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About Cosmix:

Cosmix is a nutrition brand that sells plant-based supplements and organic powders for holistic health. The brand's mission is to use plant-based superfoods to help people achieve optimal health. Cosmix products are made with real ingredients and are free of sugar, stevia, gut-irritating gums or enzymes, and synthetic flavors and preservatives. 

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Quick overview:

• Year of Starting: 2019
• Product chosen: Plant protein powders 
• Company: Bootstrapped
• Current Stage: Early scaling
• Current revenue last reported: 30 crore for FY 2024
• Number of SKUs: 20+ SKUs
• Hero SKU category: Plant-based Protein Powders (Contribute to 50% of revenue and has STRONG PMF) 
• Customer repeat rate: 45% 
• EBITDA: 11%
• Marketing Cost: 25% of Net sales 
• Sales: 70% Website, 30% Amazon

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ICPs

User interview and survey conducted (25+ responses): Link

Broad Insights:

Common observations across 25+ interviews focusing on discoverability and buying behavior around protein powders:

1. Individuals who invest in protein powders also tend to invest in fitness related products such as clothing, gear, and smart trackers. They typically engage in at least one sport and often have some form of coaching or subscription service.
2. Preferences for protein powder purchases are influenced by: Taste, Ingredients, Gut friendliness, and price.
3. Discoverability of protein powders follows this decreasing order of sources:Friends and Gym trainers/ Coaches, Online reviews, Influencers, Shark Tank
4. Consumers of protein powders consider fitness a significant and conscious part of their lives. They primarily consume content related to correct exercise forms and nutritious, high-protein, low-calorie recipes.
5. Branding plays a critical role in shaping users' perceptions and their willingness to try new products.
6. The high cost of protein powders discourages users from frequently trying new products, resulting in low switching rates. 
7. Trial is an important component for user to be able to take call on whether it will be their go to option or not 
8. Product Understanding:
   
   Pros of Cosmix:

• Plant based which is seen favorably and safe
• Multiple flavors
• Clean label and no artificial sweeteners compared to others
• Gut friendly
  

Cons of Cosmix:

• Low mixability and has lumps
• Chalky tasty

ICPs

ICPs

They aren't meant to be MECEs but identify closest personas. For example, one can be an fitness buff/ athlete and knowledge worker but based on health and wellness lens of lifestyle they would be identified here in the former category.

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Please scroll to the right to access table.

performance, get
For easier access, feel free to read here in spreadsheet: Link

ICP priortisation

• Based on value to user, appetite to pay and ease of adoption
• Preference: high value, big TAM, low to medium CAC and high ease of adoption
• Top 2 ICPs: Active individuals, Corporate Individuals
  
  

  ICP	Value to User	Ease of Adoption	Frequency of Use	Appetite + Willingness to Pay	CAC	TAM	Distribution Potential	Rank
  Active Individuals/ Fitness buff	High	High	High	High	Medium	Medium	High	1
  Corporate Professionals	Medium	High	High	Medium to High	Medium	High	High	2
  Parents	High	Medium	Medium	High	Medium	High	Medium	3
  Lactose Intolerant/Vegan by Choice Folks	High	High	High	High	Medium	Low	Medium	4
  Middle to Senior Aged Folks (50+)	High	Low	Medium	Medium	High	Medium	Low	5
  University Students/Entry-Level Employees	Medium	High	Medium	Low	Low	Medium	High	6

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TAM/SAM/SOM

Top down approach based on income and consumption from demand side

1. Total Addressable Market (TAM)

• Population of India: 1.42 billion (Source: World Bank)
• Income Distribution:
• • Middle Income (₹2,00,000 to ₹5,00,000): 40%
  • Upper Middle Income (₹5,00,000 to ₹10,00,000): 9%
  • High Income (more than ₹10,00,000): 1%
  • Total: 50% of the population can afford protein powder.
  • We will adjust this to a more conservative estimate for high-income affordability and consumption patterns.
• Average Household Size: 5 members.

Affordability and Consumption Analysis:

1. Monthly Protein Powder Cost:
2. • ₹2000 per kg per month.
3. Annual Protein Powder Cost:
4. • ₹2000 per month ×\times× 12 months = ₹24,000 per year per individual.

