[WMD 2015] True&Co., Michelle Lam "How to Think About Product/Market Fit, Funnel Optimization"

TL;DR

True and Co founder shares insights on how they went from 500 signups to over 2 million customers by focusing on personalization and customer trust.

Transcript

we're going to talk about underwear for the next 20 minutes um but hopefully with lessons to take away for any any consumer business that's trying to go from 500 to two million um and so basically uh for me the words the first 500 actually has special meaning uh true and Co actually started when I uh bought 500 bras on my MX and put them in my livi... Read More

Key Insights

• 🗯️ True and Co's initial success came from the personalization and data-driven approach to finding the right product-market fit.
• 🤩 Trust-building and novelty were key factors in attracting and retaining customers in the intimate apparel market.
• 👋 True and Co focused on emotional fit and value-quality tradeoffs, understanding that their customers wanted products that made them feel good and emphasized their desired attributes.
• ☠️ Language and question structure played a crucial role in ensuring a positive quiz experience and high conversion rates.
• ☠️ Creative and aesthetic choices, including photography, significantly impacted customer engagement and conversion rates.
• 💦 True and Co's commitment to supporting working mothers through their maternity leave program exemplified their dedication to their customers' needs.
• 🧔‍♀️ True and Co's vision for the future includes ongoing efforts to promote shape diversity and celebrate women's uniqueness.

Questions & Answers

Q: How did True and Co initially acquire customers?

True and Co acquired their first customers through a combination of inviting women to try on bras and collecting data, as well as leveraging the initial signups before their public launch at a technology conference.

Q: Who was True and Co's early target customer?

True and Co's early target customer was an educated, intellectual woman between the ages of 23 and 83, who was Ever curious and looking to discover something unique about herself.

Q: How did True and Co build trust with their customers?

True and Co built trust by focusing on personalization and allowing customers to have control over their bra shopping experience. They also used customer data to improve their supply chain and create better products.

Q: What insights did True and Co gain about their customers?

True and Co discovered that women across the United States had different preferences and definitions of what is considered sexy lingerie. They also realized that emotional fit and value-quality tradeoffs were significant factors in their customers' purchasing decisions.

Summary & Key Takeaways

• True and Co started with the founder buying 500 bras and inviting women to try them on, leading to 500 signups before a public launch.

• By leveraging the data collected from customers, True and Co created their own physical products, with over 1% of American women taking their quiz.

• True and Co differentiated themselves by focusing on personalization, trust-building, and offering novelty in the intimate apparel market.