Kadak day 5
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Transcript of Kadak day 5
Adeem Fenster
Shashi Shrimali
Stella Chan
Sanjay Bharadwaj
Richard JamesNeeraj Lal
Total Customer Interviews: 242 to date(21 in person + 42 online + 3 mall visits + 2 store manager interviews yesterday +
BUILT A WEBSITE!)
Authentic Asia Tea T4U
Entry
Exit
Cups Indian Tea Chinese Tea English Tea Herbs & Spices Sweeteners
Pick a cup Pick a teaPick a herb Pick a
sweetener
Boil your tea
Pay money
Enjoy your tea and come back
Store your TeaId
MVP
Takeaways
Tea café
• High-end tea café in NY city => set for failure
•Key costs: Rent, Utility, Salary, and ingredients…
•Market for both hot and cold tea
• Flagship store => for branding
• Way to make money => go outside New York City
• Sell your products via partners
• No brand => no partnering with restaurant
Kiosks
•Low fixed costs/rent
• High foot traffic
•Customized Kiosks available at $20K- $40K
• High visibility => low marketing costs
Tested the concept: Kiosk at a mall
Click the step that’s most important to your tea experience
Like the idea 86%
Hate the idea 1%
I wish the idea were...
13%
Testing the Kiosk Concept
Coffee 19%
Cold tea drinks 22%
Food 28%
Pastries 24%
Other 7%
What are we missing?
10%
10%
24%
41%
41%
59%
Setting how long I want my tea to boil
Something else...
Having someone make the tea for me
A lounge to hang out and enjoy my tea
Remebering the way I made my tea so I don't have to do it again
Choosing the tea leaves that I want
What's most important?
Absolutely 49%
Maybe 33%
No way 10%
Only if... 8%
Would you buy?
Validation but still needs improvement…
How will we Get, Keep and Grow Customers?
• Consistent quality
• Increase product variety
• loyalty program tea card
• word-of-mouth from students
(campuses)
• Tea cart promotion via
Facebook or Tweeter
• Tea tasting event to collect
customer feedback (via iPad)
Kadak – 04/16/2012
Who are our most important customers?
• repeat customers, Asian-
immigrants consumers
• health conscious customers
What are their archetypes?
• The Indian
• The rising teen
• Healthy parents
• Undergrads
• Baby-boomers
What Job do they want us to get done for them?• make the tea (incl. picking
the best ingredients)
• education of tea
What Key Activities do we require?
• Purchasing raw material
• Brewing tea
• Setting up retail outlets
• Advertising, & marketing
• Setting up customer feedback
channel and analysis
• Business development with
campuses
• Product mix creation
• FP&A management
• Hiring
Which of our customer’s problems are we helping
to solve?• consumer have limited access
to authentic Asian tea in a
retail format
Which customer needs are we satisfying?
• Desire to consume authentic
Asian tea outside home
What are the Key Features of our product that match customers
problem/need?• taste of our tea (quality)
• the availability of tailored
flavor
• speed of delivery
• convenience
Who are our Key Partners?
• Indian stores and Asian
stores
• Eventually tea makers
• Indirect distribution
through -- subway, panda
express
Who are our key suppliers?
• Indian store from NJ
• Chinese stores from
Chinatown
• Grocery stores such as
Wal-mart
• Restaurant
utensils/hardware
suppliers
What are we getting from them? Giving
them?• Milk, sugar, Splenda, tea
leaves, cups, spices, pots/p
ans
• MONEY, more revenue
What are the most important costs inherent in our business model?
Fixed
• Rent
• Equipment, furniture and fixtures
Variable
• Raw materials & supplies
• Employee salaries
How do we make money? What’s the revenue model? Pricing tactics?
• Low Intro promotion price to attract customers($1.99)
• Keep the price close to Starbucks thereafter
• Never price below breakeven even during promotion period
• Find ways to give them discounts (survey --- buzz discounts)
Through which Channels do our Customer
Segments want to be reached?
• direct retail
• direct-to-home
delivery
What Key Resources we require?
• Money
• Retail outlets
• POS system to track sales
• SAP system for accounting
• License from NY / Campus
approval
• HR for hiring & training
• Tea brewing equipment
How will we Get, Keep and Grow Customers?
• Consistent quality• Increase product variety
• loyalty program tea card
• word-of-mouth from students
(campuses)
• Tea cart promotion via
Facebook or Tweeter
• Tea tasting event to collect
customer feedback (via iPad)
Kadak – 04/17/2012 (morning)
Who are our most important customers?
repeat
customers, Asian-
immigrants consumers
• health conscious
customers
What are their archetypes?