• Affordability:
• • Assume only households with income greater than ₹6,00,000 per year can afford protein powder.
  • Consider the following adjustments:
  • • Middle Income households: Assume 10% can afford.
    • Upper Middle Income households: Assume 50% can afford.
    • High Income households: Assume 100% can afford.
• Eligible Population Calculation:
• • Middle Income (10% of 40%): 4% of the total population.
  • Upper Middle Income (50% of 9%): 4.5% of the total population.
  • High Income (100% of 1%): 1% of the total population.
  • Total eligible population: 4% + 4.5% + 1% = 9.5%. 
  • Estimated it to 10%
    
• Affordability: 10% of the population can afford protein powder based on income. Population which can afford =1,420,000,000×0.10=142,000,000 individuals
• Consumption: 40% of this population consumes protein powders. TAM=142,000,000×0.40 =56,800,000 individuals =568 lakhs 

2. Serviceable Addressable Market (SAM)

• Preference for Plant-Based Protein: 25% of protein powder consumers prefer plant-based protein powders. SAM=568 lakhs×0.25=142 lakhs

3. Serviceable Obtainable Market (SOM)

• Market Share Capture: Assume capturing 10% of the SAM. SOM=142 lakhs×0.10= 14.2 Lakhs

4. Market Size Calculation (INR)

• Consumption and Price:
• • Assume 1 kg of protein powder per month for each individual.
  • Price per kg: ₹2000.
  • Annual consumption: 12 kg per individual.
• Annual Market Size=
  
  =14.2 lakhs individuals×12 kg×2000 INR/kg
  
  =14.2×12×2000=340,800 lakhs INR
  
  = 3,408 crores
  

This is on conservative side where it assumes average protein plant based powder size on the lower end and we haven’t taken market expansion rate of at least 8-12% CAGR which will INCREASE the size of market with time. 

Sources and Links

• World Bank: Indian Population
• Consult Club, IIM Ahmedabad: Datasheet
• CAGR of plant based protein powders: Report

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Elevator Pitch to ICPs

💪 ICP 01 - Active Individuals who value clean & functional Nutrition

Are you pushing your limits and need nutrition to match? Our plant-based protein powder is engineered for peak performance. With absolutely clean ingredients, 5.6g of BCAAs for recovery, and no artificial sweeteners, it fuels your body the right way. Produced in-house with no adulteration, it boasts a complete amino acid profile and gut-friendly digestive enzymes. Trust your nutrition to us, so you can focus on breaking your records.#CleanFuel#PeakPerformance

🏢 ICP 02 - Busy Corporate Professionals Seeking Convenient and Tasty Nutrition

Struggling to hit your daily protein intake with your hectic schedule? Our plant-based protein powder delivers 24g of clean protein per serving, complete with a digestive blend to keep your gut happy and energized. Enjoy delicious flavors and the convenience of easy-to-make, on-the-go protein shake smoothies. Stay sharp, stay healthy, and conquer your day with our protein-packed solution. Be no more confused – choose clean and low calories plant protein powder.

#CleanProtein#BeSmart

Acquistion Experiments

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#1 - Referral Design

Existing Referral Program for Cosmix

Overview:

• Target Audience: Primarily influencers, allowing anyone to share a discount code.
• Mechanism: Influencers give out a referral code for a basic discount, which can't be combined with website discounts.
• Outcome: Perceived as selling, solving trust issues through known acquaintances, and offering an easy trial with limited offers.
• Challenges: Discount coupons were limited to 10%, leading to low adoption due to recall issues and lack of exclusivity.

New Detailed Referral Program for Cosmix

Cosmix grew because of strong WOM. With a product with super high NPS and loyalty, a few users have been using it for 2+ years, creating a strong network effect. Surveys and feedback have shown that people would love to be community champions or product ambassadors and have already recommended the product to many others. These users are typically active individuals who are respected in their personal circles. It lies on core understanding:

• High Cost of Trial: Protein powders are perceived to have a high cost of trial.
• Trial-Led Product: Success depends on trial experiences.
• Influential Network: Friends, family, and local influencers play a key role in shaping opinions about trying the product.
• Proven Advocates: Users with over a year of usage have had the 'AHA' moment and encouraged others to try the product. One user converted 15+ people, while another offered to keep it in their office for colleagues to try out.
  

Ambassador Programme/ Cosmix Community Champs

Community Champs like these are identified based on purchase patterns, social profiles, and an invite-only approach to the first 300 to 500 people. 

• Each Cosmix community champ gets to share an invite to 20 people each month where they can help first time/ churned user who hasn’t used product for more than 6 months an assorted packet of single-serve sachets at a discounted price (INR 750).
• This assorted bundle would be similar to other brands like TWT and ON, featuring top-selling flavors. Currently, the minimum assorted bundle cost is INR 1400+. 
• Invites have been limited each month to ensure they’re valuable.
  
  Why this assorted pack?
  
• Lower Cost of Trial: Reduces the barrier to trying out the product.
• Variety: Allows new users to sample different flavors and choose their preferred one.
  
  

Make rewards non-monetary
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To make it less about selling and one party gaining from sharing the referral link where they might seem to have a perceived higher side.

Make it voluntary and community-driven. Add perks of community.

Programme would run for a limited time like up to 6 months, giving the person an option to refer up to 100 people at maximum. This would also insure quality is not diluted.

