- “We spent all of our time with other people's ideas, scaling those, and figured out that's what we're really good at.” @andrewjfaris #DTCPOD
- “If you multiply your conversion rate by your average order value, the number that it spits out is your revenue per click.” @andrewjfaris #DTCPOD
- “Most times if your product market fit isn't working, you often have a more core problem than you think.” @andrewjfaris #DTCPOD
- “If you can turn products into dollars fast instead of having to outlay huge portions of inventory with cash, it makes your whole business better.” @andrewjfaris #DTCPOD
- “Clear wins most times over clever, particularly for driving traffic.” @andrewjfaris #DTCPOD
We Speak About:
- [03:13] Andrew introduces himself and 4X400
- [05:53] Brand management approach and portfolio building
- [11:33] Analyzing product market fit
- [15:50] Breaking down conversion rates for brands
- [21:22] How it's not always about the marketing
- [23:50] Similarities and contrast between management for different brands
- [29:49] Tips for scaling a brand
- [35:23] Where to find 4x400 and Andrew Faris online
How 4X400 measures product market fit
Andrew Faris, CEO of 4X400, joins the POD to give some insight on operating and growing DTC eCommerce brands.
4X400 is an eCommerce holding company that currently owns, manages, and grows five digitally native brands.
Andrew discusses that when it comes to building their brand portfolio, they look for brands with an established product market fit and analyze the core fundamentals of the business to see if there is an opportunity to scale.
A unique approach 4X400 takes in analyzing product market fit is through measuring revenue per click by multiply a brands conversion rate by their average order value.
Andrew recognizes that if a brand's product market fit isn’t working, there is more likely a solution found in the inner workings of a product rather than altering marketing strategies.
In DTC, you have to constantly test
4X400 A modern day holding company that acquires, operates, and grows DTC ecommerce brands.
The business currently has 5 brands that they operate, all in different markets.
Andrew takes an experimental approach with brand scaling by testing different product selling strategies that will create different outcomes for different kinds of customers.
The business first strategizes to discover the baseline level that can validate the quality of traffic for a brand, and then begins testing creative.
Andrew recommends giving time and energy into developing a good customer acquisition strategy, and experimenting around to see what works.
Stay tuned as Andrew discusses important strategies for scaling a brand and finding product market fit.
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Mentioned Links:
4X400 website: https://4x400.com/
Andrew Faris’s twitter: https://twitter.com/andrewjfaris
eCommerce playbook podcast: https://podcasts.apple.com/us/podcast/ecommerce-playbook
