Starting Business Crowded Market

Starting Business Crowded Market

Take a calculated approach

Once Michael and I had our idea, we started doing a ton of research. We did market research. We did competitive research. We worked during lunch and after work just trying to figure out if this was really a viable option for us to actually jump into. As we started to receive the results of the data and dig in deeper, we saw that there really was this pocket of opportunity and white space in the market that we could capitalize on to Starting Business Crowded Market. We considered every possibility and, while we always wanted to take a risk and do something on our own, we knew it had to be a calculated risk.

Show your stripes

There are so many sock and underwear brands out there and we’d be crazy to enter such a saturated market without having an angle or point of differentiation. We had to be really confident that what we were doing was going to be different enough to make waves, to get noticed, to make a difference and actually be successful.

We honed in on what that was—that we weren’t just going to be another brand selling basics. We were going to change the way people shopped for them, doing it at an unbeatable value where the price point and the quality of the product was never before seen. Those elements combined was really the clincher for us to say, “We have something here, let’s go for it.” View list of Speakers

Starting Business Crowded Market

Stage a scrappy focus group

One of our biggest struggles initially was that we underestimated how challenging marketing is. We have these socks that are incredibly soft but, since we are an e-commerce brand, they just looked like basic socks. We needed a way to communicate that they’re super-soft when all we had was a photograph. We decided to go to Times Square with a big bag of the socks and a camera. We walked up to strangers and asked them to give us their honest reactions to the socks. People compared them to a “Thoroughbred horse,” a “baby’s butt,” and other hilarious things we never would have thought of with a traditional approach. We turned them into great clips on YouTube and saw our sales really spike.

Forgo the idea of working hours

I used to go to work and have an end time. Now, it’s more of a 24-hour job. The positive is that I get to be more flexible because there’s nobody to report to and prove to that I’m working when I’m working from home. It’s just a matter of getting the job done. Anyone you talk to that’s a running a start-up will tell you that it’s more intense in terms of hours and actual work output.

Starting Business Crowded Market

Get creative with communication

We noticed that a lot of our prospective customers were seeing our ads and discovering our company, but were skeptical of the quality because the price point was so good. We took to social media and told people that all they would have to do is pay three dollars for shipping and we would send them a pair of socks for free. The campaign helped people understand the quality and get excited about it. A lot of people signed up and the the conversion from free sock to a Create-a-Drawer
was high.

Let your customers lead you to innovation

Our joggers were a bestseller. Customers were writing to us that they loved them but wished that they had zippers on the pockets so that their keys, phones and wallets wouldn’t fall out when they were sitting down or driving. So we designed them, launched them recently and they’re selling really well. We also had a ton of emails come in after Shark Tank asking for a women’s Create-a-Drawer. When we saw the demand was there, the very next business day, we called a meeting with our teams and started conceptualizing the line.

Laura Dweck

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