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EnduraBites Columbia 2015
- 1. Team: Eugene Ho Dushyant Mullur Andres Navas Sarah Ribner Yvonne Wang Bite-sized convenient healthy snacks keeping endurance athletes energized throughout long workouts Total Interviews: 96 Athletes wanting to buy: 28 out of 34 (82%) Interested retailers: 4
- 2. Customer Discovery Journey Day 1: Paleo Enthusiasts Interviews: 20 Takeaways: Paleo is too small of a market
- 3. Customer Discovery Journey Day 1: Paleo Enthusiasts Day 2: Boutique Fitness Studio Enthusiasts Interviews: 20 Takeaways: The market is saturated with healthy snacks for workout enthusiasts
- 4. Customer Discovery Journey Day 1: Paleo Enthusiasts Day 2: Boutique Fitness Studio Enthusiasts Day 3: Professionals & Moms Interviews: 22 Takeaways: Too difficult to market to different markets
- 5. Customer Discovery Journey Day 1: Paleo Enthusiasts Day 2: Boutique Fitness Studio Enthusiasts Day 3: Professionals & Moms Day 4: Endurance Athletes Interviews: 25 Takeaways: There is an unfulfilled need for nutritious workout snacks
- 6. Key Partners • Ingredient Suppliers • Packaging Suppliers • Commercial Kitchens • Contract Manufacturers • Distribution Warehouses • Health and wellness bloggers Key Activities • Production of finished product • Sales to customers • Marketing to consumers Value Propositions • High protein, on- the-go snack made with all- natural ingredients • Gluten free • Paleo-friendly • Vegan-friendly • Base Ingredients: almond butter, dates, chia seeds • Variation ingredients include: dried fruit, nuts, bacon bits, coconut flakes, dark chocolate • Shelf stable Customer Relationships • Provide samples for food co-ops and mom-pop health food stores • Partner with local gyms and workout studios (Crossfit, Barry’s Bootcamp) Customer Segments • Fitness enthusiasts who look for on-the-go snacks to provide high energy nutrition • Moms looking for healthy snack options for kids Key Resources • Trademark name and logo • Capital investment Channels • Food co-ops • Mom-pop health food stores • Food service (cafeterias, vending machines) • Internet (website, Amazon) Cost Structure • Ingredients and packaging materials • Commercial kitchen rental fees • Co-packing fees • Marketing budget (samples, ad words, Facebook) Revenue Streams • Make money off the margin of consumer buying physical product Business Model Canvas – Day 1
- 7. Business Model Canvas – Day 2 Key Partners • Ingredient Suppliers • Packaging Suppliers • Commercial Kitchens • Contract Manufacturers • Distribution Warehouses • Health and wellness bloggers • Athletes Key Activities • Production of finished product • Sales to customers • Marketing to consumers • Marketing to workout communities (i.e. Crossfit) Value Propositions • High protein, on- the-go snack made with natural ingredients • Gluten free • Paleo-friendly • Vegan-friendly • Base Ingredients: almond butter, dates, chia seeds • Variation ingredients include: dried fruit, nuts, bacon bits, coconut flakes, dark chocolate • Shelf stable • Resealable bag Customer Relationships • Provide samples for food co-ops and mom-pop health food stores • Partner with local gyms and workout studios (Crossfit, Barry’s Bootcamp) • Promotion through athletes Customer Segments • Fitness enthusiasts who look for on-the-go snacks to provide high energy nutrition • Fitness enthusiasts who exercise at high end boutique gyms (Crossfit, Soul Cycle, Fly Wheel) • Moms looking for healthy snack options for kids Key Resources • Trademark name and logo • Capital investment Channels • Food co-ops • Mom-pop health food stores • Food service (cafeterias, vending machines) • Internet Cost Structure • Ingredients and packaging materials • Commercial kitchen rental fees • Co-packing fees • Marketing budget (samples, ad words, Facebook) • Brand development (logo and naming consultant) Revenue Streams • Make money off the margin of consumer buying physical product
- 8. Business Model Canvas – Day 3 Key Partners • Ingredient Suppliers • Packaging Suppliers • Commercial Kitchens • Contract Manufacturers • Distribution Warehouses • Health and wellness bloggers • Health magazines • Athletes Key Activities • Production of finished product • Sales to customers • Marketing to consumers • Marketing to workout communities (i.e. Crossfit) Value Propositions • On-the-go snack made with natural ingredients • High protein, low sugar, high in antioxidants & fiber • Sustains energy throughout the day and before/after workouts • Base Ingredients: almond butter, dates, chia seeds • Other ingredients: dried fruit, nuts, coconut flakes, dark chocolate • Shelf stable • Resealable bag or blister pack Customer