The turnover has gone down by 16% year on year. And, the profits have taken even a larger hit.', proclaimed Jatin. He was in charge of the finance of the city's leading jewellers. The jewellers had a very strong presence in the city with 6 stores. They considered the city to be their fortress, but for the last three consecutive years, the business was shrinking. Not that they compromised on quality or service. They had established very high standards and still had a very large and loyal customer base. Trust had been the major factor in retaining the old customers But the city was changing. There was a lot of demographic changes happening all around. The average customer profile had undergone a change. The average new customer was younger, more tech-savvy and not afraid to explore other options. Then there was an influx of global brands, who were using modern digital methods to reach the newer generation of customers. They were successful in establishing a brand image that resonated with their customers.
'If we have to compete, we need to remodel our brand image so that we can retain our old trusting customers and our values, and at the same time modernize our methods to attract the newer generation', observed Rita, the new MD. She had just been promoted to the new position. 'We should seek some expert help in re-imaging the brand. I think I will set up a meeting with AideExperts. I heard that EyeCare did great with their help.'
Redefining the Brand
EyeCare had also undergone a similar transformation recently. They had enlisted the services of AideExpert Advisory to guide them through the transformation. EyeCare and Co. is the oldest retail outlet for spectacles and contact lenses in the world. It was the first shop to ever bring the practice of contact lenses to Pune. Six generations have been in this business. EyeCare have multiple branches and have been one of the most trusted premium opticians in the city.
However, with new large Tier1 players like and Titan EyePlus entering the market the competition had become tough. They had to compete with them and needed to redefine their marketing strategy and also migrate to the newest technology to the best reach and impact.
To begin the process of transformation, AideExpert held intense brainstorming sessions with founders where a strategic plan was developed collaboratively using the latest market research data and management methods. A new business model was developed with a focus on carefully defined customer segments. New digital methods and partnership channels were identified. Online and offline promotion and marketing channels were established to reach the targeted segments.
Digital technology was used innovatively to know the walk-in customers better.
Technologies like facial recognition were used to identify the customers and view their purchase history. This provides the salesperson with a unique insight to execute a sale. Also, a 3D try-on app was developed where customers can try out different frames virtually and find the glasses that suit them the best.
EyeCare now have a clearly defined marketing strategy that is well equipped to compete well with the global players in the market. They have embraced technology that is future ready and have a roadmap for growth.