The Hello Fresh Company business model canvas

Hello Fresh Company business model canvas (BMI, 2021).

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2.2 Historical Development

Hello Fresh Veggies have continued to develop over the years as the company works on new ways to tap into the unknown demand. From its early beginning, the sales and revenues of the firm have toppled up. Hello Fresh recorded a sales growth of over 50% in the previous year and looks forward to keeping this growing trend. The firm has surpassed $1.3 billion in global annual revenue. For a long time, Hello Fresh lagged behind Blue Apron in the U.S. However, the firm caught up and overtook it, becoming the leading meal-kit company in the U.S. and the globe. In 2017, the firm went public in Germany, and its value rose to more than $2.3 billion. The consistent growth of Hello Fresh overtime happened because the firm chose to defy the fate of its competitors. The firm succeeded by deciding on a new market and strategy. In this context, the new market it targeted was busy families. To reach this market, the firm had to create a new demand that would make them prefer its products. The strategy was to create new recipes as opposed to developing common recipes and compete in price. The development and execution of this strategy helped the firm reach a wider pool of consumers with busy schedules.

Hello Fresh’s marketers have consistently applied the Blue Oceans Theory to boost its market penetration across its markets. The firm’s marketers have taken advantage of BOT’s four action framework, including the need to (i)reduce, (ii)eliminate, (iii)raise, and (iv)create. The fresh German food upstart has focused on the ‘reduce concept’ by analyzing the possible factors that should be reduced below the industry level. One of the factors Hello Fresh reduced is the cost of maintaining its supply chain. Instead of competing with other firms to scale down supply chain operations, the firm partnered with suppliers and logistics companies to lower the cost of its operations. Secondly, the firm took on the ‘eliminate’ principle by identifying the factors that the industry has long competed and needs to be eliminated. In this regard, the firm noted ‘price’ as a factor that has been long competed and should be eliminated. Because of this, the firm’s focus was not to lower its prices but to offer premium quality recipes. Through the sale of high-quality veggies, customers never minded the premium price tag. Thirdly, marketers at Hello Fresh analyzed how to implement the ‘raise’ factors by evaluating the factors that needed a boost above the industry standard. In this regard, the firm is devoted to raising the quality of its recipes above the industry standard. The company raised the standard by involving nutritionists in developing its recipes. Unlike the conventional practice of leaving chefs to come up with recipes, the firm hired nutritionists. Lastly, the firm implemented the ‘create’ factor by evaluating the opportunities to have a differentiated product. The firm differentiated its product by ceasing from competing to developing new recipes to meet the unknown demand. Each of these four concepts is summarized below.

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