Article: Future Plans: Use of Seedrs Proceeds
Future Plans: Use of Seedrs Proceeds
We are now approaching the final stretch of our equity crowdfunding round on Seedrs, reaching an incredible 96% of our £100,000 target. As we near the end, we would like to offer some insights into how we intend to use the funds raised on Seedrs, providing a detailed overview of our vision and strategic direction. In this article, we outline our plans for fund allocation, highlighting our short-term and long-term objectives, detailing how they will be utilised to drive growth and measures implemented for financial optimisation.
2024
enhancing our growth
Over recent years, Snakehive has achieved notable milestones, enabling us to accelerate our growth strategies and ambitions. At the start of 2024, we dedicated time to thoroughly analyse the opportunities before us, identifying gaps and the most promising potential for expansion. As we look ahead, this financial year will remain a pivotal and exciting year for us as we gear up through a variety of initiatives, including our equity crowdfunding campaign.
Adhering to our foundational values and principles, we are committed to ensuring that our future growth continues to fortify the Snakehive brand and uphold our core beliefs.
We are nearing the end of our crowdfunding round, reaching 97% of our £100,000 target.
SHORT TERM: ATTTAINABLE GOALS TO UNLOCK SCALABILITY
1. MARKET EXPANSION
Our predominant market, the UK, currently accounts for >50% of our sales. As our home market, we have previously prioritised this region. Ongoing market research has revealed rapid growth among similar brands, especially in the USA. However, we have not yet devoted sufficient time and resources to fully capitalise on this market opportunity.
2. AVERAGE ORDER FREQUENCY
Our average order frequency is currently modest. Snakehive customers typically return to purchase every couple of years, primarily when they need to upgrade their phones. This feedback has been consistently echoed in our interactions with customers, highlighting a key area for potential growth and engagement.
achieving goal 1
website internationalisation
localisation
Given our current resource allocation, UK website marketing is amalgamated to our international websites. Although this approach has yielded some success through work efficiency, it will not suffice if we aim to compete effectively particularly against local competitors. As it stands, we are prioritising optimising and localising our USA and German websites to cater to their specific regions, ensuring our marketing strategies resonate and combat region-specific pain points; essential to stay attuned to market trends and dynamics to maintain our competitive edge cross-markets.
actionable steps
Thoroughly understanding regional expectations and nuances. For example, implementing additional payment methods tailored to different markets and considering international customer expectations regarding shipping and returns, alleviating geo-specific pain points.
Focusing on building and nurturing our email list and customer database for international markets e.g., running country-specific marketing campaigns.
Improving website conversion rates through localising our site, ensuring that languages are updated accordingly, both to generate more visibility on Google through SEO and to improve on-site user experience.
achieving goal 2
improving purchase frequency
multiplying retention
One of our most substantial expenses is customer acquisition. Thus, we must develop initiatives to encourage customers to return and purchase from us more frequently - by achieving this without incurring high advertising costs, we can significantly enhance our unit economics.
Through financial modelling, we have assessed that a slight enhancement in this metric, combined with an increase in our Average Order Value, will significantly boost the profitability of our website.
actionable steps
To steer away from unethical overconsumption habits, we intentionally keep our product lines limited. Despite this, our phone cases remain our most popular offering. Recognising the evolving market demand, we believe now is the opportune moment to begin extending our product lines . This expansion will allow us to reach a broader audience while maintaining our core values of ethical consumption and quality.
While we would love for our customers to return of their own accord, we recognise the necessity of positioning ourselves as an attractive brand by offering a variety of incentives.
Snakehive has established a reputation for premium phone cases; however, in 2021, we began diversifying our product range. Promoting awareness of products beyond our traditional offerings will enhance our market appeal and expand our customer base.
prioritising the following work
future plans
LONG TERM ENDEVAOURS
We've outlined our short-term objectives for the next 12 months, but what are our cohesive long-term goals as a brand?
bolster top line revenues
We aim to venture into new high-growth product categories where we can offer a distinctive value proposition that aligns with our brand identity.
This may include backpacks as well as crossbody / totebags. We also aim to distribute the skew of our sales to solely our website.
sustainability movement
Build upon and pump revenues into and introducing new sustainability initiatives.
Actions:
- Extend our almost perfect range market wide
- Develop a trade-in initiative
- Transition to leather vegetable tanning, fully recyclable packaging
- Utilise craft cardboard accross all wrapping.
rebrand & b-corp certification
Rebrand:
Our rebrand initiative seeks to modernise the Snakehive brand enhancing brand identity and equity, ensuring it resonates more effectively with our audience while reinforcing values and mission in-industry.
B-Corp:
Formalise our commitment to social and environmental responsibility and adherence to rigorous standards.
execution
The team here at Snakehive are excited to get to work on the execution of our growth plans and we are confident that we are focusing on the right areas to ensure success. Over the next few weeks, we will be developing detailed action plans for our upcoming projects. If you would like to get involved as a Snakehive shareholder we’re nearing the end of our crowdfunding journey on Seedrs and we’d love for you to come onboard and join the Snakehive community of shareholders, with perks awaiting!
why join the snakehive story?
point of contact
If you would like any more information about the, feel free to you download a copy of our pitch deck or get in touch with investors@snakehive.co.uk if you’re thinking about investing whist there is still time and would like a chat with our founder.
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