Growing Paire To $10M/Year Business Documentary | Ep 10

[Documenting My Journey] Ep 10.

4th Week March 2023

Wow. Time flies. Q1 is over and now Q2 has just started. 😳

Anyways, thanks for coming to read my blog.

🤓[Media Buying]

Since hiring new team members, adding structure to testing and scaling has been a huge assignment of mine.

There is a clearer process for testing things.

Allowing me a bit of breathing room to step back and start building more processes for the new team members.

Built a creative log + shared across the marketing team (Paire - Media Buying Master Sheet - v3.0 📌). Will be sharing it later once finalized.

Instead of having numerous sheets open (I'm that guy that usually has 10+ tabs all at once), I've decided to have a master sheet comprising of:

- a compilation of winning headlines, winning hooks

- benchmark calculator

- CAC target range per product

- weekly learnings log

- customer/persona research data

- etc

Resulting in fewer headaches.

Usually, we spend the majority of our time finding the Google Doc/Sheet we used last week. So this is going to save a lot of time for the team.

Plus, have integrated soft testing with a smaller budget, decreasing performance fluctuation on Facebook.

Allowing us to test 100+ variations per week.

🚵 [Team Management]

Realised shared vision is key.

Letting team members know I need their help and opening up with vulnerability.

Recording looms 📸

1 on 1 meeting on teaching wasn't effective from taking someone from zero to 1.

Instead, shifting to recording a Loom video of myself doing the email briefing, PR pitches, creative script building, and media buying helped team members immensely.

Pros: Audio + visual aid

Members can rewatch and ask about a specific sub-task by pointing at the time stamp of the Loom.

1 on 1 meeting comes in after that leaving no stone unturned.

🎨 [Creatives]

Creative production is becoming more efficient thanks to a customer research document we've built.

Had VA scrape more than 800+ reviews.

We were able to find common pain points.

We spend so much time coming up with new ideas but it should come from the customers.

Saving me time and shortening the gap in creative production.

Spending more time on retro/review.

Monday = review past week’s creative performance

Q) What has worked?

Q) What didn’t work?

Q) what can be improved?

I used to skim a lot but now I have a clear direction and a clear log system to fall back to.

Also, one exciting thing that's coming up is:

We are planning to produce a big PR video.

Think Dollar Shave Club.

Purple Mattress.

It will be the biggest expense we've spent on a campaign. Bit scared but excited at the same time.

Regardless of the outcome, it will be a net positive campaign

🤑Conversion Rate Optimisation

Since we have removed 20% off discount for first-time customers.

Here are the surprising results 😳

- nCPA is lower

- AOV is slightly lower than the discounted period

AOV needs to go up now. Leaving us in a better position.

We really want Paire to play the long game.

"In the infinite game, there is only one true victory: the ability to continue playing." - Simon Sinek

We will probably need time to re-train our previous customers about our discount process but this will help us to weed out the following customer segments:

• 🙅‍♂️ price-sensitive customers (less loyal)

• 🙅‍♂️ lowered perceived value (looking at the future, it’s not worth it)

• 🙅‍♂️ discount focused mindset (margins get lower and lower)

  • CAC goes up, but mindset doesn’t change

Product Development

Product market fit? Or market to product fit?

At Paire, we’ve always been conscious about our product (how it’s made, and what it is made out of).

We always get judged in whatever form but we want to make the best product possible. We believe in product-led growth even though the fashion industry tells us otherwise.

At this moment, we've been building products without thinking about the COGS and carelessly placing multiples for retail price.

But now, we are pivoting to market-to-product fit (which sounds absurd) since we have core products selling. 

We are now looking at the existing market price and see how we can get our COGS down with our supply chain (being the biggest strength).

🤔 Posting My Journey/Thoughts Online

Since I started writing online last mid-April, I met amazing people because of the internet.

This week, I met with Josiah, Product Growth.

I was so surprised that someone had a similar thought as me around the agency world and eCommerce.

I still have the fear of putting myself out there, but it's been a net positive thing for me.

Continued in my substack (LinkedIn allows 3000 words only)

😵 Self-Reflection

I’ve been consuming too much rather than creating and shipping things out.

(As you may have noticed with the lack of posting from me).

I realized I don’t tend to go back to the valuable information but rather crave new information for dopamine.

Instead of 3-5 podcasts per week, I choose one and listen 3-4 times until I memorize core points and apply them to my life.

🤹 Evolving Identity + Skill Gaps

Whenever we grow to a new phase of the business, I notice and have learned the following:

• you will come across a skill/knowledge gap (usually lacking the skill to achieve the next thing)

• self-sabotage/identity plays a huge role

  • some bad days ruin you

  • you need to try to place fewer labels on yourself

  • don’t let the next phase scare you

• catch myself refreshing the Shopify page as if it will magically change, consumer aren't robots (do not do this)

• don't try to be an expert but rather share your journey and keep testing and iterating

If you got this far, thank you so much.

Here’s the brand that I am building to $10M/year.

https://www.paire.com.au/

It would be so helpful for me if you could leave feedback below.