Week 1 Hand Out Task

Renard John Taburnal

John Kenneth Sombillo

Ella Ong

Problem Statement
CONTEXT
When does the problem occur?
After Hitesh and Lakshya arrived at
the party wearing their Kolhapuri
Chappals and people started asking
them where they got them, they
became the “talk of the town.” They
started to think about why people
would buy a pair of “unknown” shoes
and whether there was a need for them
or if they we just curious.
CUSTOMERS
Who has the problem most often?
Customers who purchase footwear
are typically the ones who run into
issues. They also have trouble
exchanging things because they are
unavailable in other nations. The
difficult and costly shipping
process prevents the products from
getting to the clients of the
footwear.
PROBLEM
What is the root cause of the problem?
They are attempting to do category
creation with their product, wherein
they want to focus on creating an
entirely new space within a particular
market, then own that market by
naming it. There was a lack of
representation of Kolhapuri Chappals.
There were many alternatives in the
market. There are no significant
improvements in making these
Kolhapuri Chappals.
EMOTIONAL IMPACT
How does customer feel?
-Curiosity
-Satisfaction
-Interest
QUANTIFIABLE IMPACT
What is the measurable impact?
Additionally, 70 more orders at Desi
Hangover were persuaded to place
preorders for chappals. Even though
the new designs aren’t yet on the
market, customers were convinced to
buy them
ALTERNATIVES
What do customers do now to fix
the problem?
Local Clients: But footwear made
in Kolhapuri Chappal locally.
Invest in additional leather goods
produced nearby, weather
domestically or elsewhere.
Foreign Clients: Buy their own
leather shoes made locally.
They plan to get leather shoes from
another nation.
ALETERNATIVES SHORT
COMINGS
What are the disadvantages of the
alternative?
Small businesses are not wary of
international quality standards
The Great Problem Litmus Test:
1. Market Size:
• Is this problem something that a lot of people face? Yes, there
seems to be a potential market for Kolhapuri Chappals, as
evidenced by Hitesh and Lakshya's experience at the party where
they became the "talk of the town" due to wearing them.
2. Pain Intensity:
• How painful is this problem for those people? Does this
problem need to be solved? Are people so desperate to find a
solution to this problem that they will use a buggy version?
While there's curiosity and interest in Kolhapuri Chappals, the
pain intensity might not be very high. It seems more like a niche
market rather than a pressing problem that people are desperate to
solve.
3. Existing Alternatives:
• Is this problem being solved in other ways which are
adequate? Can this problem be solved in other ways? Yes,
there are existing alternatives like locally made footwear and
leather shoes from other regions or nations. However, there's a
lack of representation of Kolhapuri Chappals in the market,
which could be a gap for Hitesh and Lakshya to exploit.
4. Customer Psychology and Habit Change:
• Will people change their habits and adopt my solution? It's
uncertain whether customers would readily adopt Kolhapuri
Chappals as a new footwear choice, especially if they are
accustomed to other types of footwear.
5. Willingness to Pay:
• Will people pay to have this problem solved? Will they pay
ME to solve this problem for them? There's a possibility that
customers may pay for Kolhapuri Chappals if they find them
 desirable and unique. However, it's not guaranteed, especially if
there are cheaper alternatives available.
6. Lovability:
• Will this solution become something they cannot live without?
It's unlikely that Kolhapuri Chappals would become
indispensable for most customers, considering they have been
managing without them so far.
7. Evangelism:
• Will they go out and tell all of their friends about my
solution? It's possible that some customers may spread the word
about Kolhapuri Chappals if they find them appealing and
distinctive, but it may not lead to widespread evangelism.

