Meditopia is a meditation practice founded about two years ago. With 5 million users spread to 60 countries, the company recently announced its 2.3M Euro investment round and stands out with the vision it has maintained since its inception and the company culture that is shaped around it.
Fatih, co-founder of Meditopa, is the 12th member of the Glocal Podcast. He was my guest in the episode. I had the opportunity to see clearly the impact of Meditopia’s vision on teams, cultures and strategies. In this article, I will try to explain the importance of vision through the example of Meditopa.
Meditopia began with the goal of focusing on the world’s mental health problem. We’re all going through mental processes. Aiming to solve this situation, which affects billions of people every day, the team started with meditation, but also took problems such as stress, anxiety and insomnia on its radar from the first day.
Tim Cook’s speech, Apple as a phone or hardware company, but as a healthcare company to be remembered in the future, fatih and his team must have influenced. As the world changes, so do people’s expectations. As life span grows longer, old age takes up more space in our lives than it does, and the importance of mental health is increasing.
Today, b2c in particular, almost all of the success stories, are initiatives that bring social benefits. There are many examples, from Udemy, which democratizes education, to Uber, which enables people to increase their income and make transportation easier. Although these initiatives are driven by financial objectives, they also have to look after and grow social benefits in order to take them to the next level at the point where they affect millions of people.
Fatih and meditopa team set out with a similar view. After putting the human and social benefits in the middle of the business plan, besides the financial goals, he set out his true purpose:
Meditopia has great respect for its 2 unicorn opponents (Calm and Headspace). Acknowledging that these two companies are pioneers in the field and even create the sector, Fatih finds the company’s culture and the strengths of its teams inspiring. Meditopia, which aims to solve the world’s mental health problem to some point, has entered the market in a way that ignores these big competitors.
Meditation is an exercise that one performs alone and in the most intimate moments, as he delves deep into his mind. It is also important that this activity, which is usually performed just before sleep or when they wake up, is harmonic with the individual and its culture.
Aware of this situation, the founding team, while creating the market entry strategy, realized that its competitors’ products were not localized according to many countries and languages. Meditopia, against these 2 unicorns, which still aims to grow in English-speaking markets, pursued the opposite strategy and targeted the Turkish market with a full local application.
Meditopia first started in Turkey under the name Meditation. He developed the product in his own language and in accordance with culture, working closely with the right therapists and teachers. With 15 localized programs and 150 types of meditation, the company has rapidly grown in the local market, proving that it can outpace Calm and Headspace in certain markets.
As we mentioned, Meditopia currently has more than 60 countries with customers and teams focusing on localization in countries such as Spain, Brazil and Berlin. Fatih sees localization as the main weapon of his strategy and divides this multifaceted process into three.
Meditopia is working closely with potential customers and partners by including someone in the team in the market it wants to enter first. While the product is fully adapted to this language, the needs, cultural requirements and customer expectations in this market are also mapped. Once the product and content are localized, a certain user base is added to the application and taken care of. Corrections are being made on content and streams that are particularly foreign and do not fit the culture. At the latest point, the goal is to deepen their experience. Additional services offered are offered in the local language and a similar testing process is being carried out.
Headspace and Calm aside, Meditopa has competed with local players in every market it enters. As a positive sign to valita the market for the shelter of domestic players, market and customer adaptation, Fatih is confident that this competition is the biggest benefit to the end user.
Although Meditopia has managed to defeat local players in all the geographies it has entered and has reached the size to challenge Headspace and Calm, it is only just beginning. Considering we’re all going through different mental processes, Meditopa is actually in one of the largest and fastest growing markets. Starting in the meditation vertical and coming to the fore front with compatibility with local cultures, the company now aims to become a daily mental companion offering deeper solutions at different levels.
Everyone’s mental processes and the problems in front of them differ from each other. Meditopa wants to go to personalizing the platform in the first place, using detailed data about its users. Taking into account one’s needs, mental state and expectations, this transformation will begin with presenting different kinds of meditations and will deepen with vertical services such as sleep problems, stress, self-confidence, and even personal therapists.
These differentiations in the product and the deepening of the benefit will surely take Meditopia to a very different point from its unicorn competitors. With this strategy, the English-speaking, more competitive, market-based company will spend a large part of the resources it receives from the last investment round on this new vision.
From the outside, the entry barrier for a mobile app like Meditopia may not be seen as too high. As Fatih said, they developed the first product in as little as 2 months. Meditopia’s two entry barriers to date were its localized content to different regions and an effective growth mechanism that fed on virality.
Meditopia uses its large user data to personalize and become mental companion, revealing the large data in its possession as an entry barrier, and establishing a deep relationship with its customers, de (lifetime) takes it up quite a bit.
We don’t want to grow up and narrow down the options ahead of us by investing non-stop. We’ve connected our growth to organic mechanisms, differentiated product, and we’ll always decide our own future. This is meditopia’s 22nd. it moves to the 19th century. – Conqueror
Finally, let’s note that episodes of Glocal can be listened to on Spotify, Apple Podcasts, Google Podcasts, Anchor.fm, Overcast, Radio Public.