How A Company Effectively Realised Its Target Market: Case Study On WakeFit
How It All Began
Ankit Garg, the co-founder of Wakefit, got a fantastic idea. He got the idea to transform the sleeping habits of millions of people.
If you are thinking that the idea was a serendipitous encounter, then you are right!
Ankit’s father owned a chemical lab and used to validate and certify the manufacturers of foam used in the mattress. Our protagonist hero worked there for a long time and noticed that there were multiple frauds occurring in the mattress industry.
Firstly, the foams used in the market are largely adulterated. They contain calcium carbonate as an inexpensive filler, to make up the ‘mass’ of the mattress.
Another marketing gimmick is the idea planted by mattress advertisers. The idea of stacking up mattress on top of each other provides no additional support or comfort. Most of the benefit delivered to the user is done by the topmost layer.
And the most rampant scam of all. The process of manufacturing foam is standardized all over the world and the current marketplace is charging way more than they should.
Ankit noticed that the sleep industry is highly fragmented and traditional companies focused solely on the sales of the mattress, downplaying the importance of quality. This triggered him to research more and produce a superior quality product with no adulteration, longevity, and construction that enables good sleep, and great sleep that impacts all other spheres of life – family relationships, work productivity and in general all round good health.
The First Hurdle
The first hurdle of any product based industry in India which focuses to revolutionize the quality standards of the industry is convincing people to try your product.
The market is flooded with competitors left and right and it is difficult to solidify your stand.
For Wakefit it was not any different. It was difficult getting people onboard to register online and try the mattress for 100 days as a free trial. On top of that, the salesman in the industry has fragmented the notion of how expensive products are always better than their cheaper counterparts.
The Tackles That Made It Happen
As the first hurdle is the hardest, Wakefit did a commendable job of overcoming their first but most difficult obstacle.
They made a state of the art customer support team which catered to the customer 24x7. On top of that, they provided a 20 year warranty period on their mattresses which is unmatched in the industry.
But they hit the home run when they introduced a 100 day free trial period for their product. That way customer got used to a high-quality product which was difficult to say no to after 100 days of affordable luxury.
The Model That Made It Happen
Wakefit has a customer-centric business model. That means they work in a business to customer model. Their sales are driven through their website or through third-party e-commerce sites like Flipkart, Amazon, etc.
How Vantage Circle Entered The Scene
Wakefit found one of the keys to their success.
They knew, no matter how cheap their products were, products like mattress were mini luxuries in India. So moving to an employee engagement platform was a no brainer. And when it comes to employee engagement platforms there is no alternative other than Vantage Circle.
Vantage Circle has a special discount program for the corporates which are onboard with Vantage Circle. These discounts available are exclusive and are not available in the open e-commerce sites.
On top of that Vantage Circle is also associated with major e-commerce sites like Amazon and Flipkart, so the products can be purchased at a special discount from these platforms also.
So, the corporate employees onboard are serious audiences and will most likely be motivated to finalize a purchase from an employee engagement platform.
Vantage Circle has over 1,000,000+ employees onboard. The marketing strategies employed enhance the chances of landing sale manifolds.
The marketing strategies employed are
Listing on the App and Website.
Ad banners on Vantage Circle App.
Pop Up notification for mobile.
The most important thing for a young company is brand awareness. This is the area in which they struggle the most.
Vantage Circle has helped solve this problem. Now many major corporates can vouch for the quality of Wakefit.
The Stuff That Matters
Everything said is well and good. But until stats are presented the statements are rendered moot.
Wakefit has got the highest sales from Bangalore.
Monthly average order ranges from 55-66
Total Sales cost per month- 7,00,000-8,00,000
Why Not Facebook For Ads?
This is the question most aspiring and young companies ponder with.
Why not advertise on Facebook or Google and why even bother with an employee engagement platform.
According to Wakefit, the key is the target audience. Vantage Circle has 1,000,000+ corporate employees onboard, so for a product which has some amount of luxury attached to it, going for Vantage Circle was a no brainer.
The clicks to sales ratio are much higher in Vantage Circle than traditional ad services. This is because of the presence of serious, well-salaried professionals.
Vantage Circle opens up a new ambit of the audience where we can reach the millennials and corporate workforce who spend most of their time in the office. Also, the cost per sales in Google and Facebook ads are much higher than Vantage Circle.
“Consistent, good engagement and reach with promised deliverables that helped us reach corporates is what sets Vantage apart from others.” - WakeFit
Aspirations And Goals For Future
WakeFit plans to be India’s number 1 sleep destination. They want every Indian to be aware of how the current sleep industry is taking things for granted without considering the quality. After having a strong foothold in the Indian market, they plan to go global. Vantage Circle is in full swing support in helping Wakefit tell their story to the world.