I spoke on Friday at a great event titled “Growth Hacking” in Belfast. Around 100 people crammed into a room to listen to a few speakers talking about managing growth.
It was mainly focused on SaaS and gaming, so I was there to talk about what Diet Chef did.
What was fascinating is that Growth Hacking as I can understand it is Direct Marketing in a new cloak. It’s about measuring and managing customer recruitment, retention and reactivation, something any catalogue or direct business has been doing for years (think Readers Digest!)
It got me thinking about measurement and including an ecosystem measurement metric with your “business mode”
This would be the best balance of New, Reactivated and Retained customers to achieve your business growth potential. If you don’t want to grow you can focus on retained customer more, but that can be quite a short term measure.
To stop people gaming things you need to measure these metrics in balance, but it was fascinating to see that the CRO of OMGPop (Draw Something) thought about marketing in a similar was to how we handle it at Diet Chef!
If you make the $1b valuation club you become a Unicorn.
There are not that many UK based (or even Scottish Unicorns). It looks like Fanduel is driving it’s way to join this club.
I met Nigel, Tom and Rob in Black Medicine in Parchment in around 2008. I will dig out exact dates, but I was instantly impressed by each and everyone of them. Rob and Tom were friends from Wales that had design and coding experience, Nigel was a St Andrews grad that had worked at McKinsey, Betfair, Flutter and Johnston Press.
They had the drive and vision to build something big. Never in my wildest imagination did I think that 6 years later they would be joining the $1b club.
I visited Nigel and Rob recently at their UK offices in Edinburgh. The facilities were up there with any other silicon valley start up I have visited. The drive and confidence has grown over the years and they are at the top of their game.
It just shows that a small amount of funding can be the baby step to building an amazing business in a few short years. It is truly amazing!
It has been a busy old week and January!
There are a lot of exciting things going on and this week we tasted our first range of beers for Brewhive.
Brand development and experience is looking fantastic and we really are spending a huge amount of time testing packaging formats to the end consumer.
The issue with anything in a bottle is that it is fragile and heavy. Two things couriers really don’t like.
An investment in a custom inner for the box has been a great idea and we will spend next week completing some drop tests.
Dropping a box of beer from 1 metre high and also on each corner is a pretty major test for the contents. We have seen recently the treatment deliveries can sustain so we plan to send a bunch of deliveries to every hub in the UK to test how robust our packaging solution is.
Innovation is at the core of the delivery experience and although unit cost investment will be slightly higher than a cardboard solution we are hoping that less soggy cardboard will arrive with our customers!
We have now pushed a couple of the investments we have made in brands in the drink space into a group.
Liquid e-commerce is designed to bring the skills, technology platform and capital together into a cohesive group.
We will continue to create brands within this group and share the benefits of many years experience in the FMCG space.
Take a look http://www.liquidecommerce.com