What is Traya?

Traya is a Mumbai, India-based startup founded in 2019 by Altaf and Saloni, who experienced hair loss issues and realised that hair loss is not just about exposure problems like water quality, pollution, and chemical treatments, but also a result of underlying health conditions

This led them to create Traya, a company that focuses on providing a holistic treatment for hair loss by targeting its root causes

Traya's approach to hair loss treatment is based on a three-fold plan that combines Ayurveda, dermatology, and nutrition.

Core Value Proposition:

• Identifying the root cause of hair loss and providing personalised treatment.
• Deliver visible hair growth results and change the way a hair fall solution is approached
• Traya helps make hair healthier by using Ayurveda, Dermatology, and Nutrition.
• Goals include reducing hair damage, promoting healthy hair, improving scalp health, controlling hair fall, and encouraging hair regrowth
• With medical professionals and advanced Al technology.

How do customers experience the core value proposition:

1. Initial Assessment: Users start by taking a comprehensive hair test, providing Traya with crucial insights into their hair and scalp condition.

2. Personalised Treatment Plan: Based on the assessment, users receive a tailored treatment plan that includes a variety of specialised products, such as shampoos, serums, vitamins, and oils. This plan addresses their unique hair and scalp concerns.

3. Dedicated Support: Users are paired with a dedicated Hair Coach who guides them through their personalised treatment plan. They can easily schedule calls with their coach for any queries or additional support needed during their journey.

4. Comprehensive Wellness Approach: Traya emphasises holistic care by providing users with detailed diet plans that complement their hair care regimen. This approach aims to enhance overall health and promote better hair growth.

5. Tracking Progress and Rewards: Users can log in daily to mark their routine activities, such as product usage and diet adherence, in the app. By maintaining consistency and streaks, users earn reward points, motivating them to stay committed to their hair care routine.

6. Continuous Improvement: Traya's approach involves continuous monitoring and adjustment to ensure the treatment plan evolves based on the user's progress and changing needs.

Step 1: Litmus Test

Retention Curve

Traya's retention rate is 80% in the first month, Traya claims that users start seeing results in 5 to 6 months. since the natural frequency is monthly for Traya we will calculate the retention on a monthly basis.

There could be multiple reasons for user drop-off.
• Delayed Results: Users expecting quicker outcomes than the promised 5-6 months might get discouraged and drop out.
• Inconsistent Support: Reviews mentioned on the app and Play Store say that Hair Coaches not consistently available or responsive could be a reason to lead to dissatisfaction and attrition.
• Complex Regimen: users might struggle to maintain consistency.
• Competition: The availability of other solutions promising faster results could entice users to switch before seeing Traya's intended outcomes.
• Generic Approach: If the treatment doesn't feel personalised, users might question its effectiveness, impacting their commitment.

As Traya's users typically buy a 1 or 3-month plan, we can see quite a drop in users after 30 and 90 days.

Traya claims to see the results in 5 to 6 months, in that case, users who stayed till 6 months will be retained and we will see a flat line after 6 months.

Assuming some more drop-outs after 6 months, the curve would stabilise at a 30-35% retention rate. This set of users are the power users who are seeing visible results and are highly dedicated to their hair solution. These users are recurring subscribers of Traya.

let's consider a 10% user drop every month, which would be approximately 46.

1 . List the months 1 - 12

2. The starting retention rate: 80%

3. The drop in retention rate(Hypothetical): -10%

Month 1: 80%

Month 2: 80% - (80% * 10%) = 72%

Deeper engagement

1. There is a growing demand for effective hair health solutions globally, including hair growth supplements, hair care products, and hair loss treatment products.
2. The Indian hair care market has been valued at USD 3.4 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 11.4% through 2029
3. The hair loss treatment products market size is expected to grow from USD 1.90 billion in 2023 to USD 2.80 billion by 2028, at a CAGR of 8.08% during the forecast period (2023-2028)
4. The growing demand for hair health solutions is attributed to factors such as the rising awareness of nutritional advantages of supplements, the increasing trend towards preventive healthcare, and the escalating concerns of hair loss among the aging population

Consumers are increasingly seeking personalised and holistic solutions, leading to the rise of scalp health-focused products, natural and organic ingredients, and hair growth supplements.

Source:

• https://finance.yahoo.com/news/growing-demand-hair-health-hair-111800730.html
• https://www.techsciresearch.com/report/india-hair-care-market/4896.html

Segmentation :

With an 80% retention rate in the first month and 64% in the third month, combined with the claim that 93% of users have witnessed results within 5-6 months, Traya have a strong user retention strategy and a high success rate in delivering its promised outcomes.

As individuals join Traya with a clear purpose—to address their hair-related issues—they are more predisposed to become core or power users. The intention behind their decision to seek treatment for their hair concerns implies a higher likelihood of dedication to follow the prescribed regimens, diets, and guidance from hair coaches.

Given this context, the majority of Traya's user base, likely over 50%, are inclined towards the core and power user categories, the company seems well-positioned for monetisation.