Perks for Cosmix Community Champs

Non-Monetary Referral Rewards:

• 3 Referrals: Cosmix hamper.
• 5 Referrals: Access to one exclusive wellness festivals and events in the city 
• 7 Referrals: Nike athleisure voucher worth INR 3000
• 10 Referrals: Access to be part of Unlock programme run by India’s Nike coach with free nutrition consultation 
• 15 Referrals: Access to choose from sports massage or rejuvenation spa at a luxury place 
• 25 Referrals: Hamper of home gym equipments 
• 35 Referrals: Surprise! (Something for you and your family)
• 50 Referrals: Continuous Glucose Monitoring (CGM) device.
• 80 Referrals: Fitness boot camp vacation sponsored
• 100 Referrals: Likes of best in industry trackers: WHOOP band/ Ultrahuman Air ring/ Apple watch/ Gramin

Community Engagement and Rewards

• Exclusive Community Benefits:
• • Access to new product launches and flavors for testing.
  • Sessions with expert nutritionists on clean and functional nutrition 
  • Special vouchers to experience new age wellness studios like Belong (Bangalore) etc in city
  • Access to discounts on fitness and adventure sports vacation packages 
  • Opportunities to engage in the CSR program focused on eradicating malnutrition.
  • Chance to be part of the production process and tour the factory
  • City wide events every quarter to meet your tribe 

Communication and Engagement

• Voluntary and Community-Driven: Emphasizes the community aspect over selling.
• Regular Updates and Feedback:
• • Regular newsletters and updates about the referral program and new initiatives.
  • Sharing more about the product: Create high trust in community by sharing about COA analysis, heavy metal testing, how to read amino acid profile etc. Nerd out with fitness freaks! It is like having 100 strong believers and loyal users who would do anything to see your product sustain.
  • Surveys and feedback forms to gather insights from Champs.
  • Dedicated community manager to assist Champs and address their concerns.
    
    

From the Perspective of Cosmix Community Champs

1. Be Influencers and Local Heroes:
2. • Community Champs get to be influencers and local heroes in their community.
3. Flex About Their Fit Lifestyle:
4. • They have the chance to flex about their fit lifestyle.
5. Join an Exclusive Group:
6. • Be a part of the 'in' group that shares a similar love for clean and functional nutrition.
     
     

Discoverability of Referral Programme:

• We will send out an email to 1000 loyal users who have been with Cosmix for over 2 years and have frequently used personal coupon codes, inviting them to apply to be a Community Champ. We will collect details about their lifestyle and social media handles to better evaluate their suitability.
  
• In a staged rollout, the top 350 applicants will be given access to the Cosmix Community Champ program. The founder or team can personally call the top 50 candidates who have the potential to refer up to 100 people, leveraging strong WOM and network effects.

Tracking Mechanism for Referrer

Personal Web-Based Links:

Each referrer receives a personalized link, similar to the STOA DAILY newsletter expansion model, which includes:

• Their unique referral link.
• Ready but editable messaging option to share invite link across all major social media channels like Whatsapp, Instagram, SMS, Email, Copy Link, Facebook 
• Real-time updates on referral statuses and rewards earned.
• Future Enhancements:
• • More elaborate dashboards with options to track who was sent the message, follow-up nudges, etc., can be added at a later stage as the program scales.

Potential Reach and Impact

Reach Potential:

• With 7000 Champs, each referring up to 100 people, the potential reach is 70,000 new users.
• Assuming a 50% conversion rate due to the subsidized freebie-led models, this translates to 35,000 new users in the first year.
• Retention and Loyalty:
• • With a 40% repeat rate, 14,000 loyal users are expected by the end of the first year.
    
    
• Long-Term Strategy at Mature Scaling Stage:
• • Modify the program based on user appeal and purchasing patterns.
  • Introduce options like gifting assorted packages with coupon codes to up to 3 friends for users who have purchased the product more than three times with instant rewards like extra 10% off over and above on the next order, at a mature scaling stage. 

Expected Outcomes for Cosmix

1. Enhanced Brand Loyalty and Advocacy:
2. • By involving core users in the referral process and rewarding them with both tangible and intangible benefits, their loyalty and advocacy are likely to increase.
3. Increased Product Trial and Adoption:
4. • The trial-led discovery via discounted sachets will likely reduce barriers for new users, increasing trial and adoption rates.
5. Community and Network Strengthening:
6. • The exclusive events and early access to products create a stronger, more connected user community.
7. Positive Brand Perception:
8. • Not everyone can start selling your product or vouching for it. 
9. Mutual Growth:
10. • Champs benefit from non-monetary rewards and increased social status, while Cosmix benefits from organic growth and stronger community ties.
      

