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Craig Cotton

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    Kia ora Tristan… instead of me typing a long reply… feel free to call me 021714318 tomorrow early arvo is good. Craig

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    No problem… call me after 10.15… just sorting pancakes for the kids!

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    Great question and the points Andy makes are on the money. Culture and the legacy as you point out is important and due to you living and breathing it daily you can become deeper in your own belief that change could be a negative verse positive.

    Personally I would involve your team as they will be in touch with what your local customers are thinking and having a quick review of your website your existing retail store names are almost call to actions of what Craniums deliver? so there could be a nice creative solution that keeps the local connection and legacy too.

    As Andy points out review your decision with both cost and revenue up/downside assumptions and engage/review with your team so the outcome you decide to execute, you are in it together which is important given the local nature of what your doing. But I’m in the positive camp for brand change, however it’s the execution that is everything! So you and your team have to believe and be committed to ‘why’ you are doing it and have your story clear and simple.

    I’m happy to have a chat if that works, so feel free to give me a call 021714318.

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    Happy to have a chat verse writing a long reply… reach out to me on 021714318… Craig

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    Kia ora… to start with what were they prior? Benchmarking against prior is a good place to start however we are all facing some level of uncertainty as to what the new norm will be.

    Personally I’m basing more forward projections by building them ground up my off actual hard/fixed costs and then building up from there as to minimal revenues needed to cover these and working my variables based off my history as a % of turnover and running a couple of scenarios of low, medium and high relative to what my gut is telling me and speaking with customers.

    Hope this helps… but building bottom up and then running potential revenue scenarios down based on assumptions is a good way to pressure test.

    All the best!

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    Further to Andy’s points… it is a jigsaw puzzle and also maybe reflect back on why you first started the business too? Who were you targeting and why? What early success did you have or not and why? What’s changed etc? To Andy’s points be methodical! Sometimes looking back can help you refocus forward.

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    Can I please ask one quick question, what execution strategy have you used thus far to drive traffic to your website or promote your business?

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    Congrats and given Jacinda is advocating ‘Buy NZ Made’ maybe via your social media and media engagements reinforce she is living by her advocacy. Certainly would not help trying to reach out to her and she seems happy to share letters/stories so maybe a simple message to her to reinforce the impact of your story and thanking her for her support.

    However given her PR awareness internationally (and if you have the ability to meet international markets), it maybe worth looking at a PR strategy that connects images of her with your earrings with an appropriate msg that helps convey your WHY/Purpose intrinsically linked to the image of her/NZ. An exciting opportunity for you to be creative and have some fun in line with your brand values and those of Jacinda and our country.

    Could be chance to launch a range with a social purpose and share this with her too, so when she buys she’s naturally supporting a deeper cause.

    Have some fun with it! all the best!

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    Andy is on the money… there is no standard industry norm as it varies by category and also ultimately what uniqueness your brand brings as a solution to the consumer and the retail customer your partnering with. My rule of thumb is aligned to Andy’s last point… always always work back from your end ‘consumer why’ and what would they pay and also likely pay in the future too as your brand grows and the dynamics you initially bring ie. unique value consumer benefit etc change over time with the category.

    So work backwards from the cost of getting your brand in your consumers hand! plan for the worse but execute for the best outcome and be prepared for surprises!

    One last piece is I always layout my plans based on; again working backwards

    Brand – Pack – Price – Channel – Occassion

    – This helps me think about what is the occasion the consumer is buying my product for?

    – Am I in the right channel (best customer type to sell thru) to deliver and get it into their hands?

    – What’s the price they would pay based on shopping in this channel? Also good to see how you compare to other choices they have?

    – Finally how does the pack format deliver in meeting their occasion and also align to the channel requirements to connect consumers to it and ultimately bring your brand to life in the best way to tell connect your WHY with your consumer!

    As you work through different scenarios it also helps your finalise your pricing and go to market strategy!

    So to Andy’s point always work backwards from your consumer! Look forward to seeing what you come up with!

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    Great to connect and thanks for reaching out.

    Firstly I would understand your financials and do some forecast as to what is the minimum revenue you need to cover your fixed, opex and staff expenses each month. You obviously have some previous experience as to your demand from just locals so you can use this to test your assumptions as to what you believe is feasible to maintain revenue until local travel picks up.

    I would also reach out to local council/tourist centres and the ferry terminal companies to understand what demand is looking like as kiwis start to locally travel?

    Actually would be good to have local or central government start sharing traffic booking and movement numbers from likes of ferries and AirNZ… To help local business like you start planning for potential demand. I will follow up on that too.

    But other than understand what’s your future cash forecast could look like, that should help you make a decision on whether you stay open or close? Tough decisions to be made and appreciate how difficult it is with the unknown we are facing.

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    Can I ask specifically what type of IT company you are or what part of the industry do you operate in?

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    Kia ora… guess positive is purchasing timing was on your side. Harry Ferreira is worth connecting with as he covers this space. Will share the link with him. All the best. CC

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    Kia ora Shayna, Vicky Taylor would be helpful with this question… I will forward the link to her… also the food bowl are always pretty helpful in this space too. https://foodinnovationnetwork.co.nz/locations/foodbowl

    CC

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    Kia ora… Can you provide a little more info as to what your business is? as this will help be a little more specific to you.