Product

Brand Story

The Whole Truth Foods is a founder-led brand that began its journey with Shashank Mehta, combining his insights as a marketer at HUL and his personal fitness narratives from Fitshit.in into the brand's DNA. His realization of the market's lack of genuinely clean-label Indian brands led to the inception of TWT(from now on, we will refer to The Whole Truth Foods as TWT). Initially catering to his colleagues with homemade protein bars, Shashank quickly identified a gap in the market's need for packaged foods that are honest, transparent, and tasty.

With reports and publications coming out each week about the hidden truths behind "Healthy" and "Sugar-Free" foods, people are skeptical about what's really in their food. First known as "and nothing else," TWT promised total honesty about what goes into their products. Their idea was simple: what you see on the label is exactly what you get, nothing more, nothing less. TWT aims to be a brand that people can trust, especially for those who take the time to understand what they're eating.

This ethos of telling the truth is embedded in every aspect of the brand, from the quality of their products to packaging and also the educational initiatives like their blog, which was the catalyst for growth from the beginning of the company to more cutting-edge initiatives like TruthGPT which helps answer nutrition related queries.

The healthy snack market in India is now valued at over 10 billion dollars(Source); TWT is not just another player but a disruptor. With an ARR of 62 Crores, they raised 15 million in Series B funding from Sequoia Capital at a valuation of 600 Crores(Source), and TWT is setting itself up for growth. However, these figures are just the beginning, as both the overall market and the brand are set to grow over the next few years. The brand's commitment to 100% natural ingredients and transparency isn't just about filling a gap in the market; it's about creating relationships between brands and consumers, fostering a community where informed choices and genuine quality are the new normal.

Products

TWT currently offers four broad types of products -

Protein and Energy bars -

These were some of the first products launched by TWT and, based on the user feedback, typically act as a gateway product to the brand. Their bars have high protein and natural sugars, which are easily digestible compared to the sugar substitutes and palm oils used by other more mainstream protein bars. But one of the key differentiators is the taste. Unlike most other protein bars, which compromise on either taste or health, most users found that these bars had found the right mix of taste and health, which makes it the preferred choice for consumers.

Muesli -

This brand has introduced a successful second product line - Muesli. Like the protein bars, the taste is the most notable feature of this healthy breakfast option, which is why it has gained popularity among repeat customers and first-time users. Most of the healthy breakfast options out there compromise either on taste or health or, unfortunately, in many cases, both. However, users have complained about the portion size, which they find smaller compared to other brands. It's a common issue that has been raised by many.

Nut butters -

Nut butters at TWT are prepared using a recipe that is similar to other products offered by the company. They are sweetened with natural sugars and are made using only a few ingredients. However, I feel that the nut butters have the weakest value proposition among their product line. This is because other brands in the market offer a similar quality product at a lower price. As a consequence, a majority of people consuming peanut butter are already a fan of the brand.

Chocolates -

TWT's largest revenue-generating product line is chocolate. The founder, Shashank, considers it a new venture into the indulgence category as it marks the brand's first departure from the "Healthy" food section of the FMCG market. While the brand maintains its commitment to taste and transparency, they position chocolates as a premium offering of the brand, with a unique approach to molding the chocolate and even the packaging. Despite being one of the biggest revenue-generating products, the brand has yet to make a significant impact on the industry or achieve the same level of adaptability and recognition as some of their other products.

Protein Powders -

This is the newest product launched by TWT and it's the first thing you see when you visit their website. The protein powder by TWT is designed to be light, preventing bloating after consumption, which is a common issue even among athletes. With this product, TWT is competing in the sector of supplementation. This industry has a lot of stigma against it which the brand has to overcome. Although price is a concern across the board, it is particularly loud against this line of products.

The brand's products are simple and tasty, staying true to its core values. The packaging reflects the brand's identity of transparency and stands out among its competitors in the "Healthy" foods market. However, the premium pricing of TWT's products means they might not fit into everyone's budget for regular use. While the brand justifies the cost with the use of quality ingredients and a limited supply chain committed to avoiding preservatives, this has turned their products into a luxury or a one-off item, even for loyal customers.

