fringesport - 3 years, 3 million dollars, 3 big mistakes
DESCRIPTION
Peter Keller, founder / CEO of FringeSport talks about the 3 biggest mistakes the FringeSport team made on the road to $3M in sales just 3 years after he founded Fringe in his garage.TRANSCRIPT
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YearsMillion DollarsBig Mistakes
3
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@petekellericaruspete@gmail
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Bash Head Here
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2011 2012 20130
500
1000
1500
2000
2500
3000
3500
Revenue (000)
Revenue (000)
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• Platform and following• Table selection• (Not) Planning for success
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Platform and Following
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All over the place
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Do it on your own
• Forums• Twitter/instagram/blogs/fb• “Build Authority”
• If nothing else, see what drives engagement when you post on fb!
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Planning for success
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2011 2012 20130
500
1000
1500
2000
2500
3000
3500
Revenue (000)
Revenue (000)
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2011 2012 2013 2014 2015 20160
2000
4000
6000
8000
10000
12000
14000
16000
Revenue Proj (000)Revenue (000)
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• Cash conversion cycle• Marketing focus (CLV vs. one-shot)• Profitability
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• Think beyond “prove the business model”• Understand and anticipate your growth• “There’s always money out there”… but
where?
Plan for success
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Table selection
• “Table selection is the most important decision you can make
• It’s okay to switch tables if you discover it’s too hard to win at your table “
Tony Hsieh
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25% Margin After ShippingPayment in full due -25 daysStocked in MY warehouse
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VS
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80% margin after shippingStocked, but at 80%, who cares?
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You get to pick your table!
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• Platform and following– Learn the social platforms– Learn to drive engagement– Brand from day 1
• Planning for success– Plan for success– Think about the ramifications of your business model
• Table selection– Pick a table where you want to sit!– Look at winners and learn from them
Takeaways
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@petekellericaruspete@gmail
FringeSportProductSimple.netThe Mistake Podcast