Lean LaunchPad
Team #5

The new pantyhose. With you for the long run.
The first branded, non-run pantyhose brand on the ma...
Business Model Canvas
Key Partners
•

Pantyhose manufacturers

•

Shipping companies

•

Internet search engines

Value Pr...
Business Model Canvas
Key Partners
•

Pantyhose
manufacturers

•

Shipping companies

•

Lawyers (patents)

•

Partner wit...
Business Model Canvas
Key Partners
•

Pantyhose
manufacturers

•

Shipping companies

•

•
•

Partner with quality
manufac...
Business Model Canvas
Key Partners
•

Pantyhose
manufacturers

Key Activities
•

Product development

•

Partner with qual...
Business Model Canvas
Key Partners
•

Pantyhose
manufacturers

•

Shipping companies

•

•
•

Partner with quality
manufac...
Key Learnings
What?

How did we find out?

Implications?

1

Messaging is
key, “nice to have”
features aren’t.
2

Women ne...
Key Learnings – Customer Archetypes
Allison
Grad Student, 27









Sonia
Lawyer, 32

Established or career-minde...
Key Learnings – Buying Behavior
Current

s

Future

s

s

s
s

•

Purchasing only as needed (unplanned)

Planned purchase
...
Final Business Model Canvas
Key Partners

Key Activities

• Pantyhose
manufacturers

• Branding strategy
(leos)

• Shippin...
The Product
Build trust.
•

Communicate LeoKnit™ quality
which will last longer and will not
run

LeoKnit™

Provide an
exp...
The Website
Key features
 Simple design
 Educate consumers about our quality and care instructions
 Blog component and ...
Distribution & Pricing
Direct-to-Consumer

Campus Sales Force

 Online mail orders
 Free shipping and returns

 Take or...
Get, Keep, Grow Strategy
GET
Social Media

Internet / Press

 Blogs
 SEO
 Magazines
Viral Videos

what happens when you...
Get, Keep, Grow Strategy
KEEP
Experiential Purchase

Loyalty Program

Personalized. Memorable. Educational.
MON

TUES

WED...
Get, Keep, Grow Strategy
GROW
Channels

Product

 New colors

Mass Retail

 Designs
 Feature variety (control
top, non-...
Next Steps…
Immediate

Medium

Stage 1
•
•
•
•
•

Talk to marketing industry
experts
Develop marketing
strategy
Develop we...
Appendix
Market Size

$1.5B
Total Addressable Market

$471M
Served Available Market

$334M
Target Market

Sources: IBISWorld; “Hosi...
Competition
leoa

Fast
Fashion
Stores

Premium
Stores

Online
Brands

Department
Store
Brands

Drug Store
Brands

Brand Aw...
Competition
What They’re Missing

Who They Are
Retail / Online Stores

Affordability

Convenience

•

•

High price points...
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Leo columbia univ jan 2014

