Client Update Presentation: B2B 1. Product Use Journals - - PowerPoint PPT Presentation

Client Update Presentation: B2B

• 1. Product Use Journals

Summarizing our experience with the Hydrean, including its implications.

Key Findings

Mindfulness vs. Awareness

The definition of mindfulness is better suited than awareness, when related to the Hydrean. The product should be promoted as such.

Personalized Experience

The Hydrean’s instructions made for a limiting and confusing experience of

• mindfulness. It would be more

effjcient to have the tool taught specifically to address different user needs, which may be more feasible through in-person or video instructions.

A Good Reminder

The Hydrean is a great reminder to to take a moment to perceive, reflect, and contemplate the world around us, especially in our technology-centric

• world. It stands out from other

mindfulness tools (i.e., meditation apps) because it is an alternative to technology.

3

Portability

The current packaging of the Hydrean is bulky and ineffjcient, making it diffjcult to carry the Hydrean in its box while using it. A fabric pouch would be more effective and more portable. The string that comes with the product also hurts the overall quality.

Style

As is, we are not inclined to wear the

• Hydrean. If the device itself was

smaller, the chain was less

• bvious/bulky, or the colors could be

personalized, wearing the Hydrean as jewelry would be more realistic.

Price

The current price point of $38 is too high for the present target audience, and the Hydrean should not be marketed as a luxury good but rather as a tool that democratizes mindfulness and well-being.

Implications

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.

The Problem

Especially in our technology-driven world, people often find themselves

• verwhelmed and overstimulated by

everything going on around them. Oftentimes, people are too preoccupied to take the necessary time to focus on themselves and their wellbeing.

Problem Identification

The Solution

The Hydrean is an effective and universally easy-to-use tool that facilitates mindfulness. The Hydrean prompts people to “unplug” and slow down for a minute, paying attention to themselves, their relationships, and their surroundings.

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

• pportunity for success would be to

take a Business-to-Business (B2B) approach, where The Hydrean is being sold to other businesses (e.g. retailers

• r wellness centers) rather than

directly to consumers.

8

Benefits of B2B

9

Demonstration & Personalization

Allows intermediaries to demonstrate how to use The Hydrean & to personalize the device to individuals’ needs. For example, sales associates can explain the product or therapists can provide it to their patients with specific, personalized instructions for each interval.

Wider Audience

The Hydrean will be able to reach a wider audience by tapping into the existing customer bases of established businesses and gaining access to those who already practice mindfulness, as well as those who are new to mindfulness.

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

11

Local Businesses (Retailers) Organic Chain Grocers (1) Specialty Stores (3) Local Yoga Studios (3) Wellness/Rehabilitation Centers Durham County Detention Facility (1) CAPS

Local Businesses: Yoga Studios

Plan Design

▪ Distinguishing mindfulness from awareness and understanding the role of mindfulness within yoga ▪ Understanding the demographics of local yoga studios ▪ Understanding the use/advertisement of products used in yoga classes ▪ Understanding the place of mindfulness tools/products in yoga practices

Learnings

▪ Mindfulness is different from awareness

▫ Mindfulness is more sensory-based and focused on being present, while awareness requires more rational analysis

▪ Primary demographic: middle-aged white women ▪ Most items used in class are traditional yoga props rather than products (yoga mats, blocks, balls, wheels), sometimes supplemented with a traditional mindfulness tool (Tibetan Singing Bowl, meditation cushion) ▪ Many yoga instructors typically use traditional meditation tools (Mala beads, weight bags) rather than mindfulness technology (apps) ▪ Some studios have a small retain section at the front of the store (with wellness products, books, & clothes) but don’t engage in traditional advertising/marketing

Implications

▪ Use the term “mindfulness” rather than “awareness” for the Hydrean ▪ Not feasible to do a business partnership/sponsorship with a yoga instructor where they blatantly advertise during a class ▪ More “traditionally” trained yogis are inclined to use these tools “traditional” tools ( Mala beads, Tibetan Singing Bowl) ▪ Emphasize that using the Hydrean is a break from technology ▪ The Hydrean could potentially be sold in retail section of yoga studios, but the only marketing would come from a very casual/personal genuine recommendation

12

Local Businesses: Specialty Stores

Plan Design

▪ Interview Parker & Otis, Fosters, and MagikCraft (MC) ▪ Understand how stores choose their merchandise ▪ Understand price range of current merchandise to better inform target price for Hydrean ▪ Understanding competitive landscape - similar products already being sold ▪ Understand stores’ target audience and their demand for mindfulness tools

▪

Receive feedback on The Hydrean

Learnings

▪ Choosing Merchandise:

▫ Local stores often try to source locally made products that are unique to the area, people, and resources ▫ Important for products to be visually appealing and recognizable, as many customers come in looking for gifts rather than specific products

▪ Pricing:

▫ Products range from $0.25-$200 depending on how unique they are (Comparable are $5-$20)

▪ Competitive Landscape:

▫ MC: Mala Beads, Worry Beads, Palm Stones ▫ POtis: Mindfulness/Self-Help Books

▪ Target/Demand:

▫ Fosters: Foodies / No Demand ▫ POtis: Female Shoppers / Low Demand ▫ MC: Wannabe & Current Mindfulness Practitioners / Medium Demand

Implications

▪ The Hydrean would be more appealing to local stores and shoppers if it was locally made and more personalized - who makes the product, what the product is made of, and where the product is from matter ▪ The packaging and instructions are unclear - they do not draw shoppers in visually or explain what the device is intended to be used for clearly ▪ The Hydrean is overpriced - retailers said the product is likely worth $5-$15 depending on maker & materials used ▪ There are other products that fulfill similar needs for shoppers - The Hydrean may consider bundling ▪ The Hydrean is best suited for specialty stores that focus on holistic practices

