea and her partners are delighted to join the second annual Warwick Luxury & Innovation Hub. Taking place at Warwick Business School’s London base, this edition will look at the evolution of luxury, focusing on digital and experiential luxury for the new generation.
Digital technologies, including social media, challenge a number of fundamental premises of luxury consumption and luxury brand management. This second annual forum aims to create an understanding of how consumption and brand communication techniques may evolve in line with new generations and a constantly-changing digital context.
Exponea will have its presence in panel discussion. Jason Smith, our regional director will talk about Luxury consumer trends in the digital age. We had small talk with one of our fashion client Duke+Dexter and would like to share the knowledge with you.
Duke+Dexter is specializing in premium loafers for those who appreciate modern, functional and spirited apparel. Like many companies diving into the foray of rapid expansion the scope of PPA wasn’t fully realized until proper data collection and analysis was streamlined while effectively developing a retention system from scratch. Initially armed with Google Analytics and basic transaction data their hopes were to drive traffic as quickly as possible to the right product/segment. The biggest challenge was for them to find out, when is the right time to reach out to customer based on their behavior.
Then three months ago the shoe moguls began testing Exponea’s solutions. “Since automation, ‘lost’ customers have come back to purchase and restart the customer journey.” They go on to say, “while using the data it is (now) easier to make decisions regarding media spend, placement and personalizing the website based on previous purchases from that customer.”
Their main challenge has been proper data collection and proper interpretation of that data. Initially focused more on CPS rather than CPA before the means had become available. “Without proper data, we were unable to determine what a customers proper value at point of sale and what is the proper value in two years time.” Once armed with this knowledge they were able to widen the CPA levels and start to properly scale.
“The predictive models in Exponea share the likelihood of purchase and when to ‘dial up’ the budget and at what stage (email, facebook, PPC, etc. This can also be done before purchase based on their past behavior… which has proved to be unbelievably powerful.” By setting up the Take2 dashboards they were able to understand a significant amount of business data with regard to not only media spend but also helped to sculpt production choices. Styles with very low conversion rates became visible, will it work commercially or conversely what converting quickly and should be exploited.