Willingness to pay

Users coming to Traya for hair solutions are highly motivated to pay for effective treatments. Their willingness to invest in Traya's services depends on experiencing actual results.

As per our discussion with our ICPs we understood that they are coming to Traya for hair solutions and are highly motivated to pay for effective treatments. But their further willingness to invest in Traya's services depends on actual results.

Because lot of of products in the market makes bold claims that often disappoint. If Traya consistently provides visible improvements in hair health, users are not just likely to purchase subscription plans but may also commit to long-term engagement, possibly a lifetime subscription.

'If Traya provides the actual results and my hair fall stops, I will buy the subscription plan for a lifetime' - Core user

Substitute pricing

3 Core signals to arrive at pricing:

Core Problem Solved by Traya:

Traya primarily focuses on addressing various hair-related concerns through personalised solutions. Some core problems solved by Traya include:

1. Hair Loss: Traya offers specialised treatments and personalised plans to combat hair loss, targeting factors such as genetics, hormonal imbalances, stress, or nutritional deficiencies.
2. Hair Regrowth: It provides solutions to stimulate hair regrowth, utilising targeted treatments and guidance tailored to individuals' specific needs and conditions.
3. Scalp Health: Traya addresses scalp health issues like dandruff, itchiness, or dryness through personalised regimens and recommendations.
4. Hair Thinning: Tailored treatments and guidance assist in preventing and managing hair thinning issues, focusing on strengthening hair follicles and promoting thicker, healthier hair.
5. Overall Hair Health: Traya emphasises a holistic approach to enhance overall hair health, considering factors such as diet, lifestyle, and personalised treatment plans to optimize hair condition and appearance.
6. Hair Coach Guidance: Traya provides users with access to hair coaches who offer personalized guidance. They help dispel myths, clarify confusions, and provide expert advice tailored to individual needs, ensuring users have accurate information and a clear path forward in their hair care journey.
7. Logging-In Feature: The platform's logging-in feature allow users to track progress, receive updates, and access personalised recommendations regularly.
8. Maintenance Streaks: Traya's streaks feature encourages regularity and consistency in following the prescribed regimens. By maintaining streaks, users are motivated to adhere to their hair care routine, fostering discipline and ensuring better results over time.

What are the other ways to fulfil the same use case?

India's hair care industry is vast and encompasses numerous local, national, and international brands offering a wide array of products and treatments specifically targeting hair health and related issues.

Below are some of the main brands solving the same issues as Traya.

Man Matters:

Value Proposition: Man Matters is known for its range of men's wellness products, including solutions for hair fall. They offer personalized hair care kits and supplements targeting specific concerns like hair loss, thinning, and scalp health for men. Their value proposition lies in customized solutions tailored for men's hair-related issues.

Minimalist:

Value Proposition: Minimalist focuses on providing science-backed, minimal ingredient products for skincare and hair care concerns. Their hair care range aims to address hair fall issues with products containing clinically proven active ingredients in simple, transparent formulations. Their value lies in simplicity, transparency, and evidence-based skincare solutions.

Lybrate:

Value Proposition: Lybrate operates as an online healthcare platform that connects users to doctors and healthcare services. It offers consultations with dermatologists or trichologists for personalized advice on hair fall problems, recommending treatments, products, or lifestyle changes based on individual needs. Its value proposition lies in facilitating access to professional advice and treatment plans.

Pilgrim:

Value Proposition: Pilgrim is known for its skincare and hair care products inspired by Korean beauty rituals. They offer hair care solutions focusing on nourishing the scalp, strengthening hair strands, and reducing hair fall. Pilgrim's value proposition revolves around combining traditional and modern ingredients in their formulations to address various hair concerns.

Hair Transplant Surgery: For more severe cases of hair loss or balding, individuals might consider surgical procedures like hair transplant surgery. This involves transplanting hair follicles from one part of the scalp to balding areas to stimulate regrowth.

Professional Treatments: Some individuals seek professional treatments at salons or clinics, such as laser therapy, PRP (platelet-rich plasma) injections, or scalp treatments, which claim to improve hair growth and scalp health.

Validating What Users Are Buying Into

1. Personalized Solutions: Traya provides customised solutions tailored to individual hair concerns and needs. Users value this personalised approach, as it addresses their specific hair issues rather than offering generic solutions.
2. Expert Guidance: The access to hair coaches and receiving personalised advice, debunking myths, and gaining insights from professionals to manage their hair health effectively.
3. Visible Results: Users are buying into the promise of noticeable changes based on the platform's track record and success stories.
4. Comprehensive Approach: Dietary recommendations, and lifestyle guidance resonates with users. They appreciate a solution that considers multiple factors impacting hair health rather than solely relying on products.
5. Engagement Features: Users value the platform's features like the logging-in streaks and regular interactions. These features keep them engaged, motivated, and accountable in following their prescribed regimen consistently.
6. Brand Trust: Positive reviews, success stories, and word-of-mouth recommendations contribute to establishing trust in Traya. Users buying into Traya often do so due to the brand's credibility and reputation in the market.