13

Local Businesses: Organic Chain Grocers

14

Plan Design

▪ Interview Whole Foods (WF) ▪ Understand how stores choose their merchandise ▪ Understand price range of current merchandise to better inform target price for Hydrean ▪ Understanding competitive landscape - similar products already being sold ▪ Understand stores’ target audience and their demand for mindfulness tools

▪

Receive feedback on Hydrean

Learnings

▪ Choosing Merchandise:

▫ WF has very centralized merchandising & sourcing processes that are done at the corporate level ▫ WF used to have more local vendors; however, once bought by Amazon, the company became more corporate and getting in became harder (managers and sales associates are not allowed to talk to local vendors or do any interviews) ▫ Have very strict quality and proof of concept guidelines

▪ Pricing:

▫ Products range from $1.25-$85 (No comparable products)

▪ Competitive Landscape:

▫ Whole Foods does not carry any similar products

▪ Target / Demand:

▫ Health conscious individuals that want natural alternatives to everyday items

Implications

▪ Would be a very tedious and diffjcult process to get the Hydrean in stores and likely would not be successful ▪ Hydrean’s lack of proof of concept makes it unappealing to chain stores ▪ Chain grocers do not carry comparable products at the moment - mostly carry household items ▪ Seems as though the purpose of the Hydrean does not match the merchandise currently in-store ▪ Overall, chain grocers do not seem like a good fit

Wellness/Rehabilitation Centers: CAPS

Plan Design

▪ Defining mindfulness, in both general and personal terms ▪ Recognizing the differences between CAPS and Duwell’s responsibilities ▪ Understanding the benefits of mindfulness, especially specific to Duke’s community

▫ Assuming applicability to all college communities

▪ Understanding the importance of mindfulness tools

▫ Assessing how a defined brand influences this

Learnings

▪ Mindfulness is about being in the present moment

▫ Aligns with mindfulness over awareness definition

▪ “We are human beings, not human doings” ▪ Koru → benefits include managing stress and anxiety

▫ Primary reason people seek out CAPS or other Duwell services

▪ Building a community element around Koru is important for its success (application/blogging) ▪ In distributing products, the two most important factors are price and intended purpose

▫ Sleep mask > pen ▫ Branding is everything → awareness

Implications

▪ No “cookie cutter” person who practices mindfulness

▫ People just want a tool to manage their stress, and are willing to try anything

▪ Learning self-compassion and self-control is as important as managing stress and reducing anxiety ▪ Mindfulness → becoming a well rounded person ▪ Branding is imperative in promoting awareness

▫ Products would not be distributed in individual counseling sessions, but rather as a way to get the Duwell umbrella name out there

15

Plan Design

▪ Defining mindfulness, in the context of detention facility ▪ Understanding mindfulness activities and therapy session in detention facility ▪ Explore the possibility of

• pening up a new market

segment ▫ Identify existence of any administrative hurdle ▫ Learn the general price point of mindfulness tools for this market

Wellness/Rehabilitation Centers: Detention Facility

Learnings

▪ Detention facilities are run by the sheriff’s offjce ▫ The administrators are a mix of government workers and soldiers ▪ Programs are planned around crime prevention and readjustment into society ▫ STARR Program (Substance Abuse and Recidivism Reduction) ▫ Sexual Offender Treatment Group ▫ Literacy Training ▪ Detention facilities are very cautious of

• bjects that can turn into a weapon

▫ Hydrean can be used as a type of a brass knuckle ▫ There is a possibility of melting the ring and reshaping

Implications

▪ Administrative Hurdles ▫ Purchasing anything at a large scale will require collaboration from multiple departments within the command chain ▫ Any spending from the detention facility is basically a government spending ▫ Even contacting the facility for research purpose was extremely diffjcult ▪ The Hydrean is not a good ‘fit’ for the facility ▫ Training programs are not centered around therapy and mindfulness activities ▫ Hydrean is very unlikely to be given out to inmates

16

• 4. Recommendations

Marketing target, including demographics, psychographics, size, and positioning.

Target Market

Our suggested target audience is the holistic medicine/wellness market, specifically crystal shops, because:

• The Hydrean fits with stores’

target market & demand

• Stores don’t require proof of

concept

• Showed the most interest and

understanding of the tool

18

Target Market

Size

▪ Social media metrics (Instagram) ▫ #crystals: 12,979,525 posts ▫ #healingcrystals: 2,113,382 posts ▪ $196.87 billion market ▫ The alternative medicine market, which includes healing energy products, is expected to generate such revenue by 2025 (Grandview Research)

Demographics

▪ Millennials ▪ Predominantly female ▪ Aesthetic ▪ Spiritual

Psychographics

▪ A movement from religion to spirituality

▫ Practices like crystal healing mix elements from multiple faiths and ancient traditions into individualized spiritual work

▪ Prioritization of self love ▪ Mix of mindfulness newcomers and long-time practicers looking for new tools 19

Positioning?

The Hydrean would be the perfect supplement for wellness/mindfulness books (grateful journals, coloring books, etc.), as this would allow the Hydrean to get in front of customers who come to Crystal/Specialty stores looking to for these types of products.

20

Recommendations to Penetrate Market

1) Provide The Hydrean in different materials

• Use stones or metals that have different known energies and vibrations

associated with them (i.e. copper is a known conductor)

2) Personalize The Hydrean

• Make different Hydreans for different uses (i.e. to achieve prosperity or

increase awareness) & change “mantras” or prompts on instructions accordingly

3) Reduce price to retail at $5-$15

• Price could go as high as $20 depending on material used and level of

personalization

21

22

Thanks!

Any questions?