Problem Definition
1. Put the problem in context: The issue is that, despite their cultural
significance, Kolhapuri Chappals are underrepresented in the footwear
industry. The market gap is shown by Hitesh and Lakshya's experience
at a party where they attracted attention for wearing these chappals.
2. Explain the relevance and criticality of the problem: The lack of
Kolhapuri Chappals in the market signifies a squandered chance to
serve a clientele drawn to distinctive, culturally relevant footwear. The
demand for these products is clearly there, as seen by the increasing
curiosity and satisfaction seen at Desi Hangover.
3. Substantiate your claims with market data/customer interviews:
• New Kolhapuri Chappal patterns were introduced, and market
data shows that this sparked a spike in orders from Desi
Hangover, indicating consumer enthusiasm.
• According to customer interviews, those who are exposed to
Kolhapuri Chappals exhibit curiosity and contentment,
suggesting a possible market need.
4. Propose a solution: Develop a thorough marketing and distribution
plan to raise Kolhapuri Chappals' profile and make them more easily
accessible within the shoe industry. This entails working with regional
craftspeople, utilizing digital media for advertising, and forming
alliances with merchants to increase exposure.
5. Explain the incremental benefits of your proposed solution:
• Increased market presence and accessibility will attract more
customers, thereby expanding the customer base.
• Collaborating with local artisans will support the preservation of
traditional craftsmanship and promote socio-economic
development in the region.
• Leveraging digital marketing channels will enhance brand
visibility and engagement, fostering long-term customer loyalty.
 1. MARKET IDENTIFICATION: The Inception of Verloop

MARKET TYPE: E commerce

 Key players

1. Gaurav Singh:

Co-Founder of Verloop.

Played a pivotal role in the initial idea and formation of the company.

2. Siddharth Sharma’s

Verloop’s CMO

He decide to go with laser-sharp focused targeting

 Recent Innovations

1. Improvements to natural language processing (NLP): Verloop continues to work to

strengthen its NLP systems so that it can comprehend and respond to inquiries from clients in a
more organic and resembling way.

2. Integration with Multiple Communication Channels: Verloop has added additional ways to
interact with its platform, including chat, email, messaging apps, and social media. It makes
multichannel assistance with customers more smooth.

3. Personalisation Features: Verloop has added advanced personalization features that let
companies change how they connect with customers depending on their likes and dislikes and
how they usually act.

4. Tools for automation and self-service: Verloop has made automation tools and alternatives
to help companies improve efficiency, reduce waiting times, and simplify client relations
processes.
5. Data Analytics and Insights: Verloop has put money into data analytics to give companies
helpful information about how customers interact with them, how they feel about things, and
how well they're doing.

 Sales Cycles

Verloop began by looking for people interested in their AI-powered customer service tool.
They had to look for and contact companies in fields where AI customer service options
were wanted. Once Verloop found leads, they might have contacted these prospective
consumers to tell them about their items and see if they were a good fit based on their
goals, budget, and willingness to use AI for customer service. It presumably held
demonstrations of the products and talks that demonstrated what its AI-powered customer
support tool could do and how it could help customers. It was essential to show the
importance of the offering and set Verloop apart from rivals.

 Adoptation Rates

Verloop has invested $2.5 million into developing bots that can understand natural
languages. This investment will result in the super bots being able to support 6 new
languages taking the total number to over 20 languages across sectors and boundaries.
Moving forward, it aims to expand its presence to Europe and the US. Currently, there are
over 100 people working full time for Verloop and they plan to double the size of their team
in the coming months. Their sales and marketing team alone has over 30 members
 2. CUSTOMER SEGMENT

Demographic Geographic Psychographic Behavioral

Verloop's primary Verloop serves businesses Innovative companies There is a proactive
consumers are in many countries and that want to go digital method of using new
companies in various areas around the world and see excellent client technology to improve
fields, including that are part of its service as a way to
customer support and
technology, healthcare, customer base. Verloop stand out are Verloop's
interaction. Furthermore,
retail, e-commerce, and does business worldwide customers.
it demonstrates the ability
financial services. but might do better in tech Customers in Verloop's
to use AI-powered tools to
It collaborates with hubs like North America, segment have high
companies of all kinds, Europe, and the Asia- expectations to try out make processes more

from small and medium- Pacific region, where emerging innovations efficient and flexible, as
sized businesses (SMEs) companies have become and AI apps and well as to handle tasks
to big companies. In more open to AI-powered remain in front of the that are done repeatedly
Verloop's customer solutions. Verloop could competition in terms of and again.
section, the individuals also go after developing providing excellent The information, statistics,
who make the most markets that need customer experiences.
and knowledge to make
important decisions may advanced instruments for Businesses that use
intelligent choices, connect
be interaction managers, engaging customers and Verloop's platform care
with customers more
marketing experts, sales AI technologies. For a about providing good
deeply, and improve the
representatives, and wide range of customers, customer service and
entrepreneurs who want Verloop provides help in running their business metrics.

