No. 5 Ground Truth
Signature Market sold healthy snacks. Its founders said the problem was price.
Signature Market started in 2014 as an online shop for healthy snacks. In January 2019, co-founder Edwin Wang said the two main pain points in the segment were "affordability and accessibility". Its investor, RHL Ventures, said nutritious options had been "priced out of the reach of many Malaysian consumers".
Revenue went from RM1 million in 2016 to RM13.5 million in 2018, RM21.2 million in 2019 and RM45.7 million in 2020. The company reported a net loss of RM2.04 million in 2019 and a net profit of RM3.6 million in 2020. It had raised RM1.5 million from crowdfunding and a Series A led by RHL Ventures.
In a 2024 Vodus survey of 19,697 Malaysians, 42 percent said they always compare prices before buying.
As we read it, the company worked on what stopped people buying, which its founders named as price.
Before you pitch the benefit, ask your customers what stops them from buying it.
Sources
- Vulcan Post
- The Edge Malaysia
- DealStreetAsia
- Vodus
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