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Sqrups!, from 50 to 100 stores in 12 months
The company decided to incorporate a tool that literally "allowed them to fly in its expansion process"
Iñaki Espinosa - CEO of Sqrups!
About Sqrups!
Founded in 2014 by Iñaki Espinosa, this Spanish company operates with more than 50 stores in much of the national territory. With a growth rate of 10% per month, its goal for 2017 is to close the year with a turnover close to 15 million euros, nearly 90% above the 8 million reached in 2016. The company's CEO says they have no growth ceiling and he wants to look for venture capital funds to accelerate their expansion.
In the Sqrups! stores, the customer can find more than 1.000 different products from stocks, discontinued or residual products, liquidations or manufacturing surplus in sectors as diverse as food, drugstore, stationery, fashion, footwear, garden, household goods or appliances, with a price that offers discounts from 30% to 80% on market price and a 30-day warranty on all its products.
Retail
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“Increasing the number of franchisees and conversion rates, while decreasing time spent in analysis have allowed us to grow faster and to maximise the profit of our stores.”
Challenge
Sqrups! receives a multitude of weekly requests with interest on its model of franchise. The company looks for profiles such as self-employed people or investors who want to be involved in the store on a daily basis.
The company is aware of the strong competition that exists in the franchise sector in Spain. Because of this competition, the first contact with the franchisee is aiming to bring a differential value that stands out against other companies. A first challenge, therefore, is in the commercial department, which requires tools that bring confidence to the franchisee candidate.
A second challenge for Sqrups! is identifying an optimal location for its business. In fast-growing companies like this, the time-to-market is critical, given that for each new location they have to study between 5 and 10 different options of premises. These types of studies usually take two to five days per location, which extends the whole process to more than a week.
One last challenge for Sqrups! is the optimisation of its current network of stores, that is, recovering the investment and increasing the profits of the franchisee, as soon as possible. For this it requires both online and offline marketing campaigns focused on the area and potential market.
Benefits
Framed under Sqrups!’s bet of incorporating new technologies to their stores to improve decision making based on objective data, the company decided to incorporate a tool that literally "allowed them to fly in its expansion process". After evaluating different options, they opted for Geoblink thanks to three points: granularity and value of the data, available functionalities specialised in retail, and an intuitive layer of visualisation that allows the business profiles to use the application from minute one.
- Sqrups! improves its recruitment and qualification process of franchise candidates, by giving them a differential value in the location chapter of the franchise.
- Sqrups! maximises the profit per point of sale by finding the areas with greater and better potential market.
- Sqrups! manages to meet its goal of planned openings efficiently, reducing the time-to-market and therefore accelerating the return on investment.
- Sqrups! exploits its current network of stores by accessing a better segmentation of its market and being able to carry out geolocalised marketing campaigns.
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