Sustainable Growth Strategy for Olive Oil Family Business
As a family-run extra virgin olive oils (EVOO) producer established in 1943, Oleificio Timperio SNC has been recognised as an emerging brand in Singapore, which exercises a hybrid strategy that combines strategic partnerships with like-minded distributors and associations, as well as direct access to the broader market using multiple platforms and e-marketplace. However, the EVOO market In Singapore, is highly saturated, with an increasingly larger pool of brands competing with one another. In such a competitive market, conventional marketing strategies and tactics are no longer sufficient to generate scalable and sustainable growth. As such, the Timperio project seeks to explore innovative strategies to generate scalable and sustainable growth across various distribution channels.
Through intensive field research over the course, all the student teams were successfully able to develop innovative and realistic solutions which were validated with external parties, and laid clear implementation roadmaps for Timperio. In particular:
• All the student teams demonstrated high-degree viability of their proposed solution.
• One of the groups, alongside Timperio’s support, were able to sell 94 bottles of olive oil within 48 hours within a group buy channel. Likewise, another group successfully kick-started discussions of partnership with complementary brands which can be materialised within a short time horizon.
Overall, the collaboration was mutually beneficial for both the students and Timperio, as students obtained the opportunity to utilise their skills beyond the classroom setting, and Timperio was able to further develop their plans for the sale of extra virgin olive oils in Singapore. Timperio now has in-depth insights on various options to grow and scale their business in Singapore.
"Working closely with talented faculty and SMU students through the SMU-X platform has been a truly eye-opening experience. We approached this project hoping to gain high-level perspectives on how a small-medium enterprise like ourselves should pivot and leverage technology to innovate and stay relevant in the international arena. However, we were left much more than that -- In such a short timeframe, students managed to design, conceptualise, and test several innovative strategies. The depth of their analysis and the solidity of the framework they put in place under the guidance of a well-experienced and dedicated faculty advisor is outstanding. The study went beyond strategy, and most of the projects are ready for execution. The outcomes of this engagement have by far exceeded our initial expectations and provided us with solid fresh perspectives and decisive actionable insights. What a great learning journey!"
- Giuseppe Timperio, 3rd generation family business partner, Managing Director, Southeast Asia, Oleificio Timperio SNC