NurturerStudio Business Model

WHAT IS NURTURER'STUDIO?

Nurturer'Studio is a group that holds Rudolf Steiner's teachings in high regard and incorporates them into their own. They believe that in order to develop into nurturing beings, we must be nurtured with love and care from the beginning: at home, at school, and in the larger world. What our children grow out to be is determined by the way we nurture them through parenting and education. 

Sarita Sanghai was born and reared in the Nepalese capital of Kathmandu. While studying at a Krishnamurti School in Varanasi, India. Sarita developed a heart for children and a belief in holistic education. She pursued her passion for study and earned a bachelor's degree in Psychology with honors, a post-graduate diploma in Early Childhood Education, and a diploma in Psychological Counselling.

She then spent two years working in standard kindergartens in Nepal and India before meeting Waldorf Education in 1997 in Hyderabad. She has been a part of the Waldorf community as a parent (for 11 years) and teacher for as long as she can remember (for 16 years).

GOALS/OBJECTIVES:-

1) Offering the chance to create a safer environment for nurturers and their children while also utilizing the benefits of technology to establish a crucial and connected community that nourishes and supports growth together.

2) Providing services and products to Indian and Nepalese citizens at whatever price they feel appropriate.

EXCEUTIVE SUMMARY:-

Nurturer'Studio is experiencing financial difficulties as a result of allowing Indian and Nepalese citizens to pay whatever amount they want for their items. As a result, no customer will pay full price for the product; instead, they will pay the lowest price possible. 

Their motives are noble, but it's simply not realistic. This marketing technique is a tragedy, the calm before the storm that will eventually rob the community of its livelihood and force them to close up shop. We were given the task of developing a viable marketing plan that would not only follow their noble aims to take form but also ensure that they would not go out of business if they used this way.

I've come up with a few solutions that will help Nurturer'Studio solve its challenges.

1) Developing a website-only currency:-

Implementing an online website-only currency that can be used by people who do not have enough money to buy the things is a solution I have come up with. Obtaining these currencies is simple and requires no financial investment. To obtain the website currency, customers will be required to promote the website on social media in order to raise brand awareness. 10 social media posts are equal to 10 points, and 10 points are equal to 100 rupees on the website. 

The website currency is updated after 10 social media postings; if someone has 9 social media posts, no points will be awarded to them until the 10th post is made. And because all of the products are worth 200 rupees to Indians and Nepalis, they must create at least 20 social media postings.

The concept behind this strategy is that it adheres to the group's noble values, which are to deliver products and services to Indian and Nepalese clients at a price that is affordable to them while still allowing Nurturer'Studio to make an intangible profit in the form of brand awareness on social media.

2) A Donation button:-

Customers will be given the option of making a donation to help support the cause of providing products and services at an affordable price. Customers will be redirected to a donation page after each purchase is completed, they have the option of donating a certain amount of money or not.

The donation can be displayed in the open to boost client trust. A donation bar may be displayed with a monthly goal each time, with the funds going toward website upkeep and server costs. This would enable us to outsource a donation for a vital aspect of our business, namely the operation of our website. Customers will be guilted into supporting the website, the group, and its objective using this technique.

3) Exclusivity to the Customer who pays in full:-

1. In the event of a defective product, exchange offers, or delivery, they will be given first priority.

2. For every full price purchase, they will additionally receive one website-only currency. Other customers who bought it for any price other than the full price will not be able to receive this benefit.

3. A large brand logo will be applied to all statues, and only those who pay the full amount will be able to choose whether or not they want it on their statue. Others customers will have to bear with the large brand logo on it's product. Customers will also remember your firm for a long time if you use a brand logo.

4) Coupon Code Discount:-

We may create a discount coupon code and distribute it to clients who created a new account on the website via e-mail. We receive this e-mail after they fill out a form on the website; the coupon code could result in a 10% discount for international visitors and a 20% discount for Indian and Nepali visitors.

CONDUCTING A SITUATION ANALYSIS:-

1) SWOT Analysis:-

1. Strength: The advantage of Nurturer'Studio's pine wooden toys is that they are less expensive than comparable market items. This low pricing might be leveraged to our advantage, attracting a huge number of people to our establishment. Also, the company's philosophy of offering its services and products at whatever price the client deems appropriate will turn a large number of people into customers.

2. Weakness: To say the least, the group's marketing strategy is a disaster. They will go out of business sooner or later if they follow through on their ideals. Their brand awareness is also near-negligible, which means that few people are aware of their existence in the first place. The shop page is almost unreachable unless you change the URL yourself, the websites sitemap does not include a "Shop" page. This makes it virtually almost impossible to locate the Shop page.

3. Opportunity: If they can solve the problem of getting more people to know about their brand, a lot of doors will open up for many other possibilities. They're also offering pine wooden toys at the lowest prices on the market; if they get some attention at the start, they'll be able to turn things around.

4. Threats: If they continue to give these items and services at whatever price the client deems appropriate, their business will be on the verge of bankruptcy. This is a bad marketing strategy, and there is a storm brewing that is waiting to be released.

2) Competition Analysis:-

There are numerous large competitors in the market selling identical items; yet, because these brands have been in the market for decades, they have established themselves as market leaders and have earned customers trust. These companies also use a variety of other well-known E-commerce platforms to expand their product sales and reach.

