You are reading the article Using The Power Of The Sun To Squeeze Into That Market Gap updated in December 2023 on the website Daihoichemgio.com. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested January 2024 Using The Power Of The Sun To Squeeze Into That Market GapHow two colleagues went from whiteboard to 25 countries with their sunscreen beauty brand Ultra Violette
So what do you do when you’ve got an idea for a new business, but the one person in the world you’d want to start that business with is your boss?
Ava Matthews says she doesn’t have much of a filter, but she knew enough not just to blurt out the idea to Bec Jefferd, her supervisor at beauty products retailer Mecca Brands.
“Why don’t we go out for dinner?” she said instead. “I think I can see an opportunity.”
And so it was that, in 2023, they sat down for a meal and a nice wine before Matthews told her boss about the gap she saw in the market – a high-end sunscreen that was loaded with skincare products, as opposed to the more conventional beauty products with a bit of sunscreen thrown in.
The idea wasn’t well-formed, and if Jefferd had told Matthews that it sucked, she probably would have dropped it right there. But Jefferd didn’t think it sucked. They talked.
“We quickly realised we were actually on the same page,” recalls Jefferd. “Our vision, very loosely, was prestige skincare, beauty, beautiful formulations, a fun brand and fun education. That was as much of a concept as we agreed on that night. And we agreed to keep talking.”
Their first purchase was a whiteboard from OfficeWorks, which they erected in Jefferd’s living room, where they agreed they wouldn’t pay themselves. They worked out they’d need to make 10,000 units of each product. And that they’d need to put in $200,000 each to fund it all. They thrashed out a business plan over six months of weekends while Jefferd’s busy sons traipsed through the place.
Having worked for Mecca on all its private-label products, the two women knew something about the manufacturing process. They knew they needed to put together a clear brief for potential manufacturers. “You can waste a lot of time and money if you’re unclear about what you need,” says Jefferd.
And before they started shopping that brief around to manufacturers, they knew they had to resign from Mecca.
“We found some interesting formulations owned by the manufacturers, and then we started tinkering with them,” says Matthews, “and by tinkering, I mean adding skincare ingredients, changing colours, textures, fragrances.”
Jefferd: “The plan was always to launch with those types of formulations and then, over time, evolve into formulations where we owned everything from the beginning. So literally working with a lab chemist on every ingredient.”
As they took delivery of the prototypes, they tested them on themselves,” says Jefferd.
“We were really particular about not just wearing it for a day, but wearing it for a week, wearing it under makeup, wearing it over skincare, getting people with different coloured skins to wear it … We really put a lot of effort into that testing, not just, ‘Oh, that’ll do. It looks like it fits the brief.’”
They launched in 2023, and their Ultra Violette brand of sunscreens took off from the beginning. They’re now in 20 countries, soon to be 25. Turnover doubled to $12 million last financial year.
And it’s all down to the care they took getting the product right, says Matthews.
“Product is everything. Marketing can get you so far, and spending a whole bunch on influencer activity can get that first purchase, but then people aren’t going to come back to you. If you don’t have a good product, you don’t have a brand.”
They’ve split the business, so Jefferd looks after finance, operations, legal and HR, and Matthews takes care of branding, marketing and education. Product development, however, is different.
“It’s not only the most widely resourced department in our team. It’s the only department that we both overlap on. So, we both look after product development from different angles.
“We know how important a product is to a brand, and you really have nothing without it. You know, it’s the epicentre of our brand. We invest a lot in product development. Our team, internally, is probably one of the most widely resourced in the business. We invest significantly in chemists.
“It’s so important to us that we have to pay our full attention to it. We’ll never take our eyes off that.”
Bec Jefferd and Ava Matthews will be speaking on the Power of Product at the inaugural Forbes Australia Women’s Summit on the 22nd of March, presented by NAB Private Wealth. They’ll be joined by other influential women, including Miranda Kerr, Christine Holgate, Natasha Oakley and more, discussing how to: break barriers in business, build wealth and make industry connections. You can see the full lineup and get your tickets at Women’s Summit 2023 – Forbes Australia.
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How to sell more products using quizzes and the power of personalization
What if you could be more like Amazon and offer just the right products at the right time to personalize your product recommendations in an almost creepy way? If you could do that, you’d experience an immediate 7.8% increase in sales, you’d also have a much better understanding of your customers, and your boss would definitely give you a thumbs-up.
