Accessory product updates
The bulk orders have started arriving! We have received 2,000 branded water bottle handles to add to the collection of accessories. I have included a couple of pictures of how this product idea evolved, the gap in the market for the product from a marketing perspective and what we had been using in the meantime:
Above are some examples of athletes racing with a water bottle, having to grip onto them well throughout the race. Carb drink is arguably the easiest way to keep yourself fuelled and hydrated during an endurance event so this bottle handle can support athletes striving to optimise their performance.
Above image is a handle made out of electrical tape which is what we had been using for our running intervals. This isn’t the first of its kind but the product just isn’t marketed to triathletes/runners so is definitely a missed marketing opportunity that we will be tapping into!
Above is a picture of the Suspense water bottle handle made out of silicone and stretchy enough to fit a variety of water bottle widths. It is also easily replaceable mid race if you were to finish your nutrition during the race and wanted to dispose of the bottle; you could take the handle off the bottle to save for use next time.
The water bottle handle will be retailed (inc VAT) around £7 - £8 and will be available for sale pre Christmas along with the socks and caps via the website and at expo events.
The socks are due for delivery mid week next week and the prototypes of the caps (one of each design) have just been delivered! Due to the higher cost per item of the caps, the manufacturer requires approval of each cap/design before proceeding with the bulk order, which lengthens the time from ordering through to bulk delivery but this delay is a small price to pay to ensure that we’re happy with the products. Other than a few minor tweaks to logo placement & colour alterations I am happy with the range of caps to launch with!
The caps will be retailed between £28 - £32 (inc VAT) and will be available for sale before Christmas (exact date tbc based on production & shipping timelines). The socks will be retailed between £13 - £15 (inc VAT). It feels so surreal to see them as physical products vs just digital designs finally!
Of course we will be doing a professional photoshoot; both in a studio and in an active setting (e.g. athletics track / park) to capture professional content for the website, Amazon, social media etc once all products have been delivered.
Expo update
We have a fully branded expo set up currently in production! It’s ‘little’ things like this that are a real pinch me moment to see the brand coming to life!
I had a great call with the Commercial Director at RunThrough to understand the process and requirements of attending an expo from an external brand’s perspective and I am pleased to say that you will be seeing Suspense at some RunThrough events in the near future! This will be a great channel to kickstart the soft launch and start selling Suspense branded products whilst also providing for a great opportunity to get direct customer feedback.
Pricing and promotional strategy
I have created 3x P&L’s, down to product level, based on the ‘worst case’, ‘best case’ and (hopefully) ‘realistic case’ scenarios of selling through the first bulk order quantities based on varying ASPs (average selling price) of each product. It has been somewhat reassuring to calculate that by selling through all products ordered at the lowest ASP/worst case scenario I would break even. Does this mean I’ve not invested enough? Or that I’ve been too ambitious on the ‘worst case’ scenario price points? Or maybe my profit margins are too high? Only time will tell!
I have also modelled discounts/promotions including bundle deals on some products to understand how deep a discount I can offer without taking too big of a hit on the profit line / margins vs if sold individually (I have my year in the Net Revenue Management team at GSK to thank for the knowledge & capability to work through these models!)
Product testing - Elastic laces
The third round of product testing in Spain with the Norwegian triathletes was a success. The manufacturer we have been working with found a new metal end tag supplier and it’s much stronger! Where we have decided to hold off launching the laces until March/April 2025, we now feel it’s worth testing different strengths and lengths of elastic (e.g. could the elastic be tighter but longer or stretchier but shorter for further improved comfort / product optimisation?). We want this product to succeed so see this as a good opportunity to continue developing and improving the product throughout the winter months.
We are also awaiting the delivery of elastic lace samples from a second manufacturer to test, due to be shipped to us next week.