Episode Summary
In Episode 21 of the 7 Figures and Beyond podcast, Greg speaks with Garrett and Sarah, founders of Duncan and Stone, a company specializing in memory books and journals. They share insights on increasing Average Order Value (AOV) as a crucial strategy for scaling their direct-to-consumer brand. Both founders discuss their unexpected paths into entrepreneurship, originating from unrelated fields but finding a common passion in creating meaningful products. They emphasize the importance of understanding their customer base, adapting product offerings to customer needs, and leveraging various marketing strategies to enhance customer experience and boost AOV.
You can read the full transcript here.
Key Takeaways
- Entrepreneurial Backgrounds: Both founders transitioned from different career paths, highlighting the diverse journeys entrepreneurs can take. Their story underlines the importance of passion and identifying market gaps in successful business ventures.
- Focus on AOV: The discussion centers on the significance of increasing the average order value to scale their business effectively. They provide practical strategies, such as product bundling and setting strategic free shipping thresholds to encourage higher purchases.
- Customer Understanding: Understanding their customer’s needs and preferences is crucial. They utilize customer feedback from various platforms to tailor their products and marketing strategies, ensuring they meet customer expectations and encourage repeat business.
- Product Strategy: They discuss creating products that meet different price points to cater to varying customer budgets, which helps maintain sales volume even during economic downturns.
- Adaptability and Innovation: The founders emphasize the importance of staying adaptable, continuously testing new strategies, and being open to learning from others in the industry to keep their business dynamic and competitive.
Links
Greg Shuey LinkedIn: https://www.linkedin.com/in/greg-shuey/
Garrett Peters LinkedIn: https://www.linkedin.com/in/garrettlpeters/
Sarah Autry LinkedIn: https://www.linkedin.com/in/sarah-autry-421894216/
Duncan & Stone: https://www.duncanandstone.com/
HiTide: https://gohitide.com/
Laurel is a member of the executive team at Stryde. She’s been doing digital marketing for businesses for 10 years. Two years ago, she started set up her own ecommerce business selling baby gowns and knows the struggles of a small business owner. She loves talking about digital marketing, content, SEO, and conversion rate optimization.
