Marketing and selling high-value, luxury goods and services comes with challenges. While margins tend to be higher so do customer acquisition costs and marketing spend needed to attract customers. When you do first attract a potential buyer, they may not be ready to complete a purchase for 6 to 24 months.
Millions of dollars are spent every year on forecasting software and prediction tools in order to try and understand how sales will unfold. Yet most luxury goods businesses still don’t know when or what those purchases are going come from. If you did, you could plan more accurately, optimize inventory and costs, and better predict revenues.
With Olive you are able to help your customers select, save and earn cash incentives towards the “aspirational” purchase of your products. Olive provides a platform for engaging customers while they get ready to complete their purchase; entrenching them with your brand.
SituationThe customer, a Canadian travel operator, creates, packages and delivers over 50 guided adventures ranging from 4 days to 21 days. Marketing generates new visitors to the website from social media, advertising and trade-shows and they track 3 types of conversions: requested quote, completed sale and added to “nurture” list.
ChallengeWhile clear insights exist into which customers are potential buyers today (requested quote + completed sale), other leads are lumped into the “nurture” list forcing the customer to guess which leads could convert at a later date. The customer needed a way to identify and engage leads who have a real interest in buying at a later date.
SolutionOlive Asset Builder™ integrates with the customer’s website and tour listings to provide a “Start saving for this trip” option. The customer makes this an attractive option by offering incentives for completing the sale at a later date, Olive Loyalty Plus™ is leveraged to accelerate the savings towards the client’s goal of purchasing the trip.
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