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Evoe spring spa
- 1. Evoe Spring Spa: A Positioning Dilemma 210101167Anjali Singh 210101077Raghav Daga 210101170Shubh Agarwal 210102049 Saurav Jolly 210101153 Akshay Shah 210102024Himanshu Rajput 210103210Pranay Mathur APO GROUP- 1
- 2. Evoe Spring Spa ▪ Founders – Gopal Raman, Anil Kumar and Sumit Gupta ▪ Saw a growth potential in the proactive health and wellness sector ▪ Startup aiming to rejuvenate/de-stress the Indian consumer at an affordable price. 2
- 3. Industry Background ▪ Global Wellness Market – US$2 Trillion ▪ International Spa Industry – US$60 Billion ▪ Great potential in India ▪ Indian Wellness market – INR490 Billion ▪ 20% CAGR expected 3
- 4. Spa Industry Outline for India ▪ Spas are not accepted socially and culturally ▪ With proper awareness and at affordable prices people are willing to try out the spa experience ▪ Potential demand mostly is in Urban and Upcoming cities ▪ People want services that could help them in relieving stress from there hectic work schedule 4
- 5. Positioning for Evoe Spring Spa 5 Affordable Health - • The roots on which the start-up is built on, is affordability which makes this option a favourable one. A key insight from the focus group discussions was ‘that men in general were not willing to spend much on this experience 'implying that affordability is a key aspect • Additionally the health component was highlighted as a prominent factor in the focus group discussion. Working men as well as women were stressed and sought relaxation and rejuvenation. • Convincing people based on this idea is easier considering health is a priority in the lives of the targeted audience.
- 6. Cont.- Reasons for rejecting the other two concepts – Affordable indulgence- ▪ While affordability is a favorable characteristic, indulgence is not seen in a good light, a key insight from the FGDs was ‘ spas were also found to be intimidating due to their general aura of wealth and indulgence and their perceived premium image ‘. It also reveals that indulgence is on a lower preference for the Indian customers as compared to health. A little vacation- ▪ The prospect promoted spas as a full family vacation which was portrayed in a negative light during the FGDs, wherein some were of the opinion that weekends are the only time that they get to spend with families and they are not sure if they can go to spas with family members ▪ An additional challenge lies in convincing people to increase not only their idea of a vacation but also its frequency. 6
- 7. Targeted Consumer Segments 7 After positioning itself in the affordable health category, EVO spring spa can initially target the following segments Sprinters and Racers ▪ Their total population is approximately 16-27 M providing a fairly good chunk of the market. ▪ Both of these lie at the extreme right end of the spending spectrum implying they are willing to pay more if they were convinced of the benefits. ▪ Both of these had a three star score in the ‘consumer testing of positioning concepts’ table implying that they showed most resonance in the affordable health concept.