Moreover, a significant portion of TWT sales come from retailers like Blinkit and BigBasket, which introduces another layer of complexity. In these spaces, TWT's story of quality and transparency isn't always clear, making it hard for the brand to stand out against less expensive options. This is particularly challenging for attracting first-time buyers who rely on the merit of a small product page alone. This sentiment is echoed in customer reviews found on these platforms. While many praise the taste and quality of TWT products, there's noticeable feedback about the pricing, especially when compared to competitors. This feedback highlights the delicate balance TWT must maintain between upholding its values and meeting its customers' expectations on price and accessibility.

ICP

ICP Framework

ICP Prioritization Framework

ICP Prioritization Reasoning

From the above table, based on the adoption curve, Appetite to Pay, and distribution potential, we can narrow it down to 3 ICPs -

• ICP 1 - A Young Professional
• • For this ICP, the market size is substantial and has a lot of purchasing power.
  • Although they are looking to make healthier life choices, they tend to prioritize convenience and taste, for which TWT products are perfect.
  • If they live with family/friends, they tend to recommend products to them more often.
• ICP 2 - A Parent
• • Again, similar to the first ICP, the market size and purchasing power are substantial, coupled with the fact that typically, purchases are made for the whole family who spend more per order makes it even more lucrative as an ICP
  • With the addition of kids, parents need to choose treats and even breakfast/food options that are tasty but, at the same time, healthy. TWT products fit the mould.
• ICP 4 - Athletes
• • This is the most lucrative group amongst all ICPs as they have the highest budget and the easiest adaptability as they constantly experiment with new products.

ICP Challenges

ICP 1 - Young Professionals have the lowest budget amongst all the 3 groups and are sometimes priced out even if they want to purchase TWT products.

ICP 2 - Parents has too many options and is typically more conservative when trying to adopt newer products, especially for their kids. Plus, since most of the products are on the sweeter side they might be even more hesitant.

ICP 3 - Although they are tend experiment and adopt new products they also tend focus less on taste and might choose homemade/other options that even healthier.

Market

In the burgeoning Indian health food industry, projected to reach a market cap of 30 billion USD, The Whole Truth (TWT) has skillfully carved out its niche. The brand's steadfast commitment to 100% transparent packaging and clean ingredients sets it apart, although its current revenue of 62 Crore INR suggests there's ample room for growth within this vast market.

Looking at Muscleblaze, TWT's formidable competitor, we see a titan in the fitness and sports nutrition landscape. With a revenue of $68M as of March 31, 2022(Source), Muscleblaze is not just a product manufacturer but also runs a fitness retail platform, healthkart.com, that boasts over 1 million unique monthly visitors. Their extensive distribution network, stretching across local retailers, pharmacies, and supplement stores, establishes their robust presence in the market.

Then there's Yogabar, another direct competitor with a product range that mirrors TWT's offerings. Now under the wing of conglomerate ITC, Yogabar's market footprint, with revenues hitting $11M as of March 31, 2023(Source), positions them as a close rival to TWT. Despite operating within the same segment, Yogabar maintains a more budget-friendly approach to pricing.

Maxprotein, known for its popular Ritebite protein bars, also competes in this space with revenues of $12.9M as of March 31, 2023(Source). They are progressively diversifying their product line, offering some of the most cost-effective options in the category.

Website traffic analysis initially suggests TWT has an edge over competitors like Yogabar and Maxprotein. However, a deeper examination reveals this might not directly correlate with revenue. Muscleblaze's higher traffic aligns with its status as the oldest and most diverse brand in the cohort. Conversely, Yogabar and Maxprotein's lower traffic compared to TWT could be attributed to their reliance on established distribution networks – Yogabar with ITC's backing and Maxprotein with its retail connections. In contrast, TWT drives significant traffic to its website, reflecting its direct-to-consumer focus.

