group report coolmate brand audit

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Class: MC1602

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

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<small>b. Coolmate x Shark Tank Vietnam... 12</small>

<small>c. Coolmate x Thỏ Bảy Màu... 13</small>

<small>III. Brand Exploratory... 14</small>

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Coolmate is a Startup specializing in men established in March 2019 owned by CEO Pham ChiNhu along with CTO Nguyen Van Hiep and CMO Nguyen Hoai Xuan Lan, Coolmate formed in asmall market, with a total value of about 2 US dollars every year, fragmentation and fiercecompetition. 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 thenewest and most wonderful experience. Not only is "cool", but this brand is also ready tobecome a "Mate" companion with him in busy days.

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

For an emerging brand in the past 3 years, the brand valuation helps Coolmate to determine theopportunity 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 mơ hìnhDOANH 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 dàicho 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 andCMO 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, thebrand's sales increased by 6.5 times compared to 2019 to reach 39 billion VND.

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

January 2022: Launching two new internal communication channels, Coolmate 101 andLinkedIn fanpage.

March - May 2022: In turn received an additional $ 1.1 million from the old and VIC InvestmentFund, as well as the successful capital of $ 2 million in Series A from Access Ventures, byVentures, 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 4years with many ups and downs, even sometimes almost have to "disband",Coolmate has reached an average of 2,700 orders/day, confidently set the goalof expanding the market to Southeast Asian countries and reaching the targetIPO standard in 2025.

Contrary to huge numbers or macro - goals; CEO of Coolmate, Mr. Pham ChiNhu, created an impression as a happy, interesting person like the meaning ofthe 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, andRising - shine and go up. The spirit of 84RISING is freedom &personality, inspiration & optimism.

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- CM24: CM24 is a personal care brand for men developed by Coolmate. Born in theperiod of Vietnamese men, they are increasingly interested in taking care of themselves,CM24 with the mission of bringing a sophisticated personal care solution, quality andreasonable price for men. Provide the full set of products to help men confident andcomfortable 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 alwaysassociated with bringing the best experience to customers in terms of both products andservices. 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 tofashion, but also the first trusted shopping site for men in Vietnam, products are proudlyproduced Made in Vietnam.

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

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

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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 businessthat helps the brand present an unique image.

- At Coolmate, this abstract logo issimply designed, helping customersimmediately associate the details of clothessuch as buttons, C or O shapes, be it a pocketor sleeve. Customers have an immediateassociation with clothes.

- In word form, the Coolmate logo ismade up of two words "Cool" and "Mate"contrasting each other, the image representedby the word "Mate" is placed in a rectangularshape to create contrast with the word "cool",In terms of visual volume (perceived whenlooking 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 logolives up to those expectations.

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- Coolmate is a combination of 'Cool' and 'Mate' that the brand aim to give to theiradventurous customers a cool, fresh, dynamic look. Above all, the brand want tobecome friends, "mate" companions during busy days, bringing comfort and confidencein every move, understanding and becoming valuable assistants. most forceful.Coolmate's current logo shows the values and information that the brand wants to convey totheir customers.

- Memorable (Easily recognized, easily recalled): With just two syllables (cool-mate) thismakes the brand name easy to pronounce or spell, easy to remember, but retains theunmistakable 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. Aboveall, this brand wants to become a "mate" companion during busy days, bringing comfortand confidence in every move,understanding, and becoming assistants.

4.2. Brand URL

URL of Coolmate is:

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

+ Short and easy to remember: This URL is short and easy to remember, consistsof only 3 words, and contains no complex special characters.

+ Brand related: This URL is related to the brand name "Coolmate". Using thebrand 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:

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8- 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 adistinctive and recognizable image.

4.4. Slogan

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

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

With the use of this slogan, Coolmate is able to build a positive, trustworthy, and valuable imagewith customers every day. It can also create a connection with an audience that is looking forconfidence 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 processto reduce pressure on the environment. The mysterious black paper boxes containCoolmate's top-quality made by Vietnam products. When buying Coolmate's products,customers will always see Coolmate's sophistication in product packaging, all Coolmateproducts are packaged in easy-to-give environmentally friendly paper boxes as well ascreating elegance for customers when buying Coolmate's goods.

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10District 7, Ho Chi Minh City. North: BMM Building, KM2, Phung Hung Street, Phuc La Ward, HaDong 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 notaffect 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 throughtoo many stores and brands.

