1 in 50 people wrap up a round from start to finish in two months, right? Some of us might do that on your second or third raise because then you know people, you’ve got a real business.
TweetShareShare As part of our Founders + Funders NYC 2019 summit, held on November 8th and co-organized with Seneca VC and SheWorx, we brought together an exciting group of startup founders and investors for a day of learning, networking and growth.
But if it’s your first raise, the reality more than likely will be that it takes you four to eight months to close a round, and you’re raising while you’re running the business. And you might raise a little bit and then say, “All right. I need a break from raising.” Then you might go back out and raise a bit more and say, “Now I need another break from raising.”
A couple of things. First, the reality is if you can get your objectives to be aligned with your investor’s objectives, it doesn’t really matter what you look like or what they understand or don’t understand about the beauty industry or whatever your industry is, because they understand money, right? Lead with the fact that we want every woman to be able to find herself in the world of beauty.
What we had in our mind wasn’t necessarily to create the world’s best lipstick. I don’t even know what that means, right, because different women want different things out of a formula. What we set out to do was create nude and neutral shades that worked for deeper skin tones because we just couldn’t find them. And we tried everything. Before we even sat down to make a lipstick, we tried to find lipstick that worked.
You have a great product, but then you have to have people find out about it. What was particularly successful for you in terms of marketing and branding? Were there any efforts that you made that didn’t actually work as well as you thought they would? In the beginning, we knew social media was going to be huge. We’re also really bullish about PR.
This is not me saying you should definitely do it. This is me saying we felt it was important for us, and it ended up being that. We got a lot of really great press articles early in the life of the company, and that did help. We actually literally saw the boost in revenue, the boost in traffic every time we got a really great article. So for us, it was important, and it was worth the investment.
For us, I’m really, really, really ornery that, when we do a test, it has to actually be a test, right? We have to have a goal. We have to have metrics we’re looking at. A test is not, “I’m going to put some money over here and see how it does.” That’s not a test. People responded to that and the fact that, when they reached out to us, we always responded. We never treated a single influencer just like a commodity. It was, “Thank you so much.”
By the time she’s going back to shop, she’s like, “You know what, I was just here for a lipstick, and I’ll throw a blush in because I watched that video of the girl putting on the blush.” So for us, it’s a great way to drive up AOV and also a great way to help her understand how to use the products. The third way is hosting a lot of events. It’s a really great way to understand where your customer is coming from, what she’s thinking about, how she uses the product, if she even understands how to use the product.You’ve launched seven product lines already. So how do you know when it’s time to launch a new product? We’ve launched a lot of products! In beauty, that’s sort of the expectation. Most brands are launching new products almost every season.
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