Companies measure success through different KPIs such as Return on Ad Spend, Cost per Acquisition, Cost per Lead, Gross sales, Share of Wallet, and Market Penetration.
Harry Rosen’s Digital Media journey was perceptive, I learned a few things which I would like to share, knowing your customer well and their macro-trends is vital for business, if businesses are not successful in adjusting their strategies according to customer insight they will have a negative impact on the business.
One thing that really stuck with me was Harry Rosen’s emphasis on Relevancy. They attempt to determine what is most important to their customer. Therefore, a large amount of client data was collected in order to understand purchasing habits and motivating factors.
Determining the brand’s value is another essential part, creating an advertising plan that caters to customer wants and having a thorough grasp of diverse customers’ issues and needs can help the brand increase its influence and attract more attention.
An adjustable use of social media channels to promote a company also necessitates the creation of media plans based on customer attributes is crucial.
Post-COVID people want to back to their normal life but want to be safe while doing so, Harry Rosen focuses more on in-store customer experience and keeping that in mind we have this vision of communicating with the clients before their visit to the store and tailoring their in-store experience so that when customers arrive, they will have all the options laid out for them. Furthermore, the brand would provide the clients with solutions that are comparable to their requirements.
The KPI for success that my group decided on was to measure the number of bookings versus the number of conversions out of them. We suggested segmenting the customers through their age, income and location.
The advertising channel that could be used is paid shopping ads, search ads, Pinterest ads and online wedding magazines.
This session was definitely very enriching for us students. I learned the significance of a Performance Marketing Manager and Harry Rosen Digital Media journey, which has given me more clarity. On how retail stores can make better business plans and obtain their business goals