SET GOALS
Opportunity Hypothesis:
What are Dumbgood’s company goals? Once we establish the company goals we can turn that into specific product goals.
What do we need to change to answer one or all of these hypothesizes?
Can we make licensed merchandise covetable?
Can we make licensed product fashionable?
Can we make Dumbgood the market experts in licensed collab wear?
How can Dumbgood bring product value to its customers through licenses and product design?
How does Dumbgood carve out a new niche of licensed pop culture merch, and establish longevity and continued growth?
Hypothesis:
Dumbgood will be a brand that focuses on creating trendy, covetable, licensed merchandise for both men and women. Dumbgood does this through its unique relationships with licensed properties and visionary art direction. The ability to provide constant newness to our customers and by tapping into their favorite brands, we can establish Dumbgood as the leader in licensed merchandise retail.
Product Market Fit (PMF):
PMF is critical for sustainable growth.
We need to define PMF to determine sustainable healthy growth vs unhealthy growth, this will help us determine if Dumbgood is working when measured against our success criteria, we have to create real value for our customers using the right metrics.
Define product value, what is Dumbgood supposed to do? (Strategy)
Dumbgood provides products that connect youth culture to licensed merchandise in a way that feels unique and authentic to its customers.
Quantify it, how do we measure this? (Strategy)
Dumbgood is gaining market share amongst its competitors, increasing its NPS, reducing its churn rate and increasing revenue. Dumbgood is also gaining traction on social media with customers talking about the product and sharing pictures wearing the product organically. Dumbgood should also see an uptick in blogs and media outlets reviewing the brand and its products, unsolicited.
Create Thresholds, what are our success metrics around this value? (Strategy)
Success metrics could include, but aren’t limited to; increased NPS, organic growth in followers online between 2-6%, healthy sales growth YOY 10-25%, keeping bounce rate between 26-51%, reducing CAC, increasing return customer revenue.
Roadmap, what ideas do we have to reach these thresholds? (Execution)
Being consistent on our product release schedule, targeting keywords on our site and hashtags on posts on social media, keeping UX easy to navigate on our website, brining to market licenses that resonate with our customers, stay on trend with designs, stay on trend with marketing photography, provide excellent customer service
Fail Fast and Iterate (Questions)
Will a license be able to scale to a larger collection investment? Can we test a property before investing in inventory? Can we test a silhouette or new product category by using proven properties and see if it sells? Do we have a valid way to run these tests?
Business Model Canvas:
Value Proposition Canvas:
Customer Jobs:
Represent their favorite pop culture brands in clothing that isnt mass produced or cheap. Be unique, fashionable, cool amongst peers
Products & Services:
Pop culture licensed apparel and accessories. Online community for pop culture fans (doesn’t exist yet)
Customer Segment: Pains
Uncertain about quality, buying online
Unsure if product trend is correct
Pricing seems high compared to what they are use to for lic merch
Doesn’t have brand trust, doesn’t know Dumbgood
Orders shipped incomplete
Products not looking like what’s purchased
Not able to order due to out of country
Customer Segment: Gains
Wearing unique designs
Buying quality products
Representing brands they love that cannot be found other places
Gaining affirmation from peers
Being nerdy but still cool
Value Proposition: Pain Relievers
Money back guarantee
Licenses that cannot be found other retailers
Unique POV on product design
Product is limited and covetable
Value Proposition: Gain Creators
Unique clothing from mass produced product
First to market amongst peers
Licenses that cannot be found anywhere else
Fashionable on trend clothing
Quality for the money spent
Social media buzz creator
Set Goals
Stregths:
Represent their favorite pop culture brands in clothing that isnt mass produced or cheap. Be unique, fashionable, cool amongst peers
Weakness:
There is a lot of competition in the pop culture licensed apparel and accessories market. Lack of online community for pop culture fans (doesn’t exist yet).
SWOT Analysis:
Opportunities:
Money back guarantee
Licenses that cannot be found other retailers
Unique POV on product design, art direction
Product is limited and covetable
Partnering with licensors for marketing opportunities
Threats:
Competition being first to market
Stronger more on trend art direction
More loyal customer bases
Competition has better pricing
Strengths:
Overseas low MOQ sourcing for fashion items
Strong relationships with licensors
In house printing capabilities
Solid infrastructure for inventory and shipping management
Creative budget for activations
Creative budget for marketing materials
Strong existing customer base
Weaknesses:
Approval lead times for product with licensors
Constant fresh art direction
Trying to be everything to every customer
No plan to test properties before buying inventory
No strategy around sales and reduce cost items
Rising costs of overseas manufacturing
Strategy-Opportunities through strengths:
Ability to test new licenses quickly with customers
Produce unique fashion items at a low MOQ inventory commitment
More in person marketing activations
Offer free shipping or free overnight shipping
Bring to market licenses that have not been used by competitors
Find new ways to engage customers online
Strategy-Opportunities minimize weaknesses:
Unique clothing different from mass produced product
First to market amongst peers
Exclusivity in licenses
Ability to hire top talent for design direction roles
Improve domestic sourcing strategy, diversify
Sharpen pricing to reduce the need for constant sales
Strategy-Prevent threats through strengths:
Be more interactive with customers, create community
Work with domestic and overseas partners to reduce pricing, leverage business with them
Ability to pay top talent in design and direction
leveraging relationships with licensors to prevent competitors from access to licenses
Strategy-Minimize danger where weakness meets threats:
Unique clothing from mass produced product
First to market amongst peers
Licenses that cannot be found anywhere else
Fashionable on trend clothing
Quality for the money spent
Social media buzz creator
