Company Background
Lorimat Jewellers is a Kilkenny based jewellers based on Patrick Street, near the city centre. The company specialises in the provision of world-class engagement rings, wedding bands and necklaces for men and women.
The company had recently moved to a first-floor premises and with that becoming an appointment-only retail destination. Furthermore, Lorimat Jewellers are the first jewellers in Ireland to provide the try-at-home service that uniquely allows people to try on and feel replicas of the ring they want to purchase.
The Challenge
The new business model means that Lorimat Jewellers had multiple challenges including needing to analyse the channels it was using to reach its desired audience. Lorimat Jewellers had been used a “traditional” multi-channel strategy to reach its target audience in the past (radio and some online).
Lorimat Jewellers also needed to conduct some segment exploration including the customer journey used by its clients when purchasing an engagement ring or wedding ring. Lorimat Jewellers needed data available through secondary sources pertaining to the age, gender, life-stage and online behaviour of people who would be interested in their jewellery.
RIKON’s Assistance
RIKON conducted extensive research and analysis into the online shopping behaviour of men and women purchasing jewellery. RIKON’s analysis included research of local, national and international jewellery buying trends.
RIKON mapped Lorimat Jeweller’s “as-is” business model to establish its base and what parts of the business model required consideration.
The Solution
RIKON’s analysis meant that a new framework for Lorimat Jeweller’s customer engagement strategy could be created and utilised. RIKON’s research explored the importance of various pay-per-click advertising formats that were available as well as the importance of Instagram and Facebook advertising.
Rita Shanahan, Lorimat Jewellers:
RIKON at WIT provided Lorimat with a comprehensive analysis and audit of our new business model and more importantly – where there was any weaknesses or threats. RIKON’s research means we can now approach 2021 with full knowledge of the opportunities and threats that surround us.