Hi Guys!! I hope you all are doing good..
As the ritual of Hearty Interviews continues, today I am here with my interview with Mr. Prashant Parikh, the founder of Satthwa. Prior to founding Satthwa, Prashant was the Founder, CEO of SpeedHost.in, India’s fastest growing web hosting provider. He has been actively investing in upcoming technologies and companies, primarily on the online side.
In 2012, Speed Host was acquired by Directi, a 350+ million dollar business group that develops innovative mass-market web products. Prashant specialises in online retail, branding, online marketing and advertising, hosting, user interface design, digital strategy, web analytics and online infrastructure services such as data centres and server farms.
Creative and results-oriented, Prashant advises a variety of retail businesses on their online business strategy. He holds a B.Sc in Finance from DePaul University, USA and a Bachelor’s degree in Commerce from Delhi University.
Without further ado, let’s quickly ask him some questions…
1. How did Satthwa come into existence?
Ans. Satthwa came into existence out of necessity rather than something well planned. My hair fall issues forced me to research on oils and their benefits which made me create my own mix which helped me and a lot of family and friends.. Then as an experiment, I thought why not try and sell it online and that’s how Satthwa was born.
2. How did you choose your brand’s name?
Ans. The brand “Satthwa” represents “truth/purity”. When I started looking at a name which would represent my brand, I wanted something which represents “purity”, because we use only pure ingredients in our products and it means a lot to me that my brand should reflect the same.
3. How fairly priced your products are according to you? Do you think a products sells more if it’s price is lower?
Ans. Our products are quite fairly priced considering their quality and purity. Products do sell more at lower prices but at the same time, we educate our customers and believe that we sell the best quality products and at prices which are not way out there.
4. How many products does your range have or what categories do you have in general?
Ans. Right now, we have about eight products. We believe in launching quality products and therefore take time to research. Currently we are in Hair Oil and Essential Oils category.
5. Would you rather lose all your customers or Rs. 1,00,000?
Ans. This is no brainer, I would keep our customers any day!
6. What is the biggest challenge your brand has faced till now?
Ans. Our products are up against some of the biggest brand products from day one, especially talking about the hair oil. We have had to educate our customers why our oil is better than the ones out there and justify the price.
7. Is there any go-to-market strategy that you recently worked on?
Ans. Our go to strategy has been to send out samples to beauty bloggers and have them try out our products. Since our star product is the Premium Hair Oil, we have asked bloggers to take their time in using the product (to really see results) and then do a review. As we believe in our products, we encourage bloggers to review only after multiple uses which sometimes have taken over 2-3 months but it is worth the wait.
8. How do you know when to change a product’s pricing?
Ans. If raw materials’ prices go up considerably, we try to absorb as much as possible which we have done in the past. However with GST, the tax has gone up considerably and has prompted us to think on increasing prices.
9. Do you plan to add skin care products in the future?
Ans. Yes, we do but we are in no hurry. We will only bring out a product if we think we have created something which is better than what is already available.
10. Where do you want to see your brand after 5 years?
Ans. Would want our brand to be recognised as a brand which people can trust and be one of the most recognisable brands in the category.
So that’s it for today guys. I hope you enjoyed reading this interview just like I did. I really liked Prashant’s point of view in bringing out quality products rather than having products that are already flooded in the market.