This detailed and structured referral program ensures that Cosmix not only acquires new users but also builds a stronger, more engaged community around its brand.

Internal Dashboard sample to track referral campaign and performance with focus on metrics
Sample

#2 - Content Loop

• Cosmix positions itself as a wellness brand with a wider appeal, not just a "gym bro" brand. People look up to Cosmix for its authority and knowledge in clean and functional nutrition. We want to strengthen and widen the BRAND AUTHORITY that Cosmix enjoys! 
• ICPs are curious about managing stress, protein intake for children and parents, safe daily protein consumption, maintaining blood sugar, etc. 
• There's a high propensity to share nutrition and lifestyle information among loved ones.

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#3 - Partnership/ Product Integration

Exploring Partnerships Programme/ Product Integration:

Go where fitness community folks hang out, which COSMIX has already tapped into, like gyms, communities, cafes, etc., and has quite a reputation. We have covered content (folks who would dive deep into a topic) and active individuals via referral design to engage with COSMIX. They will be the first consumers of referral benefits to try and understand more about the content.

To tackle the second ICP better:

Understanding ICP 2 (Corporate Professionals)

Knowledge Workers (Focus on Late 20s to Early 30s)

• We start by targeting knowledge workers in their late 20s and 30s who are conscious about clean food and will have an easier adoption curve.
• In our user survey, people who go to the gym 3-5 days a week, or do not go, usually like to spend time at yoga and Zumba studios, try sports like golf and paddle, hang out at coffee shops or healthy cafes on weekends, or might work out of cafes on some days.
• They are enthusiastic about being offline as much as online.

What We Have Learned So Far

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Potential Partnership Options:​

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To explore a large TAM, we wil go ahead with coffee shops where our users handout often on weekdays and weekends.

Reasoning:

Why Blue Tokai?

• Large Target Audience: Blue Tokai has a wide reach, attracting a large number of health-conscious, knowledge-conscious customers who value food and experience.
• High Interaction Frequency: Customers frequently visit Blue Tokai, providing multiple touchpoints for product exposure.
• Excellent Brand Alignment: Blue Tokai’s value of clean and high quality food and customer base align well with Cosmix, ensuring a seamless integration.
• Ease of Implementation: Blue Tokai has been open to collaborations and has a history of successful partnerships (e.g., The Whole Truth, Suchali Bakehouse etc).
• Scalability: The collaboration can be easily scaled across multiple Blue Tokai outlets in different cities.
• Health offerings: Blue Tokai has curated mixture of health drinks like ABC juice, smoothies, etc too and provides healthy snacking options unlike Third Wave, Starbucks.
  

Partnership:

To provide potential customers with a direct experience of Cosmix protein powder through a collaborative offering with Blue Tokai, thereby increasing brand visibility and product adoption.

Steps to Execute the Pilot Program:

1. Curated Menu Drops:

• Introduce special menu items like:
• • Cold Brew Ratnagiri Protein Coffee
  • High Protein Cold Coffee
  • Non-Coffee Options like Mint Cacao Iced Tea
  • If partnership goes well, create a co-flavoured protein powder for the masses which can be sold via blue tokai outlets and would be way to venture into offline at mature scaling stage 

2. Host Tasting Events:

• Organize tasting events or sampling sessions at selected Blue Tokai outlets to introduce customers to the new protein cold coffee offering.
• Provide information on the health benefits of Cosmix protein powder.

3. Launch Targeted Promotions:

• Implement on-ground branding through cards, standees, and posters at Blue Tokai outlets.
• Run targeted ads encouraging customers to visit Blue Tokai cafes and try the new protein cold coffee offering using special coupon code 
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4. Create FOMO (Fear of Missing Out):

• Make the pilot a limited-time offering to create urgency and drive customer interest.
• Promote the limited-time nature of the offering through all marketing channels as well as leveraging seasonal flavors for hype creation.
  the pilot

5. Strong Follow-Up Flow:

• For anyone who uses the coupon code, establish a strong follow-up flow to collect feedback.
• On favorable feedback, nudge customers to make a purchase.
• Engage customers with marketing to create top-of-mind awareness and gather feedback.

If the pilot goes well, can plan for expansion and scale quickly:

• Based on the success of the pilot program, develop a plan to expand the partnership to more Blue Tokai outlets. Quick scalability. 
• Use the learnings from the pilot to refine and optimize the approach for future collaborations.
  

Desired Outcomes:

• High Interaction Frequency: Frequent interactions with health-conscious customers who visit Blue Tokai regularly.
• Important Interactions: Direct product experience in a relaxed and familiar setting, leading to higher chances of adoption.
• Value Addition: Enhanced menu offerings at Blue Tokai with a premium health product, attracting more customers.
• User Acquisition: Increased brand visibility and new user acquisition through positive word-of-mouth and direct experiences.

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