← Aspire with Emma Grede
Loading summary
Transcript10 lines
- [00:10]
A
Hi, and welcome to another special mini episode of Aspire, brought to you by Shopify. Now, one of the questions I hear the most from new founders is this. Where should I spend my money when I'm just starting out? And what matters most in the beginning and what can wait now, when you're building a brand from scratch, every decision counts. The way you invest in the earliest days has a massive impact on what your business becomes. Here's what I want you to know. You do not need to do everything at once. You only need to focus on what moves your idea forward. Now, luckily, Shopify is a platform that actually lets you put your time and your money towards the things that matter. So today we're talking about how to invest wisely when you're building a brand and where you can keep things simple. When I think back to my journey with Good American and later on with Skims, I didn't start with like a giant checklist of what the brand should have. I started with what mattered most, the product and the customer. For Good American, the entire idea came from recognizing how ignored most women were in the denim market. I spent a huge amount of time understanding that customer, her needs, frustrations, and fit issues. And that insight shaped every early decision. We know women with curves wanted and needed more from their denim. So we set out to solve those pain points through innovation. Those innovations are still the very backbone of our denim assortment today. Recovery fabric, four piece trouser waistband, reinforced belt loops, all of those things. But the key insights that led to those innovations came from us speaking directly and deliberately to as many women as possible about their experience with denim as a category. We had women try early prototypes, and we gathered data from every every single early interaction. We kept hearing the same problems over and over again, so we focused on solving those problems. Getting early product or prototypes into the hands of potential customers is one of the most important things that you can do as a startup. And you have to be willing to use that information, the information you get back, to make decisions. The more deeply you understand your customer, the easier your decisions become. You know what to build and what to fix and what can wait. You stop spending money on things that look good, and you start investing in the things that actually work. With Skims, it was the same foundation. Building a product that simply doesn't exist in the market with the customer's needs in mind, focusing on creating an assortment of sizes and shades that were nowhere to be found in the market. So here's lesson one. Before spending a single pound or a dollar, ask yourself what problem am I solving? What does my customer actually need? Those answers will tell you exactly where your money belongs. Just as it's important to know where to spend your money, you also need to know where not to spend your money. Let's start here. You do not need perfection. You do not need to look like a big brand on day one. And you definitely cannot simply pay your way to a customer. You can have the best market in the world, but if the product isn't right, then there is no loyalty. A common mistake founders make is over ordering inventory. They assume customers before they've tested demand. At Good American, we learn quickly to listen to customer feedback and let it guide what we produce next. The first product we launched after denim was bodysuits. But after a few months, we could see on social that customers were actually wearing our bodysuits as swimsuits. Now, I don't need to explain to anyone who wears a bodysuit why that's a really bad idea, but it was also a key insight for us. We realized that there was a gap in the swim market for the fit and the fabrications that we were already making, the ones that we were already getting known for. So category number three for Good American was born and there was a built in audience that was ready to go. Another early spending trap is believing that a massive launch will solve everything. It won't. I say this all the time. Social media, PR or a launch event alone does not create customer loyalty. The product is what keeps customers coming back. You have to obsess over your value proposition. Is what the customer is getting from you the best in class for the price? That is an essential equation that you need to spend your time on. And it will be time so well spent. Because honestly, a launch party budget is not a good use of your time or your money. And lastly, you do not need a big overhead. You don't need a big fat team or a fancy office before you have momentum. The early days of entrepreneurship are scrappy, and they should be scrappy. Most of us start small, wearing every hat. Good American started in the office of another company. And every brand that I've been part of started life in somebody else's dead office space. You take a corner, you take a table, you take whatever you can get. It doesn't matter. What matters most is momentum and constant forward motion. So take this as permission to keep things super simple. Don't invest in things that only look successful. Invest in things that help you become successful. Once you know what not to do. The real question is, where should you put your resources and the answer is this. Invest in the things that your customer will actually feel. First, invest in your product. Invest in your usp. Invest in refining your offering. If you have an ideas based business, make sure your offering is crystal clear. Something you can say in one sentence or less. And when you get the product or the offer right, everything becomes so much easier. Branding and packaging is another smart place to invest. From safely to skims. Having a category defining aesthetic can set you up for success. But this is a specialized skill and a great area to bring in expertise if it's not your strength. Because when you work with a partner who can think through branding and packaging from all the angles, that is a great use of your resources. I've even given equity to the right partner to ensure a best in class visual identity. Second, invest in understanding your customer. You need to talk to them, you need to listen to them, you need to study them. You need to know your customer inside out. And when you truly understand who you're serving, you make better decisions and you spend smarter. This shaped Good American from day one. I found research and survey agencies to be a really smart use of money in the early days when you're refining and testing and learning. Now the third thing is to invest in your