We are proud to cover TiE events for TheRodinhoods. This was an event organized by TiE Mumbai at ISDI, Indiabulls One Centre (Elphinstone Road). Panel included (l-r) Jaideep Sippy (moderator), Rahul Jain (Dr. Moo), Amit Raj (BOX8), Nipun Katyal (Chef’s Basket).
Non commercial aspects of scale
When an individual is driving change & growth, his mental stability and healthy relationships with those around him play a crucial role. There is no alternative to persistence; adversity has to be faced with courage. Family love and support helps an entrepreneur go through challenging times, ensure they understand what you’re doing. “Passion pays the bills,” because going back is always easy but not an option. Gearing up for a fast pace of learning is crucial.
Customer service as a differentiating factor
BOX8 packages Indian delicacies in a contemporary fashion and aims for a delightful experience (prompt service, delicious food). Dr. Moo is in the business of daily milk deliveries- thus focusing on consistent product quality and thriving on word of mouth. Chef’s Basket offers customers an experience to cook their own dishes by providing all ingredients together as a package. In all three examples, customer is at the core of their strategy.
Experiment and take customer feedback to drive change & growth.
Dr. Moo received customer reviews stating that products derived from their milk (curd, butter, etc.) are of high quality. This justified the decision to launch an array of milk-based products thus boosting revenue and diversification. Chef’s Basket asked customers feedback through their packaging asking them to write in with their opinion. Customers were happy to engage with the brand, and appreciated how proactive Chef’s Basket was.
When and How to scale?
Understand your product, and recognize the right channels to grow. Alternately, develop products to suit channels. Understand the market gap- palate or pricing? Develop customer habits and drive them. Stay focused on backend technology and infrastructure. Use available data for client retention and acquisition in the right niches. Ensure there is a template which can be replicated, rolled out in multiple locations. One size does not fit all. If the frame work has flaws, the plan may fail. Nurture talent, stoke the fire of growth- hire fast and fire faster.
Hunting for small clients for your small business might be a trap. Scaling up is a typical business call- depends on confidence and bandwidth. It is recommended that we take baby steps and evaluate. Scaling up is all about focus and money. “FMCG is all about volume”. Good companies don’t fail on ideas, they fail due to lack of cash.
How to market?
Reach out to food bloggers for frank feedback. The old fashioned way of meeting and talking to people still works! Hyper marketing (representatives at stalls) for super markets, high value promotions for boutique stores – if marketing is not experiential, it will not work. Understand if social media works for you, assess from branding and customer acquisition perspectives (ROI). Stay true to what you stand for, stay ethical – it pays off in profits.
Investors & Vendors
Investors worry about the product, the people and scalability. They back a team with complementary skills that is capable of great things. In spite of early failures, convince them that you’ve found a winning formula and they will back you with all they got. If you are not experts in your product, rely on experienced vendors and manufacturers for quality. Choose the ones who share your values and ethics.
Competition
In developing markets, competition is good news since it helps make the pie bigger. Mass market players (Amul) do not compete with niche players (Dr. Moo). Ensure that agility stays an advantage for you, that is how David beat Goliath.
This was yet another amazing event. I look forward to more 🙂
******
Editor’s note: In case any of you are interested in covering any startup event in your city;
give sushrut@rodinhood.com a shout!
*********