This all sounds amazing, except for one problem – you are not Amazon, you don’t have thousands of engineers to work on perfecting every single aspect of your personalization program. Most likely you also don’t have tens or hundreds of thousands of dollars to build personalization into your product CMS, and you are a marketer, so doing any coding yourself is incredibly daunting.
Trust me, I’ve been there. Which is why what I’m going to show you today is so incredible. We’re going to look at the exact method used to turn a personality quiz into a powerful personalization tool. What we’re about to go through together is the ultimate growth hack for E-Commerce marketers. Let’s look at the precise way a quiz makes your site personal to every visitor.The exact method for creating a product personalization quiz.
Part 1: Identify personalities (products) for your quiz
Before you start formulating the innards of your quiz, you have to figure out what the results will be. These results are always related to your products. The personalities of your personalization quiz can be formed in one of two ways.
1. Your actual products. If you are a specialty shop and only have a handful of products, you can just make individual products the results of your quiz. This tactic can also be used for larger brands by making category-specific quizzes. For example “Which Facemask is Right for You?” from a makeup brand.
2. A “style” related to categories of products. If you have a wide variety of products and they fall into general categories (such as Chic, Rugged, or Modern for clothing), then you can give people a personality based on the categories and then recommend products to the personality.
Part 2: Write a title to attract attention
The title of your quiz is incredibly important, and fortunately equally as simple to come up with for retail quizzes. It’s either “Which (product) are you?” or “What’s Your (blank) Style?” depending on which of the categories you chose in the previous section.
Part 3: Create Questions
The quiz questions are where some of the trickiness comes in. You have to walk a fine line between delivering an accurate quiz result and entertaining your audience. There are a few ways to do this well.
1. Use lots of pictures. Products are highly visual, all of your marketing is visual, don’t drop the ball on your quiz and ask questions with text answers! I did a study and found that all 100 of the top 100 quizzes created at my company have at least one image question.
2. Inject personality into the text. Remember that your quiz is a one-to-medium, an opportunity to speak directly with customers and ask them preferences. Since you are only talking to one person at a time, keep it very personal.
Part 4: Set up Lead Capture
1. Incentivize subscription. There is the obvious draw of being able to see your quiz results (they are “gated” by the lead capture form), but you also want to give people an added bonus for subscribing. For example, the quiz below promises to send out “Personalized messages designed with your style in mind,” which is pretty cool.
2. Be honest about what you are going to send. Tell people exactly how often you will send marketing communications and what you’ll be sending. It’s much better to say “We send one email each week” than “We’ll send you our newsletter.”
Part 5: Follow up with personalized recommendations
Whether or not someone chooses to opt in, you get an opportunity to make a sale in the results of your quiz by recommending personal products. There are a couple of tips that will help you get a higher conversion rate.
1. Connect the personality type to the product. Tie in the person’s personality traits (based on what they just told you), to the products you are recommending. This will seem like magic to the quiz taker, but it’s really simple.
2. Be positive. No one likes a downer, your results descriptions should be encouraging, not off-putting. It turns out that positivity is the most shared emotion, so being encouraging in your quiz results can actually increase the effectiveness of the quiz.
3. Include links. This might seem obvious, but make sure to include links or buttons to purchase the products that you recommend. Not everyone will purchase right away, but you can still pique their interest.
Part 6: Close more deals with pointed automation
Most people won’t buy immediately after taking your quiz. That’s not unexpected, it would be ridiculous to assume that everyone is immediately ready to buy. However, if someone takes your quiz and chooses to opt-in, there is at least a glimmering of interest in making a purchase down the line. There is a method for closing sales down the line using what you’ve learned about people from the quiz.
The first part of this method is to immediately send an auto-response email thanking people for taking your quiz and sending their result via email. You have to do this to introduce yourself and remind people why you have their email address. Otherwise they’ll forget and you’ll be accused os spamming.
After that you should continue to reference the person’s personality type when sending product recommendations and content. Don’t be overly pushy, remember that these people are interested, but they found your products through a personality quiz – don’t go for the hard close.
We can’t all be Amazon and constantly push the envelope of what’s possible with personalization, but we all can use simple personality quiz logic to provide a more tailored experience to web visitors and cash in on the benefits of recommending products to people based on their interests.
Hopefully this guide has sparked some ideas for you, and I encourage you to give a product personality quiz a try today!
