group report coolmate brand audit

Taking advantage of skillful communication tools and low cost distribution channels,young Coolmate has gone quite quickly, achieving a noticeable growth level.Coolmate is the perfect com

Class: MC1602

Subject: Brand Management(BRA301) Lecture: Nguyễn Thị Thùy Hiền

I Introduction 3

II Background 3

1 Background History 3

2 Background portfolio 4

3 Brand Inventory 5

4 Brand elements 6

4.1 Logo and Brand Name 6

4.2 Brand URL 7

4.3 Logo Colour 7

4.4 Slogan 8

4.5 Packaging 9

5 Market segmentation 9

5.1 Geographic: 9

5.2 Demographic: 10

5.3 Psychological: 10

5.4 Behavioral: 10

6 Brand communication 10

6.1 4P’s Marketing Mix 10

a Product 10

b Price 10

c Place 11

d Promotion 11

6.2 Advertising and promotion 11

6.3 Interactive marketing 12

6.4 Events and experiences 12

a Online multi-channel 12

b Coolmate x Shark Tank Vietnam 12

c Coolmate x Thỏ Bảy Màu 13

III Brand Exploratory 14

A Consumer Knowledge 14

B Brand Equity 14

1 Brand Awareness 15

2 Brand Association 15

3 Perceived Quality 15

4 Brand Loyalty 15

C Competitive Analysis 16

1 Direct Competitors 16

1.1 Owen 16

1.2 4MEN 16

2 Indirect Competitors 17

2.1 Zara 17

2.2 H&M 17

2.3 Uniqlo 18

IV SWOT 19

1 Strength 19

2 Opportunities 19

3 Weakness 19

4 Threat 19

V References 19

Coolmate is a Startup specializing in men established in March 2019 owned by CEO Pham Chi Nhu along with CTO Nguyen Van Hiep and CMO Nguyen Hoai Xuan Lan, Coolmate formed in a small market, with a total value of about 2 US dollars every year, fragmentation and fierce competition Taking advantage of skillful communication tools and low cost distribution channels, young Coolmate has gone quite quickly, achieving a noticeable growth level

Coolmate is the perfect combination of "cool" and "mate" with the desire to bring customers the newest and most wonderful experience Not only is "cool", but this brand is also ready to become a "Mate" companion with him in busy days

The Coolmate brand is well known after the Shark Tank program season 4 with the "struggle" of CEO Pham Chi Nhu with Shark Binh "East wind" to receive $ 500,000 investment from Shark Binh, then continue the fund Investment of Vic Partners of businessman Hung Dinh poured capital In 2020, the sales of this startup increased by 6 times, thanks to the sale of basic products such as T - shirts, underwear and socks for men through e - commerce platform Since its establishment, Coolmate has sold more than 200,000 orders, sales in 2020 is 39 billion and has planned to expand to countries in Southeast Asia

For an emerging brand in the past 3 years, the brand valuation helps Coolmate to determine the opportunity to compete in the market and the challenges that the brand has been and will face

“Coolmate sinh ra với mong muốn trở thành điển hình về mô hình DOANH NGHIỆP TRÁCH NHIỆM bằng cách vừa làm kinh doanh bài bản,

có lợi nhuận và đồng thời mang lại những giá trị thiết thực và lâu dài cho khách hàng, cho nhân viên, cho đối tác, cho cộng đồng, xã hội và

cho cổ đông"

II Background

1 Background History

March 2019: Founded by 3 shareholders, CEO Pham Chi Nhu, CTO Nguyen Van Hiep and CMO Nguyen Hoai Xuan Lan

January 2020: Call capital successfully with $ 150,000 from 500 startups fund

At the end of 2020: Becoming the most popular startup at Vietnam 2020 At the same time, the brand's sales increased by 6.5 times compared to 2019 to reach 39 billion VND

4 February - May 2021: Call capital successfully at the Pre - A round from the Fund of the Stic Investment Fund with the capital $ 500,000 and the most prominent at the Sharktank Vietnam program with the amount of $ 500,000 from Shark Binh

January 2022: Launching two new internal communication channels, Coolmate 101 and LinkedIn fanpage

March - May 2022: In turn received an additional $ 1.1 million from the old and VIC Investment Fund, as well as the successful capital of $ 2 million in Series A from Access Ventures, by Ventures, CyberAgent Capital, and DSG Consumer Partners

July 2022: Official cooperation with Disney

August 2022: Achieving 18,500 orders/day

End of 2022: revenue reached 292.8 billion increased by 2.1 times compared to 2021

➔ Coolmate started with a warehouse only 20m2, a preliminary sales website with very basic products for men such as T - shirts, socks and underwear After 4 years with many ups and downs, even sometimes almost have to "disband", Coolmate has reached an average of 2,700 orders/day, confidently set the goal

of expanding the market to Southeast Asian countries and reaching the target IPO standard in 2025