Relationships • Provide samples for food co-ops and mom-pop health food stores • Partner with local gyms and workout studios (Crossfit, Barry’s Bootcamp) • Promotion through athletes Customer Segments • Fitness enthusiasts who exercise at high end boutique gyms (Crossfit, Soul Cycle, Fly Wheel) • Moms looking for healthy snack options for kids • Working professionals who need a snack that provides some degree of functionality and is healthy Key Resources • Trademark name and logo • Capital investment Channels • Food co-ops • Mom-pop health food stores • Food service (cafeterias, vending machines) • Internet Cost Structure • Ingredients and packaging materials • Commercial kitchen rental fees • Co-packing fees • Marketing budget (samples, ad words, Facebook) • Brand development (logo and naming consultant) Revenue Streams • Make money off the margin of consumer buying physical product
- 9. Business Model Canvas – Day 4 Key Partners • Ingredient Suppliers • Packaging Suppliers • Commercial Kitchens • Contract Manufacturers • Distribution Warehouses • Health and wellness bloggers • Health magazines • Athletes (cyclists, marathon runners, Ironman athletes) Key Activities • Production of finished product • Sales to customers • Marketing to consumers • Marketing to workout communities (i.e. Crossfit) endurance athlete community Value Propositions • Bite-sized snacks made with natural ingredients • Sustains energy during, before and after workouts • High protein, low sugar, high in antioxidants & fiber • Base Ingredients: almond butter, dates, chia seeds • Other ingredients: dried fruit, nuts, coconut flakes, dark chocolate • Shelf stable • Resealable bag or blister pack • Specially designed packaging to fit in cycling apparel can open with one hand Customer Relationships • Provide samples for food co-ops and mom-pop health food stores • Partner with local running / cycling stores gyms and workout studios (Crossfit, Barry’s Bootcamp) • Promotion through athletes • Cycling studios Customer Segments • Fitness enthusiasts who exercise at high end boutique gyms (Crossfit, Soul Cycle, Fly Wheel) • Moms looking for healthy snack options for kids • Working professionals who need a snack that provides some degree of functionality and is healthy • Endurance athletes looking for convenient, healthy and tasty snacks to help sustain energy through long workouts Key Resources • Trademark name and logo • Capital investment Channels • Food co-ops • Mom-pop health food stores • Food service (cafeterias, vending machines) • Internet • Running / cycling stores Cost Structure • Ingredients and packaging materials • Commercial kitchen rental fees • Co-packing fees • Marketing budget (samples, ad words, Facebook) • Brand development (logo and naming consultant) Revenue Streams • Sell to local running / cycling stores & cycling studios • Sell direct to consumer online
- 10. Business Model Canvas – Day 5 Key Partners • Ingredient & Packaging Suppliers • Commercial Kitchens • Contract Manufacturers • Distribution Warehouses • Health and wellness bloggers • Health magazines • Athletes (cyclists, marathon runners, Ironman athletes) Key Activities • Production of finished product • Sales to customers • Marketing to consumers • Marketing to endurance athlete community • Sponsor endurance events such as Ironman and marathons Value Propositions • Sustains energy during, before and after long workouts • Bite-sized snacks made with natural ingredients • High in protein, antioxidants, fiber, and complex carbs • Base Ingredients: almond butter, dates, chia seeds • Other ingredients: dried fruit, nuts, coconut flakes, dark chocolate • Specially designed packaging to fit in cycling apparel & can open with one hand • Shelf stable • Resealable bag or blister pack Customer Relationships • Local running / cycling stores) • Promotion through athletes • Cycling studios Customer Segments • Endurance athletes looking for convenient, healthy and tasty snacks to help sustain energy through long workouts Key Resources • Trademark name and logo • Capital investment Channels • Internet • Running / cycling stores • Boutique workout studios such as SoulCycle, Flywheel, and Barry’s Bootcamp where athletes train Cost Structure • Ingredients and packaging materials • Commercial kitchen rental fees • Co-packing fees • Marketing budget (samples, ad words, Facebook) • Brand development (logo and naming consultant) Revenue Streams • Sell to local running / cycling stores & cycling studios • Sell direct to consumer online
- 11. Testing our MVP Athletes wanting to buy: 28 out of 34 (82%) Interested retailers: 4 Fun fact: One retailer even told us he wanted to hire Columbia students!!