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There’s a piece of equipment that’s slowly been making its way into restaurant kitchens: the blast chiller. It does exactly what it sounds like: cool things down quickly, using fast-moving cold air. This coming summer, LG is going to release a version of their refrigerator for home kitchens that incorporates a small blast chiller for quickly cooling down cans of soda and bottles of wine.
We’ve been working with a small blast chiller/shock freezer made by Irinox, the EF-10.1. It will accommodate three 10×12-inch trays of food. The trays are placed inside the blast chiller and then a fan blows chilled air over the food, rapidly cooling it down. The rapid cooling reduces loss from evaporation during the cooling process and minimizes the size of the ice crystals that form in the food when it is frozen. This is important because the larger ice crystals are, the more damage they do to the cell walls of the food. The ruptured cells collapse as the food thaws and liquid seeps out. This changes the texture of the food, making it softer and less resilient. All of the liquid that seeps out of the thawed food is a loss, of weight, flavor and nutrients.
We are huge fans of cryo-shucking. We freeze clams, oysters and mussels and then let them thaw in the refrigerator. As they thaw the shells slowly open and you can gently slide the meat out with a spoon. It’s a great technique that allows you to easily use fresh shellfish and all of their juices in gently cooked recipes at home. When you use the blast chiller, you can serve the shellfish raw on the half shell, and no one will ever guess that it has been frozen.
We also like to use our blast chiller for quickly cooling down baked goods after they come out of the oven. The rapid cooldown seems to help pies retain the crisp texture of their crust and lets us eat them at their optimal temperature for dessert even when we’ve been a bit late getting them into the oven.
Rapid cooldown is wonderful as well for baked pasta dishes that you want to make ahead and for sauces and braises. The constantly circulating cold air and shallow containers cool down cooked foods more quickly and efficiently than the traditional ice bath.
Homemade pasta has a wonderful silky texture. Sometimes we want to give certain shapes or strands an extra bit of bite, which we achieve by drying them a little bit before cooking. Some chefs air-dry or use the refrigerator, but we like to pop our noodles in the blast chiller. We’ve found that the circulating air and short freezing time give us exactly the right amount of al dente when we cook the frozen pasta to order.
In a similar vein, we use the Irinox when we work with butter-rich dough, such as laminations and pie crust. The blast chiller lets us reduce the waiting time periods between mixing, shaping, and baking. This reduces oxidation in the dough, so that the finished baked goods have a pure, sweet, buttery flavor. We also chill yeasted dough to slow down the fermentation process. We will quickly chill down a well-risen dough in order to shape it before baking.
Finally, we use our blast chiller for ice creams and sorbets. The rapid cooling process ensures smaller ice crystals that translate into smooth creamy textures that melt in your mouth. It allows us to make beautiful bombes and ice cream cakes without sacrificing the texture. It reduces the need for stabilizers and gives us a little more flexibility in terms of sweetness and flavor.
We have been known to cool down a few bottles of wine or beer in a pinch as well; exactly what LG’s blast chiller was designed for. We’re sure that these ideas just the tip of the iceberg in terms of what we can do with the blast chiller. We’d love to hear your thoughts on what you’d use one for in your kitchen.
Bourbon-Filled Ice Cubes
Read how they’re made in the blast chiller, at Ideas in Food
The Blockchain is usually considered synonyms with Cryptocurrency, although its applicability is regarded as restricted to monetary transactions. And, Trade Finance is regarded as the biggest prospect for exactly the same. But, I am certain that most of us know that Blockchain has it more! Even though it’s an easy idea, its consequences are immense.
To comprehend this further, let us take the case of the KYC procedure. Virtually all organisations invest countless Tele and Field Verification to find the KYC right. But this procedure can readily be transformed into a blockchain. Therefore, the idea of KYC is going to be revolutionised with the usage of the blockchain service. Using blockchain, the client will have the ability to upload the necessary files due to their identity and speech to a central website and the hash calculations will be created for downloading it.
10 Top Android Apps For Personal Finances
The lender which wishes to onboard, this client will then send a petition to the central nodal agency for those documents. Together with the files, the whole block of verifications and validations will be transmitted to the lender. With every validation, in numerous domain names and bureaus, the series will get more powerful and authentication dealt with.The alternative will remove problems with the current approach to KYC and Supply the next stack of attributes –
An immutable and protected database for preserving integrity, availability and accountability.
Permission-based accessibility to data, that will allow information to be accessible only to licensed organizations.
Reduced price of communicating with automation.
Streamlined procedures allowing clients to consign more rapidly into banks, businesses etc..
