Into The Metaverse With Golden Goose

#Golden Goose

Cover image

Golden Goose is an italian sneaker brand that has been a booming company since it was founded in 2000 in Venice, Italy. Golden Goose caught the consumers eye with its unique lived-in look because no other high end sneaker brands has successfully produced this look at such high end price points. Another aspect that makes Golden Goose unique is their sneaker customization service. Customers can buy a base model shoe silhouette and then take the shoe into the Golden Goose physical store and get it customized from hired designers. This aspect of their company has attracted so many customers because the brand understands that “personalisation is certainly a trend” and Golden Goose has made a “commitment to true personalisation” (Maher, 2022). Golden Goose enforces customer interaction and experience with their brand by making the customization only in person and in their store.

(Maher, 2022)

(Maher, 2022)

Building off Golden Goose’s unique sneaker customization service, the brand will introduce a project within the metaverse that will bring the same user interaction and experience with the brand, as it does in the physical world. This project will further Golden Goose’s awareness to a whole new set of customers and will increase their customers to convert and purchase their merchandise. Golden Goose will utilize Roblox platform and in the Golden Goose World, the brand will offer a range of customization options for the Golden Goose shoes/apparel represented by the NFTs. This could include options for different colors, materials, and patterns, allowing users to create a unique shoe design that reflects their personal style. Once the users purchase the NFT they have access to the world of Golden Goose within Roblox.

Inside the Golden Goose world, customers will be able to customize their shoes and apparel (making them personalized with thousands of designs offered) and purchase more NFT’s to have access to fashion shows, new collections, and other benefits; in order to convert them into lifetime value customers. Depending on the colorway that the users pick within the Roblox Golden Goose World, they will be given special perks. For example, a purple shoe or striped jacket will give the customer's Roblox character the ability to fly. Having these continuous benefits available for the consumers Roblox characters, will enable the customer to have a more beneficial experience within the Golden Goose world and have the desire to stay and buy more NFTs to unlock different shoe features. This will enable Golden Goose to even further convert customers to lifetime value customers.

The purpose of the project is to give customers exclusive access to the Golden Goose Roblox world. By buying NFTs for Golden Goose and committing to the brand and its products they will become loyal customers, and this will create a bigger community for people who are actively involved in new technologies such as the Metaverse. With there being 52 million daily users on Roblox, this creates even more awareness for Golden Goose, within the metaverse and the physical world as well (Kutucheif, 2022). Expanding Golden Goose into the world of Roblox will allow for Golden Goose to reach a whole new market of consumers. This new market of consumers that Roblox caters to would not typically be the target market that Golden Goose attracts in the real world. Golden Goose's target market in the real world is 70% women and 30% men with the average age group of 35-44 years old (AdTargeting 2022). While 67% of Roblox’s audience is under the age of 16, users over the age of 25 make up only 14% of their audience (Dean, 2022). Golden Goose would otherwise not reach the demographic of Roblox users without utilizing its platform. Users can create their own worlds inside Roblox, so Golden Goose is going to completely personalize their world to give consumers access to every special feature and benefit. This will allow Golden Goose Metaverse consumers to enjoy the experiences the world has to offer and become lifetime value customers having exclusive access.

(Dean, 2022)

(Dean, 2022)

This Golden Goose world will be launched May 1st and users can start customizing shoes and apparel as soon as they purchase the NFT for the Golden Goose world. The shoe and apparel customization shop and ability to purchase more designs and colors through more NFT’s will be open for 6 months. However, the exclusive events that the customers earn by having a high status of NFT’s will continue to be available for the whole year for those exclusive customers. If the performance of the Golden Goose world is not strong then the brand will use first-party data and send out a survey to the customers inside the Golden Goose Roblox world asking how the brand can improve the platform, and figure out their needs and wants through the survey. With this data, Golden Goose can improve their platform by doing another 6-month trial with these new improvements. 

The first way Golden Goose can measure the success of this project is by viewing how many customers are actually purchasing the NFTs to have access to the Golden Goose world within Roblox. Monitoring this sales data will enable Golden Goose to understand how well their platform is performing. Another way Golden Goose can determine how good of an investment this project is, is by looking at their ROI data. This data will show the brand how much more revenue they are producing by partnering with Roblox. Golden Goose can utilize CLTV to estimate the total value a customer will bring over the course of their relationship. So, how will having these roblox customers benefit Golden Goose throughout their time in the metaverse. Having these customer relationships will allow Golden Goose to have a higher customer acquisition rate and a higher customer retention rate as well. Golden Goose attaining a higher customer retention rate will also enable the brand to create repeat purchases and convert more customers to purchase their NFT’s. 

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Cover image from Aritzia Brand Profiling, Positioning, & Analysis

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