- 12. Biggest Learning Moments What we thought… Results? What we found… There is significant demand for a paleo-friendly snack from the fitness community Fitness enthusiasts are not interested in a paleo snack. Many interviewees do not know what paleo means We should market our snack to three customer segments; athletes, working professionals and mothers Targeting three distinct customer segments in a competitive market makes branding very difficult Endurance athletes’ needs are not met by current snack offerings Endurance athletes want a snack that can be consumed during athletic activity and is all-natural and actually tastes good
- 13. Archetypes Fitness Regimen - FlyWheel, Barre Method, Yoga - 6-mi bike ride every morning outdoors Dietary Preferences - 60/20/20 diet: 60% daily calories from carbs, 20% from fat & protein each Fitness Regimen - Gym strength training - Running Central Park Loop weekly Dietary Preferences - 6 small meals per day with 40-50g protein per meal - High sodium/protein snacks after a long run to help muscle recovery Fitness Regimen - FlyWheel, Soul Cycle, CrossFit - Outdoor running - Strength training & swimming at gym Dietary Preferences - Prefers to snack on gel during a race - Consumes 350 calories/hour while training for race Jim, 41 Pro Cyclist Grand Tour Lana, 26 Marathon Runner NYC Marathon Eddie, 30 Triathlete Ironman
- 14. Revenue Strategy Online Sales Endura-Bites Customer $$$ Product Endura-Bites are sold directly from the company to the customer via company website Endura-Bites Retailer Customer Retailers $$$ $$$ ProductProduct Endura-Bites are sold to retailers at a discount to final price. Retailers sell snack directly to customers Online Sales: Retail Price: $2.99 Production Cost: $1.00 Margins: 200% Retail Sales: Retail Price: $2.99 Price to Retailer: $1.50 Production Cost: $1.00 Margins: 50%
- 15. Market Size Total Available Market $68B Served Available Market $8.3B Target Market $83M Total Available Market • Sports nutrition market Served Available Market • Energy bar market Target Market • Endurance athletes Source: Euromonitor
- 16. Customer Relationships Get Keep Grow • Online marketing (Google Adwords, Facebook) • Physical tasting/sampling at endurance events and sports stores • Health blogs and magazines • Discount codes for repeat online customers • Special discounts for long-term partners and retailers • Introduce new flavors • Introduce bundles and different pack sizes • Expand available distribution channels • Further brand development
- 17. Top 3 Transferable Course Takeaways 1. Strong value proposition is best achieved by zooming into customers’ immediate unfulfilled needs 2. Start-ups should establish themselves by first focusing on nailing one unsaturated segment before gunning for multiple segments 3. Interviewing customers with a physical MVP elicits much better quality of insights and much stronger purchase interest
- 18. Next Steps • Validate differentiating factors • More MVP testing • Logos + Brand • Packaging options • Solidify recipes and SKUs • Identify packaging suppliers • Plan out sourcing strategy • Refine channel strategy • Define marketing and branding strategy
Notes de l'éditeur
- Include number of interviews per day Include takeaways for each day Break out types of interviewees Yvonne
- Include number of interviews per day Include takeaways for each day Break out types of interviewees Yvonne
- Include number of interviews per day Include takeaways for each day Break out types of interviewees Yvonne
- Include number of interviews per day Include takeaways for each day Break out types of interviewees Yvonne
- Color Code Customer Segments Discovery narrative: Here’s what we thought – paleo, heavy workout enthusiasts Here’s what we found – no paleo, no bacon, people who just like to work out and stay healthy Here’s what we are going to do next – higher end boutique workout studios (barry’s, flywheel, soul cycle, equinox, etc)
- Color Code Customer Segments Discovery narrative: Here’s what we thought – paleo, heavy workout enthusiasts Here’s what we found – no paleo, no bacon, people who just like to work out and stay healthy Here’s what we are going to do next – higher end boutique workout studios (barry’s, flywheel, soul cycle, equinox, etc)
- Color Code Customer Segments Discovery narrative: Here’s what we thought – paleo, heavy workout enthusiasts Here’s what we found – no paleo, no bacon, people who just like to work out and stay healthy Here’s what we are going to do next – higher end boutique workout studios (barry’s, flywheel, soul cycle, equinox, etc)
- Retail: $2.99 Margins: $1.50 Cost: $1
- Retail: $2.99 Margins: $1.50 Cost: $1