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EnduraBites Columbia 2015
The team interviewed various customer segments over 5 days to understand the market for healthy workout snacks. On day 4, they found that endurance athletes have an unmet need for nutritious snacks to fuel long workouts. They developed a business model catering bite-sized snacks high in protein and nutrients to sustain energy for activities like cycling, running and triathlons. Testing with athletes found strong interest, with 28 out of 34 interested in purchasing. The next steps are further validating the value proposition and refining the product, branding, sourcing and marketing strategies.
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EnduraBites Columbia 2015
- 1. Team: Eugene Ho Dushyant Mullur AndresNavas 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 Day1: Paleo Enthusiasts Interviews: 20 Takeaways: Paleo is too small of a market
- 3. Customer Discovery Journey Day1: 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 Day1: 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 Day1: 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 Athleteswanting 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 Whatwe 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 $$$ Product Endura-Bitesare sold directly from the company to the customer via company website Endura-Bites Retailer Customer Retailers $$$ $$$ 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 AvailableMarket $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 • Onlinemarketing (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 TransferableCourse 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 • Validatedifferentiating 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
Editor's Notes
- #3 Include number of interviews per day Include takeaways for each day Break out types of interviewees Yvonne
- #4 Include number of interviews per day Include takeaways for each day Break out types of interviewees Yvonne
- #5 Include number of interviews per day Include takeaways for each day Break out types of interviewees Yvonne
- #6 Include number of interviews per day Include takeaways for each day Break out types of interviewees Yvonne
- #8 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)
- #9 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)
- #10 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)
- #13 Retail: $2.99 Margins: $1.50 Cost: $1
- #15 Retail: $2.99 Margins: $1.50 Cost: $1