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Article: Future Plans: Use of Seedrs Proceeds

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Future Plans: Use of Seedrs Proceeds
equity crowdfunding

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.

Written by Zia McCrossen

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.

TRACK OUR PROGRESS

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

achieving goal 2

improving purchase frequency

maximising retention rates

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

prioritising the following work

rewards/loyalty scheme

Providing personalised benefits and benefits to our loyal customers whilst making them the cornerstone of our growth strategy and brand engagement.

begin product development

New products must complement our existing product lines as to cater to standing customer demand.

marketing & merchandising

Generating awareness for new product lines to enhance customer understanding of the challenges they solve and their compatibility with related products.

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, feel free to get reach out to investors@snakehive.co.uk to receive a copy of our pitch deck or if you’re thinking about becoming a shareholder and would like a chat with our founder.

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