Startup journey of Minimalist and the role of strong product focus in the Indian market

Introduction

• Natural vs. Chemical Products: Importance of product composition in branding and customer perception.
• Influencer Marketing: Absence of heavy influencer marketing in initial stages.
• Company Inspiration: Adapting from international models like The Ordinary.

Launch and Initial Growth

• Launch Timeline: Started October, immediately before the pandemic's second wave.
• Revenue Milestones: Grew from zero to 100 crore revenue in 8 months.
• Marketing Strategy: Minimal use of influencer marketing; focus on organic growth and user-generated content.
• Team and Setup: Initial operations from Delhi, later moved R&D and manufacturing to Jaipur.

Core Principles

• Product Focus: Strong emphasis on high-quality product formulations from the best suppliers globally.
• Transparency: Breaking industry norms by openly sharing ingredient sources and active concentrations.
• Customer Feedback: Direct engagement with initial customer base to understand needs and gaps.
• Repeat Customers: High retention rate of over 60% with an average of 4 repurchases per year.

Marketing and Brand Building

• Community Building: Focus on building a strong, organic community rather than paid endorsements.
• Performance Marketing: Consistently high return on ad spend (ROAS) around 4x, with 20% of budget on performance marketing.
• Packaging and Communication: Continual improvement in packaging and transparent communication of product benefits.

Challenges and Solutions

• Market Education: Addressing the gap in customer knowledge regarding skincare ingredients and their benefits.
• Retail Strategy: Controlled expansion into retail with emphasis on ensuring correct product information is conveyed.
• Handling Growth: Managing scalable supply chains and manufacturing to meet rising demand.
• Balancing Act: Maintaining the balance between aggressive market growth and product integrity.

Future Directions

• R&D Investment: Continued investment in R&D to innovate and stay ahead in the skincare market.
• Physical Retail Expansion: Thoughtful expansion into physical retail with mechanisms to ensure customer education and correct product usage.
• Customer-Centric Approach: Ensuring all brand communications and growth strategies remain customer-focused.

Conclusion

• Sustainable Growth: Aiming for balanced, long-term growth through focused product innovation and customer trust.
• Evolving Market Dynamics: Adapting to the evolving needs and knowledge base of the Indian consumer.
• Brand Philosophy: Commitment to quality, transparency, and genuine customer care.