• The Indian
• The rising teen
• Healthy parents
• Undergrads
• Baby-boomers
What Job do they want us to get done for them?• make the tea (incl.
picking the best
ingredients)
• education of tea
What Key Activities do we require?
• Purchasing raw material
• Brewing tea
• Setting up retail outlets
• Advertising, & marketing
• Setting up customer feedback
channel and analysis
• Business development with
campuses
• Product mix creation
• FP&A management
• Hiring
Which of our customer’s problems are we helping
to solve?
• consumer have limited
access to authentic Asian
tea in a retail format
Which customer needs are we satisfying?
• X Desire to consume
authentic Asian tea
outside home
What are the Key Features of our product that match customers
problem/need?
• taste of our tea
(quality)
• the availability of
tailored flavor • speed of delivery
• convenience
Who are our Key Partners?
• Indian stores and Asian
stores
• Eventually tea makers
• Indirect distribution
through -- subway, panda
express
Who are our key suppliers?
• Indian store from NJ
• Chinese stores from
Chinatown
• Grocery stores such as
Wal-mart
• Restaurant
utensils/hardware
suppliers
What are we getting from them? Giving
them?• Milk, sugar, Splenda, tea
leaves, cups, spices, pots/p
ans
• MONEY, more revenue
What are the most important costs inherent in our business model?
Fixed
• Rent
• Equipment, furniture and fixtures
Variable
• Raw materials & supplies
• Employee salaries
How do we make money? What’s the revenue model? Pricing tactics?
• Low Intro promotion price to attract customers($1.99)
• Keep the price close to Starbucks thereafter
• Never price below breakeven even during promotion period
• Find ways to give them discounts (survey --- buzz discounts)
Through which Channels do our Customer
Segments want to be reached?
direct retail/franchise
model
• direct-to-home
delivery
What Key Resources we require?
• Money
• Retail outlets
• POS system to track sales
• SAP system for accounting
• License from NY / Campus
approval
• HR for hiring & training
• Tea brewing equipment
How will we Get, Keep and Grow Customers?
• Unique, customized tea, their
way
• Consistent quality
• Increase product variety
• loyalty program TEA I.D.
Tea Lab – 04/18/2012
Who are our most important customers?
• repeat customers
• health conscious customers
• Customers looking for a fun
new experience
What are their archetypes?
• The Indian
• The rising teen
• Healthy parents
• Undergrads
• Baby-boomers
What Job do they want us to get done for them?• Custom tea their way!
• Fun/unique ingredients
• make the tea (incl. picking the
best ingredients)
• education of tea
• cool place to hang out
What Key Activities do we require?
• Purchasing raw material
• Brewing tea
• Setting up retail outlets
• Advertising, & marketing
• Setting up customer feedback
channel and analysis
• Business development with
campuses
• Product mix creation
• FP&A management
• Hiring
Which of our customer’s problems are we helping
to solve?
• consumer don’t have
access to quality tea outside
the home
• Formula/proportions are
off
Which customer needs are we satisfying?
• Tea the “way I like it”
outside the home
• Cool experience / social
setting for tea
• Tea w/out tea bags
What are the Key Features of our product that match customers problem/need?
• taste of our tea (quality)
• Experience• the availability of tailored flavor
• speed of delivery
• Convenience
Who are our Key Partners?
• Indian stores and Asian
stores
• Eventually tea makers
• Indirect distribution
through -- subway, panda
express
Who are our key suppliers?
• Indian store from NJ
• Chinese stores from
Chinatown
• Grocery stores such as
Wal-mart
• Restaurant
utensils/hardware
suppliers
What are we getting from them? Giving
them?• Milk, sugar, Splenda, tea
leaves, cups, spices, pots/p
ans
• MONEY, more revenue
What are the most important costs inherent in our business model?
Fixed
• Rent
• Equipment, furniture and fixtures
Variable
• Raw materials & supplies
• Employee salaries
How do we make money? What’s the revenue model? Pricing tactics?
• Online sales for home consumption
• Data – based on the TEA ID card!
• Keep the price close to Starbucks thereafter
• Never price below breakeven even during promotion period
• Find ways to give them discounts (survey --- buzz discounts)
Through which Channels do our Customer
Segments want to be reached?
