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Over 90% of ecom brands will fail.
What separates the successes from the failures?
I've analyzed and rejected hundreds of brands that applied to work with Wonghaus and our subsidiaries.
Here are four things to consider before starting your brand.
[Thread]
What separates the successes from the failures?
I've analyzed and rejected hundreds of brands that applied to work with Wonghaus and our subsidiaries.
Here are four things to consider before starting your brand.
[Thread]
1. Customer acquisition
It's incredibly unsustainable to rely on paid ads. The larger your budget, the lower your margins tend to be.
Does the brand have unique, scalable ways to reach new customers?
Ex: A devoted community or exclusive distribution channels.
It's incredibly unsustainable to rely on paid ads. The larger your budget, the lower your margins tend to be.
Does the brand have unique, scalable ways to reach new customers?
Ex: A devoted community or exclusive distribution channels.
2. Brand defensibility
Not all product categories work.
If you sell generic iPhone cases, no one will care.
It's typically in categories where there's emotion tied to the purchase.
Categories like health, beauty, cosmetics, etc.
Not all product categories work.
If you sell generic iPhone cases, no one will care.
It's typically in categories where there's emotion tied to the purchase.
Categories like health, beauty, cosmetics, etc.
3. Product
Is the product proprietary in some way?
Better design, exclusive manufacturer relationship, deeper customer understanding, it can be anything.
Is the product proprietary in some way?
Better design, exclusive manufacturer relationship, deeper customer understanding, it can be anything.
4. Customer experience first
Why?
Strong retention, strong loyalty (higher LTVs), and free marketing
Build for mobile-first
Educate new leads
Engage with your customers
Build great product pages
Simplify the checkout process
Ship fast
Provide timely customer service
Why?
Strong retention, strong loyalty (higher LTVs), and free marketing
Build for mobile-first
Educate new leads
Engage with your customers
Build great product pages
Simplify the checkout process
Ship fast
Provide timely customer service
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https://twitter.com/balakumaradrian/status/1318569713685889025
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