Contrary to huge numbers or macro - goals; CEO of Coolmate, Mr Pham Chi Nhu, created an impression as a happy, interesting person like the meaning of the name Coolmate - a cool friendly mate

2 Background portfolio

Coolmate owns a number of brands under the production of different product lines:

- 84RISING: Fashion brand for young people is produced by Coolmate

The brand name 84RISING is a combination of (+84) - Vietnam, and

Rising - shine and go up The spirit of 84RISING is freedom &

personality, inspiration & optimism

- CM24: CM24 is a personal care brand for men developed by Coolmate Born in the period of Vietnamese men, they are increasingly interested in taking care of themselves, CM24 with the mission of bringing a sophisticated personal care solution, quality and reasonable price for men Provide the full set of products to help men confident and comfortable all day, to pursue their own way of life

3 Brand Inventory

As one of the hot Local Brands in Vietnam, Coolmate has an orientation and goal that is always associated with bringing the best experience to customers in terms of both products and services Therefore, Local Brand Coolmate is currently being trusted and chosen by many guys Coolmate is not only a pioneer in minimalist style and leading quality, applying technology to fashion, but also the first trusted shopping site for men in Vietnam, products are proudly produced Made in Vietnam

In addition, Coolmate's sophisticated and attractive marketing strategy has made it easier for the brand to enter the minds of customers, which makes customers want to own the brand's products more than ever

The brand inventory will describe each of these factors in more depth below

4 Brand elements

4.1 Logo and Brand Name

Coolmate logo is a combination of abstract logo and word logo

- In abstract form is a special form of logo Instead of a recognizable image, like an apple (Apple) or a blue bird (Twitter), it's an abstract geometric representation of the business that helps the brand present an unique image

- At Coolmate, this abstract logo is simply designed, helping customers immediately associate the details of clothes such as buttons, C or O shapes, be it a pocket

or sleeve Customers have an immediate association with clothes

- In word form, the Coolmate logo is made up of two words "Cool" and "Mate" contrasting each other, the image represented

by the word "Mate" is placed in a rectangular shape to create contrast with the word "cool",

In terms of visual volume (perceived when looking at), the word "Mate" will be heavier, with the implication that it gives men a really

"cool" look, is very dynamic and is a male

"mate" companion Coolmate's current logo lives up to those expectations

- Coolmate is a combination of 'Cool' and 'Mate' that the brand aim to give to their adventurous customers a cool, fresh, dynamic look Above all, the brand want to become friends, "mate" companions during busy days, bringing comfort and confidence

in every move, understanding and becoming valuable assistants most forceful Coolmate's current logo shows the values and information that the brand wants to convey to their customers

- Memorable (Easily recognized, easily recalled): With just two syllables (cool-mate) this makes the brand name easy to pronounce or spell, easy to remember, but retains the unmistakable difference with competing brands

- Meaningful (Descriptive, persuasive): Coolmate is a combination of 'Cool' and 'Mate' The brand wishes to give its adventurous customers a cool, fresh, dynamic look Above all, this brand wants to become a "mate" companion during busy days, bringing comfort and confidence in every move,understanding, and becoming assistants

4.2 Brand URL

URL of Coolmate is:https://www.coolmate.me

- This URL has some positive elements from a branding perspective:

+ Short and easy to remember: This URL is short and easy to remember, consists

of only 3 words, and contains no complex special characters

+ Brand related: This URL is related to the brand name "Coolmate" Using the brand name in the URL can help build awareness and association with the brand

+ Simplicity and Understandability: This URL is simple and straightforward, allowing users to easily guess the content related to "Coolmate"

+ Don't use special characters: URLs don't contain complex special characters, which helps make the URL easy to see and identify

4.3 Logo Colour

Coolmate uses 2 main colors, white and black in the logo:

- Using white and black in fashion industry logo design is a popular and effective choice These two colors can bring sophistication, simplicity and elegance to a logo, creating a distinctive and recognizable image

4.4 Slogan

- The tagline "Everyday Excitement” is used by the fashion brand Coolmate, it can create an impression and convey a positive and motivating message to customers HereisananalysisofthissloganofCoolmate:

and minimalism are among the hallmarks of Coolmate The slogan "Starting up every day" is compatible with the promotion of free customers who can express their creativity and dynamism through the choice of daily service

With the use of this slogan, Coolmate is able to build a positive, trustworthy, and valuable image with customers every day It can also create a connection with an audience that is looking for confidence and excitement through style and clothing

