Mary is Gong's wife. She wanted to know Status, she has Questions, and she wants to know future plans.
I sent images of the new salons. They asked a lot about the marketing message and how we will get customers to the salons now. They wanted to know how we can do that if we don't discount. We discussed the social media strategy, the SEO marketing strategy, remarketing on Google, the events, and still advertising just at the normal price.
___They asked for information on the marketing strategy.
___ I explained I will record the events in the salons to share an example with them.
___ They want to have regular updates. They would like updates in the portal and they want regular meetings. I said we can meet 2 times a month or monthly.
___ They want an expense list and regular financial statements.
We discussed how Fantastic Sams corporate has devoted extra resources to the success of this investor. They are helping to control the cost by giving us extra employees on their payroll to get the salons launched. They are also reducing the royalties during the ramp us to keep the cost down. We discussed the price of the salons were planned at $125k but are actually coming out to $146k. Therefore we would open one salon, wait until break even, open the second salon, wait until break even and then assess whether or not a 3rd salon would be needed or a good option. We explained this is a different model than originally planned for.
I explained I would need a written statement from them that they want us to proceed and that would send them a summary after the call.
They asked if they were the first ones with the new model. I said no, Fantastic Sams has many stores with the new brand that are running successfully.