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Leo columbia univ jan 2014

  1. 1. Lean LaunchPad Team #5 The new pantyhose. With you for the long run. The first branded, non-run pantyhose brand on the market aiming to make things simpler for women. Alanna Lopes Souza | Amy Kwan | August du Pont MBA 2015 MBA 2015 Day 5 Customer Interviews: 40 Total Running: 103 Surveys: 66 MBA 2015
  2. 2. Business Model Canvas Key Partners • Pantyhose manufacturers • Shipping companies • Internet search engines Value Propositions • Control of production, manufacturing Direct-to-Consumer • Manage website, online orders, and distribution • Wholesale channels • Key Activities • Feet will not slip in heels • Marketing and promotion • Machine washable Product and packaging design • Easy-to-store packaging • Lawyers (patents) Branding strategy Easy-to-wash laundry bag • Pantyhose will last much longer and save consumers money in the long-term • • • Customer Relationships • • Physical: Web infrastructure, retail outlets • Intellectual: Patents and brand copyrights • Targeting busy, female business professionals • Age range 20-30s • Values quality over price (willing to pay a premium) but currently buys pantyhose at the drugstore for convenience Wholesale Channels Channels • Home shopping networks Established retail outlets • Drug stores Direct marketing • Department stores • Social media • Financial: Seed capital Direct-to-consumer • Drive traffic to retail channels • • Human Resources: Marketing and operations, development partner • • Grow: Word of mouth, increased color/design variety, subscription rewards Wholesale Channels • Direct-to-Consumer Keep: Guarantee, product quality Key Resources • Get: Free products at professional conferences, free branded accessories (storage case and washing machine bag), coverage from fashion blogs, Search Engine Optimization Customer Segments 1-year guarantee that pantyhose will not run Cost Structure Revenue Streams • Fixed: Product & packaging development, patent application, patent lawyer’s fees, infrastructure (website), accounting system • Direct-to-Consumer revenues • Wholesale to retailer revenues • Variable: Materials, manufacturing, packaging, distribution, marketing, operations • Subscription revenues
  3. 3. Business Model Canvas Key Partners • Pantyhose manufacturers • Shipping companies • Lawyers (patents) • Partner with quality manufacturer • Control of production, manufacturin g Value Propositions Product development Internet search engines • • Wholesale channels • Key Activities Direct-to-Consumer • Customer Relationships • Pantyhose will last much longer and save consumers money in the long-term • Feet will not slip in heels • Manage website, online orders, and distribution • Machine washable • Branding strategy • • Targeting busy, female business professionals • • Employed females in the age range of 20-30s 25-55 • Values quality over price (willing to pay a premium) but currently buys pantyhose at the drugstore for convenience Grow: Word of mouth, increased color/design variety, subscription rewards Marketing / promotion • Direct-to-Consumer Keep: Guarantee, product quality Easy-to-wash laundry bag • Get: Professional conferences, trade shows, free branded accessories, fashion blogs, SEO, magazines • Easy-to-store packaging • Customer Segments Packaging Key Resources • Physical: Web infrastructure, retail outlets • Intellectual: Patents and brand copyrights • Human Resources: Marketing and operations, development partner • Channels Wholesale Channels • Wholesale Channels • Direct-to-consumer • Home shopping networks • Established retail outlets • Drug stores • Direct marketing • • Social media Mass retailers (Target, WalMart, Costco) • Drive traffic to retail channels 1-year guarantee that pantyhose will not run • Department stores Financial: Seed $ Cost Structure Revenue Streams • Fixed: Product & packaging development, patent application, patent lawyer’s fees, infrastructure (website), accounting system • Target price $20 • Direct-to-Consumer revenues • Variable: Materials, manufacturing, packaging, distribution, marketing, operations • Subscription revenues • Wholesale to retailer revenues
  4. 4. Business Model Canvas Key Partners • Pantyhose manufacturers • Shipping companies • • • Partner with quality manufacturer • Value Propositions Product development Manage website, online orders, and distribution Wholesale channels • Key Activities Lawyers (patents) Direct-to-Consumer • Branding strategy • Marketing / promotion • Packaging – patent • Feet will not slip in heels • Machine washable • Physical: Web infrastructure, retail outlets • Human Resources: Marketing and operations, development partner • Direct-to-Consumer • Values quality over price (willing to pay a premium) • Sometimes reads blogs • Grow: Word of mouth, increased color/design variety, subscription rewards Employed females in the age range of 25-55 25-40 • • Tech savvy Channels Wholesale Channels Intellectual: Patents and brand copyrights • Get: Professional conferences, trade shows, free branded accessories, fashion blogs, SEO, magazines Keep: Guarantee, product quality Easy-to-wash laundry bag • Customer Segments • Easy-to-store packaging Key Resources • • Pantyhose will last much longer and save consumers money in the long-term • • Customer Relationships Wholesale Channels • Direct-to-consumer • Home shopping networks • Established retail outlets • • Direct marketing Mass retailers (Target, WalMart, Costco) • Social media • • Drive traffic to retail channels 1-year guarantee that pantyhose will not run Department stores .com department store sites Financial: Seed $ Cost Structure Revenue Streams • Fixed: Product & packaging development, patent application, patent lawyer’s fees, infrastructure (website), accounting system • Target price $20 $15 • Direct-to-Consumer revenues • Variable: Materials, manufacturing, packaging, distribution, marketing, operations • Subscription revenues • Wholesale to retailer revenues
