With Daniel Bischoff, Former Head of Growth at Purple Mattress
Hosted by Kevin Mako, President of MAKO Design + Invent
Daniel Bischoff, who previously served as the Head of Growth at Purple Mattresses, successfully spearheaded the company’s growth from its inception to generate over $200 million in sales within the first two years. After this accomplishment, he established his own direct-to-consumer marketing agency, StoicYeti, which collaborates with hardware startups and Fortune 500 companies. During this session, Daniel will provide valuable advice to inventors, startups, and small-scale manufacturers on the topics of direct-to-consumer advertising, expanding a hardware brand, and developing compelling yet cost-effective video advertisements to introduce new inventions to the market.
Today you will hear us talk about:
- Selling a new hardware product directly to consumers requires paid advertising to succeed.
- Crafting a compelling story is an essential aspect of digital marketing.
- The Purple Mattress story exemplifies how inventors sought to improve a mattress by utilizing a model from another company.
- Sometimes, uniqueness can be enough to sell a product, even if it is not necessarily superior.
- Effectively demonstrating a product’s value through video is critical for successful online sales.
- Kickstarter was employed by Purple Mattress to confirm sales and test their marketing strategy.
- To grab people’s attention quickly, strive to hook them within the first 3 seconds of the video.
- Experimenting with various hooks can help determine which resonates best with your target audience.
- Make potential customers aware of their problems and then present your solution.
- Positive reviews on Google were acquired by Purple Mattress to reinforce their ads.
- To increase conversions, it’s crucial to gain as many users as possible initially and then reach out to all customers to identify raving fans.
- Encouraging customers to submit reviews via their cell phones while utilizing the product can be advantageous.
- Preparing responses on your website to address objections to buying your product can aid in anticipating and addressing concerns.
- Having a clear problem, solution, reasons to believe in your product, and an answer to objections are necessary for success.
- Employing inexpensive videos to test your messaging can be a cost-effective approach.
- User-generated content is among the most effective advertising strategies currently available.
- Despite popular belief, advertising a new product is cheaper today than ever before.
- 1:25 – Worked to grow Purple Mattress sales from zero to hundreds of millions of dollars in sales, all direct to consumers online.
- 4:35 – If you’re looking to develop a product for an industry, sometimes it actually helps for another company to lead the way in the industry to educate the market, then you can come in and release a better product to take market share and also increase that new market, but without having to have done the heavy lifting of forging the new market path.
- 5:40 – Casper didn’t create a new product, they created a new way to get a product you already want to you in a new and more convenient way. What Purple did was to follow the Casper path, but to make a better product.
- 6:30 – Create a better mouse trap
- 7:20 – If you’re launching a product, sometimes all you need to be is just different than what exists to be able to market your product effectively.
- 8:00 – Use video form to demonstrate the key feature of your product. This is the most powerful thing you can do to sell your product online.
- 9:00 – Started selling via Kickstarter with a cheap and simple video showing just the main features of the mattress.
- 9:05 – The investor just wanted to see 200 units get sold in order to invest big money into the idea.
- 9:20 – They did $200,000 in their one-month campaign on Kickstarter, and within a month after that, were doing $200,000 per day.
- 9:30 – Hired a small celebrity to do a video for their product.
- 9:55 – Do multiple video hooks to capture people’s attention, then test that out which of those quick few second hooks is working the best to grab the customers attention.
- 11:00 – Use video to make someone aware of a problem that they might not even know that they have. Then show how your product solves the problem.
- 12:35 – Within 3 seconds, captivate the audience
- 13:30 – Keep tweaking your advertising over time, keep making your ads better than the ad prior.
- 14:00 – Get some reviews up on Google so that people will check that to validate your ad, after seeing and being interested in what your ad is selling.
- 15:00 – It is easy to get reviews as a hardware startup as you can reach out to all of your first customers to figure out who the fans are, and ask those fans to write a review about your product.
- 15:30 – First-time buyers of new brands are very excitable and easy to convert to raving fans, especially at the point where you deliver the product you promised to send them.
- 16:00 – An extremely powerful review platform is to get actual customers talking about the brand story even just from their cell phone.
- 17:00 – If you have a high ticket price, it takes more touch points and getting over more objections to convince someone to buy.
- 18:00 The key structure to your ad: Problem, Solution, and Reasons to believe in the product, and overcoming buyer objections.
- 18:45 – Hardware startups can tweak and try simple videos quickly, where big corporate moves slower on testing different ad messaging.
- 19:20 – Sometimes you can have more viral videos with cheap videos that are authentic than big budget videos that are a one time shot.
- 20:15 – It’s easier than ever, and more valuable than ever, to put cheap videos online, and right now it’s more powerful than high quality branding videos.
- 21:00 – Authentic founder videos are easy, cheap, and powerful in order to sell a new hardware product.
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