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E-commerce Bootcamp | Plan 01

For me, it's less about the necessity and obsession with having to be online and more about being where your customers expect to find you. So our lock down for the last year and a half means we know people are braver and online right now is the best and in some cases only opportunity to reach customers. We know it's also more affordable. So of course we are flocking to do that. But this also means that now there's more competition, which comes at a bigger cost. And we've seen that at Franc with a lot of our online advertising, the costs have continued to go up to have the same level of reach.

So the North Star is to know who your ideal customer is, understand what the journey is around and how they would acquire your product or your service. And then at that point, look at the relevant channels and platforms to be able to reach them. Most of us start off guessing who our customers are and so often need to experiment through different trial and error to see what resonates best. So don't go out there with the Big Bang testing everything on every single platform besides this being expensive and unnecessary. You also then won't be able to see what is or isn't working. So start with the basics. And then each month, slowly start to add or remove, while trying to figure out, you know, your measurement and your impact as well.

So while going online, start slowly doing the experimentation across the different platforms so that you can see what works best for you. But also what resonates with your specific customer, because then not only will you just find what you think it is, you'll find out who your customer actually is. And sometimes you're right, but and generally you are, but it will help you just refine who their customer base is as well.

I think the key takeouts for me guys, and learning from these incredible experiences is to have a starting point, have a goal in terms of saying my objective, for example, is to make simple, smart investing accessible to 100,000 monthly active users within the first two years. Cool, it must feel like you've plucked that number out of the sky you shouldn't have because it should be based on the market opportunity sizing that you've done. But it can be a broad brushstroke, because what I'm hearing from Donald and Shera is that in your first few months of testing and learning, and seeing how people respond to your proposition, how people respond to your product, is going to give you more data to refine your targets. So it's okay not to know exactly who and how many, right from day one. But it's good to have a target that you can test, and then use your testing to refine that target market further.

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