Here is a simple model to determine success of product sampling in e-commerce. I was presented with some quick performance metrics on an e-commerce product sampling campaign for a supplement startup, which included the cost of the sample plus shipping ($.70), the average order value ($39) and the response rate at 20%. That got my [...]
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Updates from Ed Soehnel: 3/1/2020-3/14/2020 – COVID-19 learnings; data-driven retail growth strategy
Feature image: By 2026, $700 billion in annual spend, or 41%, is expected to shift away from traditional grocery. And much of that spend may go into online, supercenters, club and discount channels. Pick your retail partners carefully, as there will be a tremendous amount of disruption, especially in grocery. This visual and additional [...]
What is the advertising to sales ratio investors will look for in a direct to consumer e-commerce startup?
This is a Quora question I was asked to answer. Do you mean the return on ad spend ratio (ROAS)? I have never heard of “advertising to sales” ratio, but it probably means the same thing (revenue or sales divided by advertising spend…not to include media development costs or technology costs, just the costs to [...]
What are things that can make or break an online retail business (a specific niche retail business)?
This is a Quora question I was asked to answer. My answer is below. There are many things that can make or break and online retail business but some key ones in my experience are as follows. Marketing Not understanding what your breakeven return on add spend (ROAS) is for each product by channel. This [...]
This is a Quora question I was asked to answer. Absolutely yes, but I need to qualify my answer with more details to back that up. First, my focus is building consumer product startups, not managing large brands. So, I really have no clue if brand advertising is relevant or not because I have almost [...]
Marketing campaign goal metrics model: a simplified version of the most important financial model for any consumer product company
The ultimate goal in any company... ...is to acquire AND retain customers where costs to acquire and retain are less than expenses, which leads to profits. Boiled down to this single statement, then the most important variable in the finances is the marketing spend. Even if your other expenses are high or way out of [...]
This is a Quora question I was asked and here is my answer. Based on your question, it appears you have a brand with products geared toward the fashion categories of cosmetics and jewelry. You want to know what you need to do to ensure a successful launch. In comparison to consumer products in general, [...]
I had a pre-launch startup in the pet category contact me with a product idea and a website created around the idea. They were trying to raise money from investors for a seed round to produce a small number of units to sell. I personally did not think much of the idea, but what I [...]
I have not done any hard core research into the success or growth track of companies following a successful Kickstarter, Indigogo or other crowdfund campaign. But anecdotally, this is what I have observed. And this is definitely what I see in many startups, even ones that do not go the Kickstarter/crowdfund route. Take a look [...]
Here is how I use agile principles in consumer product development, marketing and sales: Conduct deep competitive analysis on what is already offered in the marketplace, including features, benefits, and outcomes. Find out which products are selling well through sites like Similarweb.com - Digital World Market Intelligence Platform and through exiting online and offline distribution [...]