Therefore, Blockchain Development holds enormous potential for disturbance. In the next several years, it may be employed to make new business models, decrease risks and again create compliance. But, large-scale adoption will take time since the technology is still being analyzed and use cases are being implemented slowly, on a tiny scale. The blockchain disturbance is still underway, and it’s incumbent on us to grab it.
Google has passed up a few potential buys that, as has been proven by history, it absolutely should not have passed up. Facebook, for example? And while Google has had some great success in certain purchases, such as AdMob and Android, it seems that “buy more” should be the rule of thumb for the company. One choice that may have cost them billions is not buying Sun Microsystems.
Sun would have cost Google big bucks. That’s $7.4 billion to be precise. But that cost would have given Google rights to a very important set of technology: Java. The coding language, especially in its more open sectors, is used extensively by Google – and having rights would have increased maneuverability while, you know, preventing the massive lawsuit from Sun’s current owner.
Oracle, who bought out Sun Microsystems when Google didn’t, is in the process of suing Google. While the case has been ongoing for just under a year, the exact scale became apparent when Google attempted to file the case “under seal” (preventing the records of the case and hearings from becoming public). Oracle responded by saying the information was something the public should know, especially since the figures Oracle was seeking in damages reached into the billions.
No, that wasn’t a typo. That’s a big, shiny B at the front there. So, while Sun Microsystems would have cost Google billions, it looks like not making the choice may end up costing about the same. The difference is that Google now has to struggle through future licensing issues, the court case itself, and they still don’t have the full strength of the technology at their disposal.
It may be that Google didn’t make the purchase because a $7.4 billion buy simply wouldn’t have been allowed after the inevitable anti-trust hearing. In any case, however, it looks like not owning Sun Microsystems costs just about as much as buying it.
[sources include: ZDNet]
To find the power of t test, we can use chúng tôi function of pwr package where we can pass the arguments for type of the test such as one sample or two sample, alternative hypothesis such as one-sided or two-sided, significance level, difference for two samples, and the sample size.
Check out the below examples to understand how it works.Example 1
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=100,d=1,sig.level=0.05,type="two.sample",alternative="two.sided")
If you execute the above given code, it generates the following output for the two-sample t test power calculation −n = 100 d = 1 sig.level = 0.05 power = 0.9999998 alternative = two.sided
Note − n is number in *each* group.Example 2
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=50,d=1,sig.level=0.05,type="two.sample",alternative="two.sided")
If you execute the above given code, it generates the following output for the two-sample t test power calculation −n = 50 d = 1 sig.level = 0.05 power = 0.9986074 alternative = two.sided
Note − n is number in *each* group.Example 3
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=50,d=1.24,sig.level=0.05,type="two.sample",alternative="two.sided")
If you execute the above given code, it generates the following output for the two-sample t test power calculation −n = 50 d = 1.24 sig.level = 0.05 power = 0.9999853 alternative = two.sided
Note − n is number in *each* group.Example 4
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=50,d=1.24,sig.level=0.01,type="two.sample",alternative="two.sided")
Note − n is number in *each* group.Example 5
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=50,d=1.24,sig.level=0.10,type="two.sample",alternative="two.sided")
Note − n is number in *each* group.Example 6
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=500,d=1.24,sig.level=0.10,type="two.sample",alternative="two.sided")
Note − n is number in *each* group.Example 7
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=500,d=12,sig.level=0.10,type="two.sample",alternative="two.sided")
Note − n is number in *each* group.Example 8
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=25,d=12,sig.level=0.10,type="two.sample",alternative="two.sided")
Note − n is number in *each* group.Example 9
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=25,d=2,sig.level=0.05,type="two.sample",alternative="two.sided")
Note − n is number in *each* group.Example 10
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=20,d=0,sig.level=0.05,type="one.sample",alternative="two.sided")
If you execute the above given code, it generates the following output for the one-sample t test power calculation −n = 20 d = 0 sig.level = 0.05 power = 0.05 alternative = two.sided Example 11
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=20,d=0.78,sig.level=0.05,type="one.sample",alternative="two.sided")
To find the power of t test in R, use the code given below −library("pwr") pwr.t.test(n=20,d=1.5,sig.level=0.05,type="one.sample",alternative="two.sided")
If you execute the above given code, it generates the following output for the one-sample t test power calculation −n = 20 d = 1.5 sig.level = 0.05 power = 0.9999941 alternative = two.sided
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