Afraid to buy underwear directly.

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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 usedfor product introductions, promotional campaigns, and special events.

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

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

6.2. Advertising and promotion

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

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12Coolmate added both the Facebook Conversions API and the Facebook pixel to its campaignsto measure its performance and deliver a more personalized ad experience. A conversion liftstudy measured a 1.47X incremental return on ad spend, 394 incremental add-to-carts, and 104incremental purchases.

6.3. Interactive marketing

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

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 citylimits in under 24 hours.

6.4. Events and experiences

Coolmate offers an antidote to on-trend shopping, offering high-quality essentials for men’swardrobes: out-of-season designs that travel between occasions while allowing the wearer toexpress himself in a subtle way. The brand also aims to utilize local manufacturing capabilitiesand 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 alsotake advantage of factors such as Website, Facebook, Instagram, Youtube to sell. Withthis 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 scenewith "fish" fat", Coolmate closed a $500,000 investment deal for 10% of the shares, plus2.5% of consulting shares with the participation of Shark Binh (Mr. NextTech).

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-- After airing Shark Tank, Coolmate had a dizzying growth. Just over a year after thebroadcast of Shark Tank, Coolmate - a fashion startup specializing in selling throughe-commerce channels has experienced rapid growth. After three years of operation,from a company with just over 2,000 orders per month, Coolmate has now processedmore than 10,000 orders per day. In which, more than 50% of orders come from oldcustomers. With revenue growth of more than three times per year, Coolmate hasreached the revenue milestone of about 19 million USD in 2022.

c. Coolmate x Thỏ Bảy Màu

- Coolmate has officially sponsored the missing budget for the cartoon “Thỏ Bảy Màu”, theproject is calling for crowdfunding on December 21, 2023.

- This partnership makes “Thỏ Bảy Màu” the first Vietnamese animated film project tosuccessfully raise capital from the community, and also brings Coolmate closer to theaudience of “Thỏ Bảy Màu” as well as people who are interested in this project.

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- Coolmate's target customers expect to receive high quality products, just likeinternational brands, but at a more affordable price. They also care that the product ismade in Vietnam and is sustainable.

- Coolmate's target customers demand fast delivery service and flexible return policy.They also expect to receive support and advice from salespeople when they havequestions or problems.

B. Brand Equity

1. Brand Awareness

Brand awareness refers to the extent to which customers recognize and recall brand names andlogos. Coolmate has achieved a high level of brand awareness through effective advertising

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brand. Coolmate created positive and distinct brand associations with attributes such as "cool","comfortable", "convenient" and "cost-effective". For example, the brand's denim collectioncomes in a variety of styles, colors, and styles that cater to different tastes and occasions. Thebrand also supports various social activities and environmental initiatives in line with its valuesand mission "RESPONSIBLE BUSINESS", Coolmate commits to spending 10% of revenuefrom the product "Care & Share". Contribute to the fund to organize charity activities fordisadvantaged children and use nature-friendly materials in packaging, use clean dyeingtechnology, and promote recycled fibers.

3. Perceived Quality

Perceived quality is the customer's assessment of a brand's overall excellence or superiority.Coolmate has built a reputation for providing high-quality products that meet or exceedcustomer expectations. The brand uses premium materials, such as organic cotton and bamboofabrics, minimalist designs, and rigorous quality control processes, such as testing for strength,color fastness, and lightness. shrinkage, to ensure customer satisfaction and loyalty. In addition,customer service also had a positive impact on customer perception when reaching the top 1 inthe list of "10 outstanding fashion e-commerce websites in Vietnam" by Secomm - an agency inthe field of e-commerce. And according to Coolmate's most recent survey, up to 51% ofcustomers decide to shop at Coolmate because of their impression of customer service.

4. Brand Loyalty

Brand loyalty is a customer's degree of attachment and preference for a brand. Coolmate hasbuilt a loyal customer base that regularly buys its products and recommends them to others.The brand rewards its loyal customers with CoolClub - a loyalty program for customers whoshop at Coolmate.me Website. The brand also interacts with its customers through onlineplatforms, events, and feedback mechanisms, such as inviting them to join its online community,running contests, and submitting surveys. and evaluation. Also according to Coolmate's survey,35% of monthly orders are fulfilled by returning customers and 94% of customers are willing torecommend Coolmate to others.

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