  5. 5. Business Model Canvas Key Partners • Pantyhose manufacturers Key Activities • Product development • Partner with quality manufacturer • Value Propositions Direct-to-Consumer Feet will not slip in heels Branding strategy (leos) • Machine washable Marketing / promotion • Easy-to-store packaging • • • • Shipping companies Manage website, online orders, and distribution Packaging – patent • Packaging doubles as easy-to-wash laundry bag Wholesale channels • • Pantyhose will last longer and save consumers money in the long-term • • • Customer Relationships Lawyers (patents) Key Resources • Physical: Web infrastructure, retail outlets • Human Resources: Marketing and operations, development partner • • Get: conferences, trade shows, free branded accessories, fashion blogs, SEO, magazines, g raduate schools • Keep: Guarantee, product quality, easy & painless shipping & return (free) Employed females in the age range of 25-40 (employed professionals and graduate students) • Values quality over price (willing to pay a small premium) • Sometimes reads blogs • Tech savvy Grow: Word of mouth, more color/design variety, add a kids/toddlers line (for dance & normal wear) • Direct-to-Consumer Channels Wholesale Channels Intellectual: Patents and brand copyrights • • Customer Segments Wholesale Channels • Direct-to-consumer • Home shopping networks • Established retailers • • Direct marketing Mass retailers (Target, WalMart, Costco) • Social media and blogs • • Drive traffic to retail channels 1-year Guaranteed that pantyhose will not run satisfaction .com department store sites Financial: Seed $ Cost Structure • Fixed: Product & packaging development, patent application, patent lawyer’s fees, infrastructure (website), accounting system • Variable: Materials, manufacturing, packaging, distribution, marketing, operations Revenue Streams • Target price $15 • Direct-to-Consumer revenues • Wholesale to retailer revenues
  6. 6. Business Model Canvas Key Partners • Pantyhose manufacturers • Shipping companies • • • Partner with quality manufacturer • Manage website, online orders, and distribution Value Propositions Product development Wholesale channels • Key Activities Lawyers (patents) • • • Pantyhose will last longer and save consumers money in the long-term • Eliminate the main pain points women have with pantyhose Branding strategy (leos) • Direct-to-Consumer Customer Relationships • Marketing / promotion • Key Resources • Physical: Web infrastructure, retail outlets • Wholesale Channels Intellectual: Patents Trademarks and brand copyrights • Drive traffic to retail channels Human Resources: Marketing and operations, development partner • • X Customer Segments Get: conferences, trade shows, free branded accessories, fashion blogs, SEO, magazines, g raduate schools • Keep: Guarantee, product quality, shipping & return (free), loyalty program Females in the age range of 25-40 (employed professionals and graduate students) • Values quality over price (willing to pay a small premium) • Sometimes reads blogs • Tech savvy Grow: Word of mouth, more color/design variety, add a kids/toddlers line (for dance & normal wear), plus size line Channels • Direct-to-consumer • Direct marketing • Social media and blogs • Wholesale Channels Direct sales force • Direct-to-Consumer Guaranteed • Mass retailers (Target, Wal-Mart) • .com department store sites • Home shopping networks X Financial: Seed $ Cost Structure Revenue Streams • Fixed: Product & packaging development, patent application, patent lawyer’s fees, infrastructure (website), accounting system • Price $15 $20, 200% markup • Wholesale to retailer revenues • ~$5 cost = $15 profit • Price of $11.75 • Variable: Materials, manufacturing, packaging, distribution, marketing, operations • ~75% gross margin • ~$5 cost = $6.75 per pair • Direct-to-Consumer revenues • ~57% gross margin X
  7. 7. Key Learnings What? How did we find out? Implications? 1 Messaging is key, “nice to have” features aren’t. 2 Women need to know HOW and WHY. Customers and CPG experts Save the retail channels for later. Distributors and retail outlet experts / entrepreneurs 3 4 Build on an emotional experience. • • • Focus on core value prop: non-run Non-slip feature removed Storage box not valued • Customers and CPG experts Educate through channels: brand values, easy care Trademark slogan and quality standard - LeoKnit™ • Focus on direct web sales first .com retailers and mass retailers are part of growth • Customers and CPG experts • • Add personalized messaging and loyalty program Target Working women and students (ages 25-40) •
  8. 8. Key Learnings – Customer Archetypes Allison Grad Student, 27        Sonia Lawyer, 32 Established or career-minded women Aged 25-40 Shops online, tech savvy Doesn’t really watch TV but uses social media Reads blogs, in step with the times Goes to coffee shops regularly Goes to occasional evening events
