What a tough decision the boss man had to make, both finalists being the best from a good crop it seems.
Interesting too from my perspective as one who ponders the thought process behind many product launches. What were we offered? A top quality product with a real point of difference pitched at a high-end mass market price, against a cheaper option, bang on the money and well presented. A tough one but were I sitting in Sir Alan's leather chair I would probably have picked Yasmina too, she is let's face it an entrepreneur already. Are there lessons to be learnt for a business of any size though? I believe so.
Choc d'Amour (ghastly name- can't you just tell it was thought up in 3 minutes?) was an example of how a product is no more likely to be a winner just on the basis of superior quality, if the spec is higher than it needs to be for the acceptable price of the chosen market.
Any retail price over £10 is irrelevant up to £15, so £13 or £14 makes barely, if any, difference. £9.99 is the psychological barrier so once you've passed that, no man's land awaits. It looks as if maybe Kate got the price wrong.
The project also illustrated another important issue when looking at product development. Was the product positioned by its standards or it’s price? It is rarely, if ever, the case that a product can be all things to all people, so you really have to know which mast you are sticking your flag on.
Was it worthwhile using the ingredients that made the chocolates so good, in the face of the fact that it moved them to a whole different market place and with no recognised branding to support the offer? Perhaps a little less Marc de Champagne and a little more Cava?
Kate's presentation though crisp efficient and assured did not include some of the vital information that reinforced Choc d’Amour’s U.S.P. Nothing of the superiority of the ingredients, no mention of the extremely interesting box even deemed by one of the industry experts a very interesting and unique concept. It should have been a winner. Another tip to be learned, make sure your U.S.P. is flagged up in GREAT BIG LETTERS, buyers aren’t mind readers!
Now, to Choc Electric. Fabulous box, the price was right, the styling was bang on-sharp, contemporary and a real eye catcher on the shelf. The tone of the presentation although not as crisp as Kate's was warm, friendly and very approachable. I would query whether the £5 box of chocolate market is ready for a ‘shock’ of fusion flavours, after all Quality Street can sell for a fiver, but a brave thought process nonetheless.
So far so good. Yasmina knew her costs, gave the impression of understanding the product, was able to put the message of the concept over well and that's what won her the big pay cheque in the end. So where’s the problem? Sadly they tasted awful, I mean who would EVER put Strawberry and Basil together? The fusions didn’t work, certainly wouldn’t appeal to the target market and the quality was considered poor. Her grasp of the project won in the end however and deservedly so given the task in hand.
Another successful series ends with this last episode flagging up some very fundamental mistakes.
The product may be terrific but if the pricing is set too high, in the event of poor sales you will never know if it was too expensive or just not good enough. Your market should manage your development process.
An offer with spot on pricing purchased by the consumer for the price point but a really not very good product, you can guarantee will never be bought again.
Whatever your product or service the need to be absolutely sure who is buying into your offer and what they expect from it is paramount.
With a plastic bucket for example it may not matter, but chocolate? Oh yes, take it from a chocolate gourmet, with chocolate it matters!
Julie Dachey
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