• Teal lab stores
• direct-to-home
delivery
• Online
What Key Resources we require?
• Money
• Retail outlets
• POS system to track sales
• SAP system for accounting
• License from NY / Campus
approval
• HR for hiring & training
• Tea brewing equipment
How will we Get, Keep and Grow Customers?
• Unique, customized
tea, their way
• Consistent quality
• Increase product variety
• TEA I.D.
• word-of-mouth from
students (campuses)
• Tea tasting event to collect
customer feedback (via
iPad)
Tea Lab – 04/19/2012
Who are our most important customers?
repeat customers
health conscious
customers
Customers looking for a
fun new experience
What are their archetypes?
The rising teen
Healthy parents
Undergrads
What Job do they want us to get done for them?
Custom tea their way!
Fun/unique ingredients
make the tea (incl. picking
the best ingredients)
education of tea
cool place to hang out
What Key Activities do we require?
Purchasing raw material
BRAND – Tea Lab
Brewing tea
Setting up retail outlets
Advertising, & marketing
Setting up customer feedback
channel and analysis
• Business development with
campuses
• Product mix creation
• FP&A management
• Hiring
Which of our customer’s problems are we helping
to solve?
consumer don’t have access
to quality tea outside the
home
Formula/proportions are off
Which customer needs are we satisfying?
Tea the “way I like it” outside
the home
Tea w/out tea bags
Cool experience / social
setting for tea
What are the Key Features of our product that match customers
problem/need?
Taste of our tea (quality)
The availability of tailored
flavor
Speed of delivery
Convenience
Experience
Who are our Key Partners?
• Indian stores and Asian
stores
• Eventually tea makers
• Indirect distribution
through – franchises in
airports, hotels?subway,
panda express
Who are our key suppliers?
• Indian store from NJ
• Chinese stores from
Chinatown
• Grocery stores such as
Wal-mart Tea merchants
Kiosk manufacturers
Restaurant
utensils/hardware
suppliers
What are we getting from them? Giving
them? Milk, sugar, Splenda, tea
leaves, cups, spices
MONEY, more revenue
What are the most important costs inherent in our business model?
Fixed
Rent
Equipment, furniture and fixtures
Variable
Raw materials & supplies
Employee salaries
How do we make money? What’s the revenue model? Pricing tactics?
• Online sales for home consumption
• Data – based on the TEA ID card!
• Keep the price close to Starbucks thereafter
• Never price below breakeven even during promotion period
• Find ways to give them discounts (survey --- buzz discounts)
Through which Channels do our Customer
Segments want to be reached?
• Tea lab stores
• direct-to-home delivery
• Online
What Key Resources we require?
• Money
• Retail outlets
• POS system to track sales
• SAP system for accounting
• License from NY / Campus
approval
• HR for hiring & training
• Tea brewing equipment
Tea lab kiosks
• Unique, customized
tea, their way
• Consistent quality
• Increase product
variety
• TEA I.D.
• Tea Pots
Tea Lab – 04/20/2012
Mall shoppers
repeat customers
health conscious
customers
Customers looking
for a fun new
experience
The rising teen
Healthy parents
Undergrads
Custom tea their way!
Fun/unique ingredients
Have us make your tea
education of tea
cool place to hang out
Purchasing raw material
BRAND – Tea Lab
Brewing tea
Setting up kiosks
Advertising, & marketing
Setting up customer
feedback channel and
analysis
• Product mix creation
• Hiring + training
consumer don’t have
access to quality tea
outside the home
Formula/proportions
are off
Tea the “way I like it”
outside the home
Taste of our tea
(quality)
The availability of
tailored flavor
Remember me
Experience
Cool experience /
social setting for tea
• Tea
manufactures
• Mall
managers
• Other raw
material
suppliers
Kioskåmanufactu
rers
Restaurant
utensils/hardwar
e suppliers
Milk, sugar, Sple
nda, tea
leaves, cups, spi
ces
Equipment
Fixed
Rent
Equipment, furniture and fixtures
Variable
Raw materials & supplies
Employee salaries
• Mall kiosks
• Online sales for home consumption
• Flagship store
• Data – based on the TEA ID card!
• Tea lab kiosks
• Flagship store
• Money
• Custom kiosks
• POS system to track
I.D
• HR for hiring &
training
• Tea brewing
equipment
Walk
in with
an idea
End of
day 2
End of
day 1
End of
day 3End of
day 4
Our Journey in this class ……
Beginning
Day 1