Now let's look at the size of the market -

For assessing the market potential of The Whole Truth (TWT), we reference a report by awhich places the current valuation of the Indian healthy foods industry at an impressive 20 billion USD. This figure sets the stage for our Total Addressable Market (TAM).

To hone in on the Serviceable Available Market (SAM), we focus on the Healthy Snacks segment, which is projected to constitute 25% of the overall healthy foods market, equating to a substantial 5 billion USD.

Delving deeper to estimate the Serviceable Obtainable Market (SOM), we consider two pivotal factors aligned with our Ideal Customer Profiles (ICPs): their location and their inclination towards health-conscious living. Drawing from the report, the health-conscious demographic in 2020 stood at 108 million and is forecasted to burgeon to 176 million. Tracking this trajectory, the current health-conscious population is estimated to be around 140 million. Within this group, 9% reside in tier 1 cities, totalling approximately 12.6 million potential customers. Our ICPs typically spend around 500 INR on TWT products, so we arrive at a SOM of 630 Crore INR.

Channels

Since TWT is in early scaling I think we should do experiments with multiple channels based on the channel prioritization metrics choosing channels was an easy choice. We are going to focus on content loops, referral programs and product integrations as they provide cost effective and scalable solutions.

Content loops -

TWT is already power house of content with its blog, podcast, AI system called Truth GPT, and their own course called TheWholeTruthAcademy, all these modules are present at the forefront of their website.

The content loops can help for specifically use case based searches where none of the articles for the most popular uses cases mention TWT products, in fact most of the time the articles are not relevant for an Indian consumer as they list North American products. Let's take a few examples for the searches.

After a comprehensive review of search results spanning various use cases and product categories, a consistent pattern emerged: TWT's products, content, and mentions were noticeably absent.

To make the content more effective in driving website traffic and attracting clients directly, we propose the introduction of two distinct content loops within TWT's ecosystem:

Hook -In both cases, our primary focus remains on content related to the brand and its products. Currently, TWT's content leans heavily toward lifestyle and general fitness. While valuable, it falls short in generating substantial traffic from various channels. To address this, we suggest prioritizing content that delves into product-specific use cases, optimizing for SEO-based search results, and debunking prevalent myths—topics that are not only popular but also highly relevant. Additionally, adapting video content in terms of length and format to align with algorithm preferences is essential. It's worth noting that a recent break from Instagram has resulted in noticeable engagement issues. To remedy this, TWT should shift its focus to creating short-form, engaging, and catchy content. Topics like "How to choose the right protein?" or "Are all sugars bad?" have already garnered millions of views and engagement. While not every attempt may strike gold, measurable increases in engagement are anticipated, given TWT's substantial presence on social media platforms.

Generator - Shashank(Founder) has been creating content even before TWT's inception. Furthermore, TWT has assembled an in-house editorial team that excels in crafting meticulously researched articles and media for the brand. With their extensive expertise in the domain, they are widely regarded as some of the foremost experts in the field.

Distributor -

TWT's blog, Truth Be Told, boasts a subscriber base numbering in the tens of thousands. Coupled with the significant subscriber counts on Instagram and YouTube, totaling nearly 300k, an impressive distribution network is at hand. Leveraging user-driven content sharing on social media platforms such as Instagram and Facebook, as well as messaging apps like WhatsApp, promises increased engagement. Additionally, harnessing the power of Google and YouTube SEO is paramount for driving website traffic. This strategy hinges on aligning content topics with search volume and user intent, ultimately bolstering TWT's online presence.

Referrals

Surprisingly, TWT Foods currently does not have an active referral program in place. This is surprising because, based on a user survey of over 30 people, it's clear that customers are already referring the brand and its products. But why are people referring the brand?

People are drawn to the brand's mission of using only 100% clean and natural ingredients in their products. They appreciate the great taste and the fact that it's a healthier option compared to other available choices.

Identifying Referral Candidates

To kickstart our referral program, we will identify happy customers based on three key criteria:

1. Repeat Clients: These are customers who have placed orders on our website more than once.
2. Happy Clients: These are clients who have left positive reviews for our products on the website.

