While it may only take a great idea to start a business, it takes a heck of a lot of hard work to build a successful one.

Five years ago Patrick Coddou was unhappily working at his corporate job when he had an idea, spurred by personal passion and necessity.

That idea eventually got off the ground with two successful Kickstarters, and recently landed Patrick and his wife and co-founder, Jessica, on Shark Tank, where they got backing from Robert Herjavec.

This idea, which has now grown into a multi-million dollar company, is Supply, a men's shaving and grooming company.

Today Patrick joins us to give an inside look at what makes Supply successful today, and the challenges he faces as he continues to grow his business.

Enjoy!

Episode Highlights

• 5:39 Introducing Patrick and how he started Supply.
• 7:21 The pivotal role of Kickstarter in Supply’s launch and success.
• 9:19 Where the idea for Supply came from and the challenge of creating good products.
• 13:53 Why Patrick wants to grow as quickly as possible with as little outside funding as possible, and the metrics he looks at to track his success.
• 18:59 What Patrick plans to focus on in 2020 as he further diversifies his marketing channels.
• 22:26 As Supply is starting to expand internationally, here are some of the considerations and challenges Patrick is facing.
• 25:48 Why Supply is so appealing in the international market, and how Patrick uses customer service to clarify his value proposition and support customers.
• 29:57 The post-purchase survey questions that help with Supply’s customer retention and satisfaction.
• 34:39 Things Patrick’s done in the last year that have had the biggest impact on his personal and professional life.
• 38:48 The truth about entrepreneurial life that Patrick wants everyone to know.

Links And Resources

• Supply
• Supply on Shark Tank
• Patrick@getsupply.com
• Patrick on Twitter: @SoundsLikeCanoe
• Profit Summit
• @a_brawn on Twitter
• @andrewfoxwell on Twitter
• Brand Growth Experts
• Foxwell Digital
• Review or subscribe on iTunes

Two common questions I get from clients are: How much should I spend on advertising and what is a good return on ad spend?

Andrew and I are tackling these questions today by breaking down the calculations you need to do to determine what a good ROAS is for your business.

We also discuss how to have an open conversation with your advertising agency and the first question you really need to ask yourself before you can realistically estimate the ROAS you need to be successful.

Enjoy!

Episode Highlights

• 5:15 The inspiration for this episode: one of the most common questions Austin gets in the Coalition.
• 6:55 What is a good return on ad spend (ROAS)?
• 9:08 The first question you need to ask yourself to help determine what ROAS is realistic.
• 11:05 Why you have to know your math before you start telling your advertising partner what ROAS you “need.”
• 12:15 The first question you should really be asking to figure out a good ROAS for your business.
• 13:04 Breaking down ROAS calculation and how to discuss it with your agency.
• 15:49 The importance of making the distinction between warm and cold traffic.
• 19:27 A further look at how to calculate the ROAS you need for your business.

Links And Resources

• The Coalition
• @a_brawn on Twitter
• @andrewfoxwell on Twitter
• Brand Growth Experts
• Foxwell Digital
• Review or subscribe on iTunes

As he sat down at his desk on the first day at his first post-college job he thought, “The cubicle life just isn’t for me.”

If you’re an entrepreneur, I would venture to bet you’ve had a similar thought at some point along the way.

Today we’re joined by Matt Schroeder, the co-founder of Shelly Cove, who started the business in college with his family, and has been off to the races ever since.

Matt tells the story of how he taught himself marketing and his journey to eventually leaving his secure job to go all-in on Shelly Cove. He shares the unique ways the brand surprises and delights its customers to keep them coming back for more, and why, as the business has grown, he’s more open to just saying “Yes.”

Enjoy!

Episode Highlights

• 6:21 How Matt got started in ecommerce and the birth of Shelly Cove.
• 10:39 The roles in Matt’s family-run business.
• 13:57 Lessons learned from going to school full-time while also growing a business.
• 16:55 How Matt became an expert in marketing and business.
• 18:27 The strategy behind Shelly Cove’s product development and release.
• 20:34 When Matt realized he wanted to put all his energy into the business.
• 23:31 How Shelly Cove built a strong brand from day one and the delivery tactic they use to set themselves apart.
• 25:54 Connecting customers with the company’s charity to build deeper brand loyalty.
• 28:18 Some things Matt tried that ultimately flopped.
• 31:36 The turning point from t-shirt company to lifestyle brand.
• 33:26 Surprising sources Matt uses for his shipping supplies.
• 34:44 Advice from Matt: don’t run sales too often.
• 35:20 Looking to make a little extra cash with your business? Check out these sites.
• 37:38 What’s on Matt’s mind right now as Shelly Cove continues to grow.
• 39:26 The roles Matt hired for that allowed him to free up his time significantly.
• 43:53 Matt’s advice for aspiring business owners.

Links And Resources

• Shelly Cove
• Uprinting
• Faire
• Tundra
• Matt on Instagram
• Matt on Twitter - @SchroedsBiz
• @a_brawn on Twitter
• @andrewfoxwell on Twitter
• Brand Growth Experts
• Foxwell Digital
• Review or subscribe on iTunes

Due to Facebook’s influence, your website is less and less often the first place potential customers learn about your brand.

We don’t see this changing anytime soon. In fact, Facebook’s already moving to on-site checkout, removing the need to visit your website altogether.

Today we’re talking about the future of Facebook advertising and how we see it evolving. We discuss what Facebook’s plans are for the platform, as well as for Instagram, and how you can be prepared for what’s to come. 

Enjoy!

Episode Highlights

• 5:13 Why we’re talking about Facebook’s future and what you’ll learn today.
• 6:53 What Facebook has planned for future interactive elements.
• 9:04 How to use Instagram polls to increase engagement.
• 11:17 The future of augmented reality on Facebook and how it could impact your CPM.
• 14:22 Interactive games as ads: worth the hype or overrated?
• 16:05 Andrew’s biggest takeaways about the future of Facebook advertising.

Links And Resources

• 217: How Josh Meyer Built The Fastest Growing Company In Maine
• 208: The Power Of Paid Social: How Buffy.Co Blew Up
• @a_brawn on Twitter
• @andrewfoxwell on Twitter
• Brand Growth Experts
• Foxwell Digital
• Review or subscribe on iTunes