Client Update Presentation: B2B
1. Product Use Journals Summarizing our experience with the Hydrean, including its implications.
Key Findings Mindfulness vs. Awareness Personalized Experience A Good Reminder The definition of mindfulness is The Hydrean’s instructions made for a The Hydrean is a great reminder to to better suited than awareness, when limiting and confusing experience of take a moment to perceive, reflect, related to the Hydrean. The product mindfulness. It would be more and contemplate the world around us, should be promoted as such. effjcient to have the tool taught especially in our technology-centric specifically to address different user world. It stands out from other needs, which may be more feasible mindfulness tools (i.e., meditation through in-person or video apps) because it is an alternative to instructions. technology. Portability Style Price The current packaging of the Hydrean As is, we are not inclined to wear the The current price point of $38 is too is bulky and ineffjcient, making it Hydrean. If the device itself was high for the present target audience, diffjcult to carry the Hydrean in its box smaller, the chain was less and the Hydrean should not be while using it. A fabric pouch would be obvious/bulky, or the colors could be marketed as a luxury good but rather more effective and more portable. The personalized, wearing the Hydrean as as a tool that democratizes string that comes with the product also jewelry would be more realistic. mindfulness and well-being. 3 hurts the overall quality.
I mplications While we recognize value in the Hydrean as a product that facilitates improved mindfulness, the current go-to-market strategy is not viable in finding long-term success, and the current packaging and price points are not sustainable. 4
2. Problem Identification What the Hydrean addresses, and how.
Problem Identification The Problem The Solution Especially in our technology-driven The Hydrean is an effective and world, people often find themselves universally easy-to-use tool that overwhelmed and overstimulated by facilitates mindfulness. The Hydrean everything going on around them. prompts people to “unplug” and slow Oftentimes, people are too down for a minute, paying attention to preoccupied to take the necessary time themselves, their relationships, and to focus on themselves and their their surroundings. wellbeing. 6
3. Summary of Customer Discovery Phase Our findings from interviews including plan design, learnings, and implications.
Hypothesis Given the nature of the tool and our experiences, The Hydrean’s best opportunity for success would be to take a Business-to-Business (B2B) approach, where The Hydrean is being sold to other businesses (e.g. retailers or wellness centers) rather than directly to consumers. 8
Benefits of B2B Demonstration & Personalization Wider Audience Allows intermediaries to demonstrate how The Hydrean will be able to reach a to use The Hydrean & to personalize the wider audience by tapping into the device to individuals’ needs. For example, existing customer bases of established sales associates can explain the product or businesses and gaining access to those therapists can provide it to their patients who already practice mindfulness, as with specific, personalized instructions for well as those who are new to each interval. mindfulness. 9
Objective Conduct interviews with local businesses/retailers & wellness/rehabilitation centers to understand whether a B2B market segment strategy is viable and gain insight into what changes need to be made in order to properly target this audience. 10
Audience Breakdown Local Businesses (Retailers) Local Yoga Specialty Organic Chain Studios (3) Stores (3) Grocers (1) Wellness/Rehabilitation Centers Durham County CAPS Detention Facility (1) 11
Local Businesses: Yoga Studios Learnings Implications Plan Design Mindfulness is different from awareness Use the term “mindfulness” rather ▪ ▪ Distinguishing mindfulness ▪ Mindfulness is more sensory-based and than “awareness” for the Hydrean ▫ from awareness and focused on being present, while awareness Not feasible to do a business ▪ understanding the role of requires more rational analysis partnership/sponsorship with a mindfulness within yoga Primary demographic: middle-aged white ▪ yoga instructor where they blatantly Understanding the ▪ women advertise during a class demographics of local yoga Most items used in class are traditional yoga ▪ More “traditionally” trained yogis are ▪ studios props rather than products (yoga mats, blocks, inclined to use these tools Understanding the ▪ balls, wheels), sometimes supplemented with a “traditional” tools ( Mala beads, use/advertisement of traditional mindfulness tool (Tibetan Singing Tibetan Singing Bowl) products used in yoga classes Bowl, meditation cushion) Emphasize that using the Hydrean ▪ Understanding the place of ▪ Many yoga instructors typically use traditional ▪ is a break from technology mindfulness tools/products in meditation tools (Mala beads, weight bags) The Hydrean could potentially be ▪ yoga practices rather than mindfulness technology (apps) sold in retail section of yoga Some studios have a small retain section at the ▪ studios, but the only marketing front of the store (with wellness products, would come from a very books, & clothes) but don’t engage in traditional 12 casual/personal genuine advertising/marketing recommendation
Local Businesses: Specialty Stores Plan Design Learnings Implications Interview Parker & Otis, Fosters, Choosing Merchandise: The Hydrean would be more appealing to ▪ ▪ ▪ and MagikCraft (MC) Local stores often try to source locally made local stores and shoppers if it was locally ▫ products that are unique to the area, people, Understand how stores choose made and more personalized - who makes ▪ and resources their merchandise the product, what the product is made of, Important for products to be visually appealing ▫ Understand price range of and where the product is from matter ▪ and recognizable, as many customers come in current merchandise to better The packaging and instructions are ▪ looking for gifts rather than specific products inform target price for Hydrean unclear - they do not draw shoppers in Pricing: ▪ Understanding competitive visually or explain what the device is ▪ Products range from $0.25-$200 depending on ▫ landscape - similar products intended to be used for clearly how unique they are (Comparable are $5-$20) already being sold The Hydrean is overpriced - retailers said ▪ Competitive Landscape: ▪ Understand stores’ target the product is likely worth $5-$15 ▪ MC: Mala Beads, Worry Beads, Palm Stones ▫ audience and their demand for depending on maker & materials used POtis: Mindfulness/Self-Help Books ▫ mindfulness tools Target/Demand: There are other products that fulfill ▪ ▪ Fosters: Foodies / No Demand similar needs for shoppers - The Hydrean ▪ Receive feedback on The ▫ POtis: Female Shoppers / Low Demand ▫ may consider bundling Hydrea n MC: Wannabe & Current Mindfulness ▫ The Hydrean is best suited for ▪ Practitioners / Medium Demand specialty stores that focus on 13 holistic practices
Local Businesses: Organic Chain Grocers Plan Design Learnings Implications Interview Whole Foods (WF) Choosing Merchandise: Would be a very tedious and ▪ ▪ ▪ diffjcult process to get the Understand how stores WF has very centralized merchandising & sourcing ▪ ▫ Hydrean in stores and likely would processes that are done at the corporate level choose their merchandise not be successful WF used to have more local vendors; however, once ▫ Understand price range of ▪ Hydrean’s lack of proof of concept ▪ bought by Amazon, the company became more current merchandise to makes it unappealing to chain corporate and getting in became harder (managers better inform target price for stores and sales associates are not allowed to talk to local Hydrean Chain grocers do not carry ▪ vendors or do any interviews) Understanding competitive ▪ comparable products at the Have very strict quality and proof of concept ▫ landscape - similar products moment - mostly carry household guidelines items already being sold Pricing: ▪ Seems as though the purpose of ▪ Understand stores’ target ▪ Products range from $1.25-$85 (No comparable ▫ the Hydrean does not match the audience and their demand products) merchandise currently in-store Competitive Landscape: ▪ for mindfulness tools Overall, chain grocers do not ▪ Whole Foods does not carry any similar products Receive feedback on Hydrea n ▫ ▪ seem like a good fit Target / Demand: ▪ Health conscious individuals that want natural ▫ 14 alternatives to everyday items
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