Accelerating sales with digital strategy
Helping Top-3 global athletic footwear brand to realise its digital potential
DiGITAL ADVANTAGE, %
The opportunity
Companies that understand how to drive value with digital transformation far outperform the market, achieving 9% higher revenues and 26% higher profitability.
The challenge
Our client, a long-standing leader in global footwear industry has spent years trying to establish profitable digital presence.
Management had been working on digital initiatives together with outside experts and yet failed to generate meaningful results. While competitors were driving the buzz and sales through social media and websites, Company’s e-commerce sales remained sluggish; a huge missed opportunity that was putting the entire business at risk.
SHARE OF E-COMMERCE SALES, AS % OF TOTAL
WaveUp was brought in with the task to analyze the existing digital situation, and prepare data-driven analysis and future strategy for Board’s approval.
We were faced with virtually an impossible challenge. On the one hand, we realised we were lacking behind the competition in terms of our digital performance, and it was already affecting our sales and growth numbers. We needed more resources, a solid digital plan and a dedicated team of new hires. On the other hand, we were not producing any results – and the Board was not persuaded of the need of additional investment, treating digital initiatives as an unnecessary cost burden.
HEAD OF MARKETING
The assignment
Launch an in-depth analysis of the competitive landscape and existing internal digital capabilities to identify strategic gaps and develop in cooperation with the Client a cohesive digital strategy coupled with detailed execution roadmap
OUR APPROACH: STEP 1
Mapping digital gaps
Dive-in on the market, competitors’ strategies and internal capabilities, with the goal of gathering data on the performance of each digital channel and developing a cohesive map of the current digital strengths and weaknesses.
High website bounce rates and cart abandonment rates; significantly above the market
Very low engagement and conversion figures; with less than 1% of website visitors buying
Slow online traffic growth (>20% vs 100%+ for major competitors)
Weak content and social media initiatives; with social channel responsible for less than 1% of overall website traffic acquisition
No centralized decision-making to set goals and oversee digital strategy execution, leading to lack of results, high budgets and duplicate efforts
OUR APPROACH: STEP 2
Building digital roadmap
Creating a plan on how to leverage the existing media, content and brand awareness to bring Client’s digital strategy in line with the competitive market and accelerate online revenue growth.
- 01Setting the vision and long-term strategic objectives for the entire organisation
- 02Setting specific goals for each of the digital streams and developing execution roadmaps
- 03Identifying enablers, processes and tools to help the company achieve its vision in each area
- 04Mapping key resources, timelines, budgets and KPIs to measure effectiveness
OUR APPROACH: STEP 3
Driving change
Based on the analysis conducted, building an actionable and cohesive plan towards digital transformation.
Redefined organisational structure to ensure digital is incorporated in company’s strategy across all departments
Developed a scalable omni-channel customer acquisition strategy with specific goals and strategies for e-commerce sales
Built a content transformation plan to use existing assets more effectively and deliver strong engagement and sharing of the brand
Decreased cost per customer acquisition while drastically increasing overall brand’s reach and traffic
Designed processes for digital success driving adoption of data, analytics and tools that would allow to track performance in real-time and increase profit centers for the business
Our impact
122%
increase in traffic
3.1x
higher conversion rate
2.2x
lower customer acquisition cost