  9. 9. Key Learnings – Buying Behavior Current s Future s s s s • Purchasing only as needed (unplanned) Planned purchase • Look for a low price tag because they don’t last Value purchase, trust • Frustration leads to cycle of last-minute buying before interviews or parties Strong experience leads to long-term relationship Creating BRAND EQUITY is key.
  10. 10. Final Business Model Canvas Key Partners Key Activities • Pantyhose manufacturers • Branding strategy (leos) • Shipping companies • Marketing / promotion • Product development • Partner with quality manufacturer • Manage website, online orders, and distribution Value Propositions Customer Relationships • Eliminate the main pain • Get: Conferences, trade points women have with shows, blogs, SEO, ma pantyhose gazines, graduate • Pantyhose will last schools longer and save • Keep: consumers money in Guarantee, shipping & the long-term return (free), loyalty program • Grow: Word of mouth, color/design variety, kids/toddlers line (dance & regular), plus size line Channels Key Resources • Physical: Web • Values quality over price (willing to pay a small premium) • Sometimes reads blogs • Tech savvy • Direct sales force • HR: Marketing and operations, developmen t partner • Females in the age range of 25-40 (employed professionals and graduate students) • Direct-to-consumer • Intellectual: Trademarks and brand copyrights Customer Segments • Social media and blogs • Direct marketing • Guaranteed • Financial: Seed $ Cost Structure • Fixed: Product & packaging development, infrastructure (website), accounting system • Variable: Materials, manufacturing, packaging, distribution, marketing, opera tions Revenue Streams • Price $20 • ~$5 cost = $15 profit • ~75% gross margin • Direct-to-Consumer revenues
  11. 11. The Product Build trust. • Communicate LeoKnit™ quality which will last longer and will not run LeoKnit™ Provide an experience. • • • Educate. • Packaging Personalization New name “leos” instead of pantyhose • Machine washable bag and instructions Experience with leoa is simple With you for the long run.© l e o a
  12. 12. The Website Key features  Simple design  Educate consumers about our quality and care instructions  Blog component and customer reviews to create sense of community http://lopessouzaalanna.wix.com/leoa
  13. 13. Distribution & Pricing Direct-to-Consumer Campus Sales Force  Online mail orders  Free shipping and returns  Take orders directly from students  On-site sales force during recruiting season Pricing Sale Price Manufacturing Cost $20.00 $5.00 Profit per Pair $15.00 Gross Margin 75%
  14. 14. Get, Keep, Grow Strategy GET Social Media Internet / Press  Blogs  SEO  Magazines Viral Videos what happens when your tights run (leoa) leoa In Person  Graduate school direct sales force  Trade shows  Professional conferences
  15. 15. Get, Keep, Grow Strategy KEEP Experiential Purchase Loyalty Program Personalized. Memorable. Educational. MON TUES WED THURS FRI 1st Pair 2nd Pair 3rd Pair 4th Pair 5th Pair FREE!  Pair for every work day Refer 2 friends, get 1 free pair!  Satisfaction guaranteed  Free shipping  Simple returns Referral Referral
  16. 16. Get, Keep, Grow Strategy GROW Channels Product  New colors Mass Retail  Designs  Feature variety (control top, non-control top, sandlefoot, reinforc ed toe, etc) dotcom Economics Sale Price Price to Retailer Manufacturing Cost Markup Profit per Pair Gross Margin $20.00 $11.75 $5.00 70% $6.75 57% People  Toddlers line with nonslip grips  Kids line (dancers)  Plus size line  Targeted ads for people who don’t wear pantyhose at all because they hate what’s out there
  17. 17. Next Steps… Immediate Medium Stage 1 • • • • • Talk to marketing industry experts Develop marketing strategy Develop website Partner with manufacturer Research quality assurance methods / risks Long Term Stage 3 Stage 2 • • YouTube ad campaign Test non-slip grips on the market, patent if successful • • Seek out retail partners (Target, Walmart) after initial sales Look into channels, product, and people expansion
  18. 18. Appendix
  19. 19. Market Size $1.5B Total Addressable Market $471M Served Available Market $334M Target Market Sources: IBISWorld; “Hosiery Mills in the US, November 2013” U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement, 2011. • 51.3M employed females ages 18-54 • Averaging $30 spent on pantyhose per year • IBISWorld “Hosiery Mills in the US, November 2013” • Discount stores & mass merchandisers • Department stores • Online
  20. 20. Competition leoa Fast Fashion Stores Premium Stores Online Brands Department Store Brands Drug Store Brands Brand Awareness Affordability Quality Storage / Washing       Non-Slip Feature    /  
  21. 21. Competition What They’re Missing Who They Are Retail / Online Stores Affordability Convenience • • High price points Reliability • Can’t always find basic print / colors Stores are not designed for shoppers on the go Drug Stores Quality • Efficiency Products are typically • cheap and likely won’t last longer than their initial use Despite the low price tag, multiple purchases add up Department Stores Simplicity Convenience • • • Product offering can be overwhelming Wide range in both quality and price • Concentrated in shopping districts Few are located in financial districts
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