Defining the go-to-market & pricing strategy for HATCH, a fashion start up
We recently worked on a project for a fashion technology startup, HATCH, where we helped to define their go-to-market & pricing strategy for a new Digital Showroom. This project was very interesting as there hasn’t been extensive investment in wholesale digitisation. The fashion technology industry is evolving with online consumer trends influencing brands to enhance their customer experience through easy-to-use digital platforms and we wanted to help HATCH deliver on this.
HATCH Studio is a fashion tech startup from Amsterdam whose aim is to change the fashion industry for good with digital transformation services and their digital showroom solution. HATCH was born from fashion – literally – spinning off the team that created the industry leading Digital Showroom solution for Tommy Hilfiger. As a standalone business, they are bringing the same digital showroom to market as a SaaS product combined with Digital Transformation Services and providing fashion brands a better wholesale experience, better sustainability, better time to market, a better digital strategy, and better sales insights.”
We caught up with Alvaro Pin Hurtado, Head Of Business Development and Transformation at HATCH, to talk about the project and how the partnership with Riverflex helped HATCH solve their unique business challenge.
Tell us about HATCH and the challenge that made you turn to Riverflex for support?
HATCH is a fashion tech startup born from fashion. We’ve been working on the development of the Digital Showroom, a unique experience that has helped brands like Tommy Hilfiger or Calvin Klein become faster, smarter and more sustainable in their wholesale operations. The success of the product became such that we realised we had a great opportunity to bring this to the rest of the industry and ignite true change beyond PVH.
While we were experts on digital selling and had product-solution fit, we were faced with a whole new challenge: understanding if the Digital Showroom had product-market fit to become a successful market competitor. From leading the transformation inside a fashion powerhouse to identifying our go-to-market strategy, how to market, price and package our product and services, and map the potential space, we were navigating uncharted waters.
That led us to look for a partner who could help us in this new journey, setting the foundation to what has the potential to become a whole new business model that’s unheard of in the fashion industry.
Why have you selected Riverflex as your main partner to navigate you through this challenge?
We started talking to different companies out there to assess our options. From big consulting firms to individuals with true startup experience. When we came across Riverflex (through word of mouth) we were excited to find a niche-like partner with similar ways of working. We’ve worked with teams outside of our organization in the past and we’ve always valued communication and flexibility over standard agreements. Being in such a stage of our journey we knew things could potentially come our way that would have an impact on the research and development of our go-to-market and so we decided to partner up. Victor’s team was great at presenting how they wanted to approach this partnership and they were particularly open to listen to what we had to say and to the possibility there would be new input bringing new perspectives to our approach. In essence it was all very much unpredictable and Riverflex was great at taking that on.
What process/steps did Riverflex follow in this pricing and packaging project?
What started off as a project to help us define our pricing and packaging quickly turned into an exercise where their team guided us to define the why, what and how of our go-to-market strategy. In roughly 12 weeks, we went over all disciplines at HATCH, all key elements that made our product, services and story unique for the market.
In addition, they were part of some of our first ever interactions with interested brands in our offering. In their efforts to help us define our pricing and packaging strategy, they helped us in key areas that we’d only just started to work on, from defining our market context and our target audience all the way into defining our value proposition and how it drives business results.
What type of solution did Riverflex provide you with?
We ended the project with lots of information and documentation to drive our business strategy further. Most importantly, the team at Riverflex team helped us in creating a new framework to help us navigate all questions that would come from our go-to-market execution. Rather than focusing on the documents and presentations, they supported us in understanding the market we wanted to enter and be better prepared to tackle the challenges of entering a new market in a relatively new sector: fashion-technology
What is the impact of the implementation of the solution that Riverflex developed for you?
We’ve only started our journey in this new market and so far, the project with Riverflex has helped us refine our offering, adapting it based on our value proposition and the needs of the market. Being able to engage in conversations with brands and have a well-defined idea and sense of what we offer has increased our speed to market. It’s also helped us validate our initial assumptions and iterate on our approach and UVP as we engage more and more with interested brands and other players in the market.
Internally, the project helped us set the base for the first steps of HATCH as a startup born from a fashion brand, setting our runway and helping us define what are the outcomes and initiatives we need to tackle in order to drive business for HATCH and value for the brands we work with.
Running this exercise with Riverflex helped us learn a bit more about ourselves as a team as well as having a better sense of the value we can bring to the market and the brands in it and be smarter and efficient when engaging in commercial conversations.
What was the impact of the work you did with Riverflex?
The practical impact is that we have a tool we use often in our conversations with brands, we have a clear approach to the market and have a more aligned vision internally.
How would you describe your collaboration with Riverflex?
Working with Riverflex can be described with 3 words: open, honest and fun. There were obvious business outcomes that stemmed out of these collaborations, but we like to highlight the importance of having a great communication culture across teams because this helped us tackle all our sessions and hours working together with an open mind to challenge and be challenged on every assumption and decision. All we learned in this initiative could not be possible without Riverflex’s ability to roll with the punches and find ways to work with us, rather than for us.
How did you find working with independent consultants through Riverflex’s consulting model?
It was seamless. Riverflex always brought great experts into the discussions and it never felt like we were dealing with individuals with different goals, but with one united team. In addition, as the project evolved and some new needs arose, Victor’s team always brought the right people with the right skills to help us tackle the challenge.
Would you recommend Riverflex as a consulting partner?
Definitely! As we are in the process of on-boarding our first customers outside PVH, we’re continuously engaging with brands out there that are interested in our offering and tackling the challenges HATCH and the Digital Showroom can help solve. This means putting our go-to-market, packaging and pricing strategy to the test on a daily basis.
Our ability to understand, reflect and adapt to the needs of the market is possible in part for having a solid and flexible framework in place, and this was thanks to our work with Riverflex.