Creating the Modern La Mer.
We were retained by Catherine and Peter to get to work on their go-to-market and eCommerce strategy, requiring omnichannel and strategic planning, which covered everything from ‘what to call it’ (branding CID), profile/demographic definition of the core customer, quality standards, COGs/price point and margin positioning, distribution strategy online vs. offline, key eCommerce best practice tactics in addition to establishing analytical targets, and an overall marketing strategy.
“Our greatest challenge will be to get people to understand that our product is better.” Cat Enright
We quickly learned through both intuitive logic, strategic planning and our comp analysis that unlike the days when La Mer entered the market and celebrities could literally sell anything, was that across generations there was an appreciation for natural ingredients, and the medical side of things, as opposed to the blanketed “dermatologist-recommended”. We discovered that women were utilizing the power at their fingertips (i.e. their browser or mobile device) to research in a couple key strokes, customer reviews, social scores and many were going a step further to research on medical websites such as WebMD to learn more about an ingredient they were not yet familiar.
And, there we had it, the power of the medical ingredient; all we needed to do was to unlock it. In conjunction with our comp analysis that benchmarked the soon to be named eXO against the toughest competition in the market, where we prioritized 52 go-to-market tactics within a 1 – 18 month time period that would bring eXO to its maximum growth potential.
In tandem, we handed over the reins to Carlos Prieto, Graphic Designer, where he constructed not only a recommendation for the core identity, but also the direction of the logo and its first packaging iteration, in which to compete across the market. On the higher end, eXO would compete indirectly with those who might invest in La Mer…and on the aspirational end, those younger women who would begin to invest in their regimen at an earlier age (than prior generations).
The second portion of our Strategy engagement was to offer robust financial planning defined through big data KPI’s that defined, down to the dollar, the go-to-market strategy across all P&L and Balance Sheet assets and liabilities; to secure executive buy-in at the biotech firm and to balance projections across product manufacturing P.O.’s with sales demand generation. In neta-speak this is called Capital Raising and we believe it is an imperative for every strategic ascension. Thanks to their team and the evolved strategy, eXO far surpassed plan, gaining recognition from celebrities and influencers alike.
- With nominal PR, eXO became a celeb pick for Kourtney Kardashian, Sofia Vergara and Sarah Hyland
- Conversion rate ramped up to exceed 3.5%+ on +64% traffic growth within 6 months
- Trending +65% ahead of intial 7 month plan (+242% comp in month 7)
What’s next for Exoceuticals? Well, that’s easy…it’s time for investment… and with results like these, wouldn’t you bet we’re working with Cat and Peter on positioning them for their next growth iteration? (We’d take that bet!)