digital presence. But keep it simple. You don't need a massive website or a huge content engine on day one. What you need is a home that makes you look credible even when it's just you behind the scenes. And Shopify gives you that polished storefront instantly. And their AI tool Sidekick is genuinely such a game changer. It's like having a tiny little team in your pocket. They help you write copy, tidy up your site and keep your customer experience sharp. And that's what matters. And on social you should keep it simple too. Be where your customer already is and be present. One channel done well is so much more powerful than five done really badly. Let your early customers tell you where to show up and all you need to do is listen to them. Finally, I would say invest in your community. The way you speak to your customer matters. Every single communication counts. The we received your order email. The your order is on the way email. Every interaction is a chance for you to elevate and brand the experience to create a feeling, not just a transaction. The comments you respond to, the trust you build over time. Community isn't created by a big budget. It's created by consistency and care. One customer at a time. These are the investments that grow with your brand, especially early on. Now I want to Talk about something so important. There is a big difference between what looks valuable and what actually is valuable. Beautiful branding alone is just perceived value. It can be valuable, but only if the more important investments have already been made. Clarity around your mission and reason for existing, innovative design. And an obsessive obsession with serving your customer. Now those things bring actual impact. A polished campaign might get someone in the door, but only a good product will make them a returning customer. A product that fits someone perfectly or makes them feel seen. Now that has a real impact. I can easily count the number of times a customer has told me that they love a campaign we did. But there is no way I can count the number of times a woman has stopped me to say thank you for how your product made me feel. And you just can't buy that feeling, that loyalty, or what happens when that just becomes word of mouth. Customers will always remember how your product makes them feel. They'll remember the fit, the fabric, and they'll remember the service. That's what keeps them coming back. So remember this as you're building. When in doubt, go back to your foundation. What problem are we solving? Who do we serve? That will always point you towards the right investments. The best part about building a business today is that you can start lean and still start strong.
- [09:07]
B
You can.
- [09:07]
A
You can begin with a tight assortment, a simple site and a small but engaged audience. You don't need to have everything figured out. Technology like Shopify truly is your best friend when you're starting a business. It takes care of so much of the heavy lifting that founders in the past needed. Entire departments for what once required. Massive resources can be done from your laptop. With the right tools, you just need a lean team. Maybe just you, a couple of freelancers, and the courage to take the first step. Aim your resources at your customer, your product, and the insight you gather as you grow. And when you're starting out, it's so natural to feel fear. I actually think it's a good thing. I look for the fear because when I feel it, I know I'm pushing the edges of what's possible. But fear doesn't mean chaos. You don't need to reinvent every wheel. Some things already have a playbook. Customer service operations, the foundations of running a business. People have solved these problems before. Shopify is used by thousands of founders who've already tested what works. And it gives you best in class tools from day one. So you can reduce the unknowns and just focus on the parts that only you can do. Focus is a force multiplier in business, the fewer things you focus on in the beginning, the better. And using trusted tools like Shopify is just good business. So where should you spend when you're building a brand? Remember, spend on your product, spend on customer insight, spend on spend on community and connection and spend on what creates real impact. Do not never ever, ever pour money into distractions or things that just look flashy. My challenge to you this week is just take an honest look at where your time and your money are going. Are they supporting the heart of your business or are they actually pulling you away from it? I do this personally every single Friday. I look back at where my energy and my resources went that week and I ask myself, is it aligned with what truly matters? And if you're ready to start your business and make the best investment in yourself, Shopify is a brilliant place to begin. You can start a free trial and actually see what's possible. From your first product page to taking your first payment, to figuring out shipping, Shopify handles all the operational heavy lifting so that you can stay focused on your vision. Visit shopify.com aspire to get started now. Thank you so much for joining me for this special mini episode of Aspire. I can't wait to share more stories, more tools, more conversations to help you create the life and the business that you've been dreaming about. Until next time, stay focused, stay inspired and invest where it truly matters.
- [11:44]
B
If you're loving this podcast, be sure to click Follow on your favorite listening platform. While you're there, give us a review and a five star rating and share an episode you loved with a friend.
- [11:53]
A
We'll be so grateful.
- [11:55]
B
A second inspire with Emma Greed is presented by Audacy. I'm your host Emma Greed. Our executive producers are Corrine Gilliatt Fisher, Derrick Brown and me. Our executive producers from Audacy are Maddy Sprung Keyser, Leah Rees Dennis, Asha Salouja and Jenna Weiss Berman.
- [12:11]
A
Stephen Key is our Senior producer.
- [12:13]
B
Sound design and engineering by Bill Schultz. Angela Peluso is our booker. Original music by Charles Black Video production by Evan Cox, Kirk Courtney, Andrew Steele, Carlos Delgado and Arnie Argosy Social media by Olivia Homan Special thanks to Brittany.
- [12:31]
A
Smith, Sydney Ford, My teams at the lead company and WME Maura Curran, Josephina.
- [12:37]
B
Francis, Hilary Schuff, Eric Donnelly, Kate Hutchinson, Rose, Tim Meekol, Sean Cherry and Lauren Vieira. If you have questions for me, you could DM me me @ Aspire with Emma Greed. Greed is spelled G R E D E that's Aspire A S P I R e with Emma greed Or you can submit a question to me on my website emagreed me.