4.5 Packaging

Since its launch, Coolmate has been a pioneer in saying NO to plastic in the packaging process

to reduce pressure on the environment The mysterious black paper boxes contain Coolmate's top-quality made by Vietnam products When buying Coolmate's products, customers will always see Coolmate's sophistication in product packaging, all Coolmate products are packaged in easy-to-give environmentally friendly paper boxes as well as creating elegance for customers when buying Coolmate's goods

5 Market segmentation

5.1 Geographic:

Due to the D2C model, Coolmate sells online and directly to customers, so there are no stores and intermediaries, so it doesn't affect too much geographically

Due to having offices and warehouses in Ho Chi Minh City and Hanoi, orders in these two cities will be supported and handled the fastest ((South: 165 Tran Trong Cung, Tan Thuan Dong,

10 District 7, Ho Chi Minh City North: BMM Building, KM2, Phung Hung Street, Phuc La Ward, Ha Dong District, Hanoi City)

5.2 Demographic:

Age: 18-45

Customer group: Mostly men, a small part are women buying gifts for men

Because Coolmate's products are cheap, the design is simple but not outdated, so it does not affect factors such as income, occupation, education level,

5.3 Psychological:

Research from Hofstede Insights also shows that Vietnam is still heavy on community culture The mentality of wanting to buy goods quickly and conveniently, without having to go through too many stores and brands

Afraid to buy underwear directly

5.4 Behavioral:

Men account for more than 90% of video watch time, according to data from data firm OpenSlate (Choose Youtube for Marketing)

30% of men's fashion orders online are for underwear While the percentage of customers who buy underwear directly at the store is only about 8% → Proving that underwear is very suitable for the online sales model

6 Brand communication

6.1.4P’s Marketing Mix

a Product

Coolmate is a retail fashion brand that specializes in providing a diverse range of fashion products for men and women, including accessories, footwear, and bags

They constantly update their product offerings to align with the latest fashion trends and cater to customer demands

Coolmate's products are designed by professional designers, ensuring aesthetic appeal and high quality

b Price

Coolmate applies a reasonable pricing strategy to attract customers and increase sales They offer products at different price points to cater to various customer segments

Partnerships with major market players are established to reach a wider customer base.

A fast and accurate delivery system is developed to meet customers' shopping needs

d Promotion

Coolmate utilizes various advertising channels to promote its products and brand

Social media platforms such as Facebook, Instagram, Twitter, and YouTube are effectively used for product introductions, promotional campaigns, and special events

Participation in fashion exhibitions and community activities helps to enhance brand visibility and establish good customer and partner relationships

Online advertising tools like Google AdWords and placement on high-traffic websites are employed to reach potential customers

6.2 Advertising and promotion

Coolmate uses photo ads on Facebook to showcase its products and packaging, and to invite people to visit its website The ads feature a “Learn More” or “Shop Now” button that directs users to the online store Coolmate also uses Custom Audiences and Lookalike Audiences to target people who have visited its website or made a purchase before, as well as people who are similar to them

12 Coolmate added both the Facebook Conversions API and the Facebook pixel to its campaigns

to measure its performance and deliver a more personalized ad experience A conversion lift study measured a 1.47X incremental return on ad spend, 394 incremental add-to-carts, and 104 incremental purchases

6.3 Interactive marketing

Coolmate operates under the D2C (direct-to-consumer) model through its self-developed e-commerce store This allows Coolmate to cut costs by eliminating some of the stages of production and distribution, and to offer high-quality apparel at an affordable price Coolmate also provides timely delivery services and convenient exchange policies to enhance customer satisfaction

Coolmate has been progressing by leaps and bounds towards its goal of sustained growth Even during the pandemic, the brand’s monthly growth rate has remained stable at 20-30%, with its two operations centers in Hanoi and Ho Chi Minh City shipping orders within the city limits in under 24 hours

6.4 Events and experiences

Coolmate offers an antidote to on-trend shopping, offering high-quality essentials for men’s wardrobes: out-of-season designs that travel between occasions while allowing the wearer to express himself in a subtle way The brand also aims to utilize local manufacturing capabilities and resources to produce high-quality products that can compete with international brands

a Online multi-channel

- Coolmate sells products based on an online multi-channel selling business model, besides e-commerce platforms such as Shopee, Lazada, Tiki, Sendo, Coolmate also take advantage of factors such as Website, Facebook, Instagram, Youtube to sell With this model, the above sales channels play the role of communication, advertising, marketing and product distribution

b Coolmate x Shark Tank Vietnam

- Coolmate's name began to be widely known after airing on the TV show Shark Tank -Billionaire deal season 4 in mid-2021 In Shark Tank season 4, after a haggling scene with "fish" fat", Coolmate closed a $500,000 investment deal for 10% of the shares, plus 2.5% of consulting shares with the participation of Shark Binh (Mr NextTech)