Business Engineers Asia
Business Engineers Asia
Picture this: a market saturated with honey, where innovation seems elusive, and sales struggle to take flight. It's an uphill battle, my friends, but one that we fearlessly embarked upon. Join me as I unveil the awe-inspiring journey of our honey brand, where against all odds, we soared from selling a measly zero bottles in three months to a mind-boggling six bottles per day in just one week! Prepare to be captivated, inspired, and motivated like never before!
Ah, the treacherous waters of competition! Our honey dreams faced an adversary known as Scoop, an Australian wholesale supermarket selling at prices cheaper than ours at a whopping 30%. Curiosity piqued, I decided to spend a glorious thirty minutes observing their tactics. Lo and behold, their strategic shelf placement acted as a honey magnet, pulling customers towards it with an irresistible allure. Within minutes of picking up and looking at the bottles, customers grabbed jars and tossed them into their shopping carts, lured by the allure of affordable bliss.
Dark clouds loomed above us, as our warehouse transformed into a graveyard of honey-filled sorrow. Two pallets of untouched sweetness stared back at us, mocking our efforts. But fear not, for adversity breeds innovation! Sharing my Scoop encounter sparked a paradigm shift. We realised that without a strong presence beyond the marketplace, our premium aspirations were mere fantasies. The time had come to we had to innovate within the marketplace or face the failure of sending back the honey to Australia.
After extensive market assessment, I advocated for a mind-blowing 50% discount on Redmart and NTUC. Why, you ask? Firstly, e-grocery marketplaces bestowed upon us a radiant red tag, ensuring our honey stood out amidst the swarm of options. Secondly, our colossal discount transcended the mundane world of regular deals, creating an irresistible allure for honey connoisseurs. And thirdly, by bravely matching Scoop's price, we emerged as a formidable force, beckoning all honey lovers to indulge in the nectar of affordability.
Three weeks have passed since we unleashed this audacious promotion! Along came a symphony of demand, with no less than six bottles of honey departing from our sanctuary each day. The desolate warehouse has transformed into a buzzing hive of activity, as satisfied customers flock to our brand, savouring the taste of sweet victory.
Let this tale seep into your entrepreneurial souls, my fellow visionaries. For in the realm of non-innovative basket products, price elasticity reigns supreme. We discovered that customers possess a heightened sensitivity to changes, urging us to adapt, evolve, and capture their buzzing desires. By shedding our lofty price tags and harnessing the power of online marketplaces, we infiltrated a market hungry for both quality and affordability, emerging triumphant as the heroes of honey.