Overall, users are investing in Traya for its promise of results.

Pricing Design

Whom to charge?

Based on user interactions and secondary research, the assumed RFM grid is as follows:

The users who are likely to pay fall under Champions, Loyalists, and Potential Loyalists. And these are the users Traya should monetise effectively. A quick snapshot of these customers is as given below:

• Champions: These are power users, who are taking the treatment for 2-months and actively following the prescription and diet plan.
• Loyalists: These are also power users, who are regularly committed to the treatment from 4 months and logging the progress daily on the app
• Potential Loyalists: These are core users, who are currently on the 2nd month of their treatment plan but not actively engaging with the app, but with the right nudges they can get regular with the app and continues the treatment

When to charge?

What is the perceived Value of Traya?

Personalised and Effective Solutions: .Users perceive value in the platform's effectiveness in addressing specific hair issues, providing customised treatment plans, dietary advice, and lifestyle recommendations based on their unique needs.

Promised Visible Results and Track Record: Traya's success stories and positive testimonials establish confidence in the improvement of their customers' hair health.

Expert Guidance and Support: The access to hair coaches and expert guidance is highly valued. Users appreciate receiving professional advice, and gaining insights from specialists, which adds significant credibility and trustworthiness to the platform.

Cost-Effectiveness: Traya's hair fall treatment lasts 5 to 8 months and costs ₹1,800 to ₹2,500 per month. The brand is considered a cost-effective solution for hair regrowth as it addresses the internal problems causing hair fall, ensuring sustainable results.

Around the 3-month mark, users can see if Traya is working for them. This is when they've given the product enough time to make a difference in their hair fall. Seeing these changes feels great and makes users happy – like a little reward for finding something that works within a few months.

Plus, by this time, Traya has saved users from spending more time and money searching for the right solution. So, it's not just about happier hair, it's also about saving time and money while finding the right fix.

What to charge for?

1. Output (Results): Charging based on the output, such as the visible results in reduced hair fall, hair regrowth, or overall improvement in hair health, could be a compelling approach. Users might be willing to pay based on the effectiveness of the treatment and the visible outcomes they experience. (Charge for product)

2. Access to Personalised Plans and Support: Charging for access to personalised treatment plans, doctor-prescribed solutions, guidance from hair coaches, and customised diet plans could also be valuable. Users might see significant worth in the expertise and tailored guidance Traya's specialists provide. (Charge for doctor perception, diet plan and hair coach guidance)

Users are likely to perceive the most value in paying for the outcomes they achieve and the personalised support they receive in their hair health journey.

How much to charge?

Perceived Value Equation:

• Perceived Value: Results achieved (e.g., reduced hair fall, regrowth) + Customised treatment kits + Expert guidance (hair coaches, doctor-prescribed plans) + Time savings (from finding effective solutions)

Perceived Price Equation:

• Perceived Price: Cost of treatment kits + Additional charges for personalised plans and consultations
• Average doctor consultation is 500 rs in general, but since it's. virtual one we will add 100 rs.
• Diet plan and access to hair coaches - 50 rs per month

E.g Pricing - 2000 + 100 + 50 = 2150 Rs.

Value Perception: On perceived value that is common in all the Traya ICP is visible results. However, the perceived value would be high for individuals who are actively seeking effective, tailored solutions for their specific hair concerns.

Pricing Strategy: Traya could adopt a tiered pricing strategy based on the different stages of hair concerns or treatment kits required.

For instance, pricing tiers could vary based on users' hair stages (mild, moderate, severe issues), with each tier offering specific treatment kits and guidance tailored to their needs. Charging a higher price for more comprehensive kits catering to severe hair issues and a lower price for milder concerns could align with ICP preferences.

As Traya currently lacks a subscription model, a one-time purchase model or pay-per-use basis for treatment kits and consultations could be considered.

Should it be System 1 or System 2?

Traya fits in System 2 - high AOV and it takes time time to see the expected results.

1. Understanding the Problem: Traya starts by really digging into your hair concerns using a hair test. They take their time to get the full picture before suggesting anything.
2. Custom Plans and Results: Once they have the test results, Traya crafts a personalized plan just for you. It's not a quick fix; it's tailored to your specific needs.
3. Explaining the Plan: They don't rush; they explain how the plan will work and what you can expect. It's about being thorough and making sure you're on board with the process.
4. Sharing Ingredients: Traya's open about what's in their products. They want you to know what you're using, giving you all the info to make an informed choice.
5. Consistency and Diet: They stress the importance of sticking to the plan and maintaining a healthy diet. It's about long-term changes, not a quick solution.
6. Testimonials and Guarantee: They back it up with real stories from users who've seen results. Plus, they offer a money-back guarantee, showing they're confident in what they offer.

It's not about a quick decision; it's about finding the right solution tailored to you.