In late October, a select group of marketers and e-commerce professionals from some of New York’s most exciting brands joined Faraday and Clearbanc in SoHo for an evening of networking and conversations around growth marketing. Discussing everything from choice subscription platforms to how these professionals got their starts in their industries, there were a few key takeaways we’d love to share.
Consider potential tradeoffs of partnering with larger retail companies
While many DTC companies are partnering with bigger retailers to get their products into the hands of new consumers, some have noticed that existing customers who previously shopped online are now more likely to buy in-store while they’re out shopping. Lower costs of products in-store may be a driver for this, or perhaps it’s simply the convenience of not having to wait for your product to arrive by mail. Regardless, this behavioral change should be taken into account when thinking about expanding your brand into larger retail channels.
Know your audience and where to best reach them.
While it's not a new concept, it's still incredibly relevant. Knowing how to leverage each of your marketing channels — for brand awareness, conversions, cross-sells — is key to building out an effective marketing strategy.
Brands are finding that certain channels are better for brand awareness, while others are better for seeing conversions. A marketer from a health and wellness brand noted that she initially expected to see high conversions from Facebook and Instagram audiences, but now she views those platforms as better for building brand awareness.
Beyond customer behavior when it comes to making a purchase, it’s also become imperative that brands understand who their customer cohorts are offline. This helps identify ideal consumers for lookalike audiences, as well as assists personalization efforts. Personalization has been a hot topic this year, but in order to implement effective messaging and creative in marketing campaigns, brands need to dig deeper into the data and get to know their customers on a holistic level.
Experiment with different software platforms
There are many popular platforms out there, especially for DTC brands, and it wasn’t uncommon to overhear “Hey, we use that platform too!” throughout the evening. But what works for some brands may not work for others — this goes for everything from e-commerce platforms to ESPs to CRMs. Integrating new software into your existing tech stack can be a pain, but it’s worth it to get it right so you can optimize your purchasing processes and marketing automation.
That being said, sometimes you have to settle for what’s available. Marketers and e-commerce specialists have big dreams for perfecting automation in their systems, but occasionally the tech just hasn’t caught up yet. Luckily, most software companies offer ways you can give them feedback to get the ball rolling in the right direction.
Why we partnered with Clearbanc
Nearly all DTC brands feel the pressure to grow as quickly and efficiently as possible. That's what our partnership is all about; Clearbanc helps fund brands' acquisition spend without dilution, and we help optimize those campaigns with machine learning and data science.
If you're interested in attending our next event, don’t hesitate to reach out.