Consultation 1: Update Professors on Progress and what we can do

The launch this round for the pre-orders was rather chaotic and did not seem to yield much results. We found out the hard way that Instagram should be used more for lead generation and not just sales.

Moving on we needed to tweak some of our plans.

Operations for our first product, the STOJO cup for two weeks leading to the booth at *scape:

Logistics wise, it is the holidays and we did not want to keep going back to school to hold stocks. Therefore, we have each taken some stock to store at our places in the event of self-collection, for deliveries it will be based from where our remaining stocks are at NTU. We are located around the West, North and North East areas of Singapore thus having the products besides just being at NTU will allow us to be able to deliver them as well without having to make a trip to NTU.

We will be splitting up some channels as per suggested by Mr Roderick:

• Sales Channels: Carousell (Chien Huey); Lazada (Zhi Huang); Shopee (Xi Wen); Sida (Facebook Marketplace); Influencers (Wei Xiang); Preorder Form (All)
• Marketing Channels: Instagram (Wei Xiang); Facebook (Wei Xiang); Website (Xi Wen and Zhi Huang); Partnerships (All); Whatsapp and Telegram Blasts (All)
• Payment Channels: PayLah, PayNow (Chien Huey); E-Payment (Chien Huey); Cash-on-Delivery (All)

For the booth at *scape

We will have multiple things to prepare and thus we will be splitting out the roles earlier:

• To cater to the Christmas traffic, we need to prepare gifts of various price tiers in order to get it going. Usually when people do Christmas Gift Exchanges, there will be Gift Tiers. Gifts can be $10 (Cheap Cup), $20 (Cheap Cup with Bear), $30 (STOJO Cup), $40 (STOJO CUP with Bear), $50 (STOJO CUP with Bear with Drink Sling).
• Decoration for the Booth
• We can contemplate an end of day Clearance lowest possible price to be set also just to get rid of those bears so we dont have to carry them (They can be used again at valentines though.)
• What else can we potentially sell at the booth?
• Price point for the gift. Put a bear on top. Packaging is a gift. Price it up even better. Bigger gift, people feel good, don't appear cheaper make people feel it isn't cheap. Play the psychology, how you want it to feel like.

Tightening of SOPs for second product:

As mentioned by Ms Lily, we might need a more structured procedure when moving on. We need to really research our target audience, which group of people are we catering to and all. This round it might have been a lot of luck involved to have had the product start moving.

SOP For Pricing

We are dealing on multiple platforms, we have set the lowest price that we are offering at $28, as it is the guideline which was agreed with the supplier, we shall not undercut as it is ethics.

Getting our products out there

We could either set our own booths at NTU or tag along others' booths during events. We can do a consignment of our products and place them there. We will be looking out for events and contacting the organisers. Also, we can rent a U-Pushcart from the student union for just $100.

Branding

As we are using the name EcoTumble, it would make sense to think of it as an Eco-Friendly Tumbler. We might want to consider other tumblers like the cup from taobao and also bamboo tumblers, or other containers like a collapsible food container.

Learning about factory tests

Check the credibility of the factory usually if it is quite long history they would not want to jeopardise their factory with false test results.

Customer Psychology

It is about time we actually figured out the customers' psychology in order to get more sales. Something we will be doing is a channel analysis from data mining of our purchases. This way, we will roughly be able to forecast our future demand from customers and we will better be able to order the right quantity for each colour of the STOJO product. Also we might want to use STOCKOUTS and also product diversification to allow the customer to be spoilt for choice. Put our products everywhere to utilise biases like confirmation bias. Also bringing cups for comparison will allow the customer to be even more convinced.

Alright that's all for now, we are really excited to move on with our business and hopefully with insights from the consultation, we will have more results to show in the second consultation. ^^

Cheers

EcoTumble ❤