Requesting Referrals

We will employ various methods to ask for referrals:

1. A pop-up message when customers log in to our website, offering referral incentives.
2. Inclusion in the top scroll bar along with other offers for visibility.
3. A prompt to refer after they leave a review for our product.
4. Including a QR code inside the delivery package.
5. Requesting reviews and referrals through WhatsApp, creating a seamless experience.
6. We will also show a refer and earn message on landing page.

Sharing Referral Links

Customers who want to refer TheWholeTruth Foods will receive a unique referral link that they can easily copy. Additionally, we'll send them an automated message on WhatsApp and email, allowing them to effortlessly share the referral with friends and family.

Rewards and Perks

To encourage regular referrals, we've designed a tiered rewards system:

1. 0-5 Referrals: Users will receive a 10% discount on their next purchase. Discounts don't stack, but each referral will earn a separate coupon.
2. 5-10 Referrals: Users will enjoy a 15% discount on their next purchase and will be invited to a TWT-sponsored marathon.
3. 10-50 Referrals: Users will get a 20% discount on their next purchase, and upon reaching 50 referrals, they will receive an all-expense-paid trip to visit a chocolate factory.

Tracking Referrals

Users will have access to a referral dashboard where they can monitor the referral links they've shared with friends. This dashboard will display the status of referrals, indicating whether they've signed up or if the referral was successful. Users can conveniently access this information within their website profile.

By implementing this cohesive referral program, we aim to further engage our customers and reward them for spreading the word about TheWholeTruth Foods' healthy and delicious products.

Product Integrations -

TheWholeTruth Foods (TWT) has already established successful product integrations with brands like Cred for payments and discounts, as well as collaborations with Sleepyowl and Bluetokai for coffee-flavored products. However, considering our product integration framework, Cult.fit emerges as a prime candidate for a strategic partnership, aligning specifically with ICPs 1 and 4 due to its substantial interactions with our brand. Although this integration may involve both tech and offline partnerships, the potential benefits in terms of acquiring loyal customers make it a compelling proposition.

Mutual Benefits for TWT and Cult.fit

Cult.fit can greatly benefit from a profit-sharing model by integrating TWT products. Importantly, TWT's packaged foods do not compete with Cult.fit's food brand, eat.fit. Here are some potential integration opportunities:

1. In-Gym Sales: TWT products can be made available within Cult.fit gyms, offering gym-goers convenient pre or post-workout meal options. For instance, TWT's protein powder aligns perfectly with the gym environment, catering to the nutritional needs of fitness enthusiasts.
2. Post-Workout Samples: After a workout session, gym attendees can receive TWT product samples, introducing them to the brand's clean and natural offerings. This not only enhances the overall fitness experience but also encourages trial.
3. Personalized Recommendations: Cult.fit can incorporate TWT products into its post-booking and confirmation process. For instance, when a person books a class, they can receive a confirmation along with recommendations for pre-workout meals, which may include TWT protein bars. Alternatively, a notification can be sent one hour before the workout, suggesting a pre-workout meal from TWT.
4. Online Sales: TWT products can be made available on the eat.fit store under the packaged goods category. This provides online shoppers with easy access to healthy and clean packaged foods.
5. Delivery App Presence: TWT products can also be featured on delivery apps, leveraging eat.fit's cloud kitchens for distribution. This expands the reach of TWT's offerings to a broader audience.
6. Rewards and Incentives: Cult.fit can introduce reward programs, offering TWT product discount coupons as incentives for completing classes or maintaining workout streaks. This not only encourages member engagement but also drives product adoption.
7. Expert Recommendations: Cult.fit's personal trainers can play a pivotal role by recommending TWT products as part of their clients' meal plans. This expert guidance ensures that fitness enthusiasts are making informed and health-conscious choices.

By establishing this strategic partnership, Cult.fit and TheWholeTruth Foods can create a mutually beneficial ecosystem where fitness and nutrition seamlessly come together. Cult.fit's commitment to holistic fitness aligns perfectly with TWT's mission of providing clean and natural food options, ultimately enhancing the overall health and wellness journey for customers.