Shumee, a Bengaluru-based sustainable toy brand, all their toys are made of wood, painted with organic paints and are 100% child-friendly. Shumee uses Peppa the Pig, which is a popular cartoon among kids. Shumee has been making toys with the IP of Peppa the Pig and gaining a lot of traction for it. Their other toys in their catalogue are Fruit Wooden Lacing Set, Dinosaur Teepee Tent, Clock 3D Jigsaw Puzzle, Activity Walker, Ice Cream Magnetic Set, Farm Snap Card Game and a lot more.

Shumee markets its products in such a way that they encourage children to think critically. They also assist your child in developing important motor skills, allowing parents to develop a positive attitude toward toys. Their target audience are age-specific (babies, toddlers and preschoolers) and different kinds of woods, from pine to neem, is used to make them.

3) Target Audience and Target Market:-

Target Market: Nurturer'Studio's target market is a consumer market where customers buy the product directly from them. Shumee, Buddyz, Funskool, and Skoodle are just a few of the companies competing directly in the target market. All of these organisations have numerous physical franchises throughout India, resulting in a very big market reach and market share, making it difficult for many start-ups to compete. 

The Indian toy market, which is currently estimated at $1 billion, has the potential to double itself by 2025, according to a FICCI-KPMG report. The report said India could also target a 2% share of global exports by 2025. We may also conclude from this that the toy market is a very large and profitable market, and that recent events like as the Co-vid epidemic and lockdowns have had no impact on the industry's growth.

Target Audience: The target audience consists of children aged 3 to 8 years old. Toys can also be gender-specific, such as a doll for a girl and a truck for a guy. The target audience is also a bit complicated in this scenario since, despite the fact that the target audience are children, the purchasing decision is ultimately made by their parents. It doesn't matter how good or enticing a toy is to a youngster if the parents won't let them play with it then they won't purchase it. As a result, for the target audience, we must also consider parents. Parents are usually put at ease by things like a good market reputation, brand identity, and child-friendly products.

4) SMART Goals:-

Setting ambitious yet attainable goals and describing how you'll track your achievement within the specified term are both important parts of the marketing plan. To ensure that you're creating the proper goals, you can use our SMART goals.

For example:- A goal of 10 sales in less than a month.

Assuming that all of these sales are from Indian buyers who did not pay full price for the products. Then we'll have a total of 200 social media posts from ten distinct clients. These may be measured by looking at the posts themselves, and they are also time-limited, meaning they must be completed within a month. This is a clearly defined and achievable SMART Goal.

MARKETING CHANNELS and MARKETING STRATEGY:-

In the field of marketing channels, Nurturer'Studio falls short. The website is the sole marketing channel that it fully utilizes; it does not use advertisements, social media marketing, or e-mail marketing, for example. It is not only missing out on a significant potential to attract clients, but it is also restricting its brand exposure. Nurturer'Studio is barely known, and this is mostly owing to the company's refusal to utilize the numerous marketing avenues at its disposal.

There are no official Nurturer'Studio social media accounts. They are also reluctant to investing money on advertising because it would divert what little profit they have from their firm to another expenditure that may or may not bear fruit. Finally, they do not undertake e-mail marketing, which eliminates the last hope.

We could create official social media accounts and outsource social media marketing to customers, as people who do not pay full price are more likely to make social media postings, increasing interaction. They could also use E-mail marketing, which is free and could help them convert a few prospects into paying customers. Advertising is something I will not recommend because it is a waste of money currently for them but in the near future, once they are stable they could turn to it.

In terms of marketing strategy, we must first ensure that the website's "Shop" page is easily accessible. Then, by utilizing the website's currency system, we can directly involve customers in our social media marketing. In the meantime, we can try to attract potential leads through e-mail marketing. Doing a good job with On-page and Off-page SEO will also ensure that your marketing is on point. 

UNIQUE SELLING PROPOSITION:-

Nurturer'Studio is likely one of the only businesses in India's toy sector that allows customers to set their own price for a product. It's a lot dangerous for a small start-up company that's just extended its wings, but it's also quite commendable. This one-of-a-kind selling proposal will undoubtedly attract some clients.

The following website will introduce its own currency system. If someone wishes to buy something for a lower price than the full price, they must first use the point currency system. The money system is set up in such a way that if someone wants to buy it, they must first create 20 social media posts and then submit verification via an e-mail. After that, they will be given 20 points each, which they will use to purchase the merchandise.

As a result, the client receives his product at next to no cost, and the company receives the essential brand awareness as the customer handles his social media marketing.

PRICING:-

Nurturer'Studio's items have a general price of 160 rupees for Indians and Nepalis, and a price of 2 dollars for overseas customers. This should be increased to a general price of 200 rupees and for both the internationals and the Indians and Nepali's. For internationals and Indians, the coupon code discount might cut the price by 10% and 20%, respectively. So, by the coupon discount the cost then reduces the price to 180 rupees for Indians and Nepali and 190 rupees for an international.

If a person from India or Nepal refuses to pay the entire amount, a base price must be established; otherwise, everyone would pay the lowest price available, causing us to lose money. Customers from India and Nepal who do not pay full price will have their base price set at 100 rupees, with the remaining 80 rupees being free. However, in exchange, the consumers must create 20 social media postings, and they will only be able to purchase the merchandise after the proof has been presented.

MESSAGING:-

The messaging of Nurturer'Studio can be deduced from their own behaviors. They want to provide their products and services for the residents of India and Nepal at a minimal cost because they care about their nation and want to see it and its people thrive.