to improve the overall multiple languages to businesses efficiently Businesses that use
consumer experience and meet the demands of while maintaining Verloop's solutions
boost productivity. companies from various costs low. By using strengthen their customer
regions and cultural better methods for service platforms and give
backgrounds. engaging customers, customers more
they will be able to
personalized encounters to
grow the company they
keep them happy and
own, make their
reliable.
operations bigger, and
get more customers.
 3. NICHE MARKET

A strong growth pipeline, they have covered all major aspects of marketing in their team
structure. They are equipped with specialists in product marketing, content marketing,
demand generation, organic marketing, paid marketing, social media and brand as well as
an event marketer. They plan to add a customer marketing as well as partner marketing
function by mid-2022.

Demographic Geographic Psychographic Behavioral

People in many different Customers from a wide Growing and An intense interest in
types of businesses use range of industries and expanding is what technology and digital
robotics and AI to regions may be able to use companies in the niche solutions marks it. Teams in
improve their customer Verloop's platform, which market are after. These this market group probably
service. The target may serve more than one people are willing to started using AI-powered
audience includes people language. spend money on tools and systems like
who work in e-commerce, It might also go after solutions that can Verloop early on. It might be
SaaS, retail, healthcare, emerging nations, where assist them grow and imaginative and willing to try
financial services, and companies are using AI reach more new things. They are looking
other fields. Verloop has and automation customers—the for ways to bring their
options that work for all progressively to provide excellent treatment of interaction with clients'
kinds of companies, from superior consumer service. clients and the methods up to date while
small and medium-sized It could have a more simplicity of doing ensuring their operations run
ones (SMBs) to big significant impact in business. For example, more smoothly. The
companies. Verloop is places like North America, they are open to using information provides
aimed at entrepreneurs Europe, and the Asia- tools like Verloop that analytics and insights to
responsible for customer Pacific, which contain a lot might speed up improve customer
engagement methods, of businesses based on responses while relationships, make services
customer service technology. Companies making customer more personalized, and boost
managers, support across the world use the service more accessible. achievement. Focus on
teams, and marketing strategies that Verloop Businesses in this field making customers satisfied
specialists. As a result of offers. are very intense and and keeping them returning
how AI works, we should try to stand out from by trying to give them smooth
welcome new ideas and the rest of the market and customized experiences
the advancement of by giving customers in your conversations.
technology. better experiences and
 new ways to solve
problems. They are
excited to learn about
new customer
interaction platforms
and trends. To get
ahead of the
competition,
individuals are ready
to try out methods that
are based on AI.

4. MARKET SIZING

Name: Gaurav Singh

Occupation: TCS as an Assistant Systems Engineer

Location: Madhya Pradesh, India

Top-Down Approach

Account-based marketing is another name for this marketing method focused on particular accounts
within certain businesses. They examined the top 50 accounts they intended to target in every one of
those sectors and then began collecting information about those accounts and the fields in which they
worked. To start making the case, it was essential to have those responses. In a business-to-business
setting, users probably already have a solution that they are using. Therefore, moving from a previous
model to a younger one is tricky. It typically requires at least years and a lot of work from multiple
groups to shut down an older system in the tech stack and set up a new one. Consequently, businesses
refrain from modifying their processes even though the cost is very high or the gain and result are very
high.
Bottom-Up Approach

Siddharth recognizes there are only so many best ways to be successful in marketing. It
might have worked for every business presently if that were true. He knew how to set up
experiments and the factors to look into for A/B split testing advertising initiatives because
he enjoyed a great marketing job at several SaaS companies. The advertising team's job
was to grow into Southeast Asia, so they used 10% of the cash to try out different types of
material and campaigns. It recognized the people they were speaking to and what they
would discuss. They played around with ABM campaigns, inbound campaigns, and search
marketing.