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7 Strategic Questions
Welcome back to DTC POD, entrepreneurs! Today we're adapting the brilliance from our latest episode with Jennifer Liao, who built her dumpling empire to a 20 million success story, into critical questions that every entrepreneur should ask themselves. So, if you're ready to grasp the same kind of success, here are seven essential inquiries drawn straight from Jennifer Liao's playbook. Number one, What product or service would get you excited to jump out of bed every morning to work on? Passion fuels perseverance, and just like Jennifer's love for Chinese food, your excitement for your product will drive your business forward. Number two, How can you prove that there is a demand for your product without breaking the bank? Budget-smart strategies like Jennifer's word-of-mouth approach can validate your business idea while conserving resources. Number three, Who would your first hires be if you could only choose a few roles to fill? Jennifer's strategic hires in marketing and branding were a game-changer. Think critically about which roles will most significantly impact your start-up's growth. Number four, Can you identify a gap in the current market offerings that your product could fill? Just as Jennifer noticed a demand for home-delivered, high-quality Chinese dumplings, spotting a unique niche can set you apart from the competition. Number five, What unique aspects of your personal or professional background can you leverage in your business? Jennifer's health tech and restaurant experiences gave her an edge. Reflect on your journey and how it can strengthen your enterprise. Number six, What critical metrics will you track to ensure your business is on the right path? Understanding your logistics and unit economics, like Jennifer did, will help you manage growth effectively and make informed decisions. And number seven, my all-time favorite query, if you could not possibly fail, where would you take your business in the next year? Just as Jennifer bravely upscaled her operations and expanded her product line, envision your apex of success and let that guide your strategy. Remember, these questions aren't just hypothetical—they're the backbone of a strategic blueprint for success. Let Jennifer Liao's story on episode #321 of DTC POD inspire you to carve out your own path in the thrilling world of entrepreneurship.
90 Day Rule: Motivation & Overcoming Hurdles
It's within YOU to turn trials into triumph and your vision into reality. You're the architect of your fortunes and the master of your fate. Embarking on the next 90 days might seem daunting – there will be hurdles, doubts, and days when giving up feels easier. But the real test is whether you choose to persist EVERY SINGLE day irrespective of the hurdles life tosses your way. I've been there - I KNOW you can do it too! In 2020, Jennifer Liao faced a world of uncertainty. Her journey in health tech was stable, but her true passion lay elsewhere – in creating the ultimate Chinese dining experience. Despite the odds, she took a risk on a fast-casual restaurant amidst a global crisis. When COVID hit, it wasn't just about survival. It was about reimagining the way we enjoy Chinese cuisine. Imagine her tenacity, as she experimented with shipping frozen soup dumplings – paving a new path in the frozen food industry. With 20 million dumplings sold, she transformed a makeshift operation into a thriving DTC business. Advertising with just $5 CPA, she learned quickly, adjusted faster, and embraced the power of word-of-mouth. Now, overseeing a full team, an expanded facility, and a community who loves their dumplings, Jennifer embodies what it means to power through adversity. Her story teaches us the essence of adaptability and seizing every opportunity. Your journey might not be about dumplings, but the recipe for success is the same: resilience, learning from each step, and a dash of audacity. So let me ask you: What's your "dumpling dream"? How will you push through the dough of doubt and steam your way to success over 90 days? Drop a comment and JOIN the journey with @DTCPOD. Remember, it's the daily choices, the persistence in the face of challenges, that shape our destiny. Bookmark this dose of motivation and TAG a comrade in determination who needs to hear this. #DTCPOD #SuccessJourney #Resilience #DeterminedToConquer #EverydayExcellence #PowerToPersist #OvercomeAdversity #DreamBigHustleHarder #ChangeYourHabitsChangeYourLife #CommitToYourself #YouveGotThis 🥟💪🔥
10 Short Maxims
Ready to savor the epic tale of 20 Million Dumplings? 🥟✨ Here's a morsel of wisdom from our latest DTC POD episode with Jennifer Liao: 1. Spot inspiration in chance encounters; it might just fund your dream. 🌟 2. Build not just a product, but also a brand that stands out from the crowd. 🛍️ 3. Grow your team organically; let necessity breed creativity in your hiring. 👥 4. Cherish customers' input—they're the compass guiding your content strategy. 🧭 5. Embrace the hurdles and turn them into your market edge. 🚧 6. Power of word-of-mouth: just as vital as elegant metrics. 💬 7. Strategize, but also stay nimble—your next pivot could be golden. 🏃♀️ 8. Keep an eye on the details; a melt-free guarantee can win hearts. ❤️ 9. Harness data to craft experiences that turn first-timers into loyal fans. 📊 10. Recall; authenticity in your journey captivates more than the destination. 🌈 Tune into Episode #321 to hear Jennifer spill the secret sauce to dumpling dominance! 🎙️ #DTCPod #BusinessGrowth #Entrepreneurship #StartUpLife #SuccessRecipe #FoodieFriday
7 Things to Avoid for Success
7 things to stop doing to scale your business 👇 1. Avoiding Risks Consider the growth you're missing each time you play it too safe. Avoiding risks can prevent breakthroughs and stagnate your brand's progress. Bold moves can lead to big wins. 2. Ignoring Customer Feedback Failing to listen to those who use your products is like turning a blind hosting a party and not playing the music your guests enjoy. Embrace their insights to improve and innovate. 3. Overcomplicating Strategies Launching complex campaigns without clear objectives can drown your message. Simplify your approach to resonate more effectively with your audience. 4. Underestimating Relationships Neglecting the power of networking is like sitting on a goldmine with no shovel. Connections can open doors to partnerships, funding, and opportunities. 5. Static Marketing Using the same old marketing tricks? That's like wearing winter clothes in the summer – out of touch. Keep your marketing fresh and aligned with current trends. 6. Overlooking Brand Storytelling Not telling your brand's story is like hiding the cover of a fascinating book. Share your journey to captivate and connect with your customers authentically. 7. Settling for Mediocrity If you're not striving for the best, it's like serving a bland meal at a feast. Push for excellence in every dumpling – I mean, product – and in every customer experience. 🎧 Listen to DTC POD Episode #321 to learn how Jennifer Liao stopped these practices to reach the 20 Million Dumplings Club. #BusinessGrowth #SuccessTips #DTCPOD
Success Framework
Cracking the dumpling code with Jennifer Liao: Highlight x Engage x Measure x Accelerate First, highlight the unique solution—those irresistible soup dumplings. Ramp up engagement through creative storytelling and solid branding. Invest in measuring the product's viral word-of-mouth impact. Finally, accelerate growth by responding swiftly to feedback and seizing opportunities. Mila's 20 million dumpling triumph is a masterclass in execution! 🥟✨ #DTCPOD #BusinessGrowth #StartupStrategy #FoodieSuccess #MilaMagic
Step-by-Step Strategy for Success
LISTEN UP, Entrepreneurs!👂🚀 I've cracked the CODE to sky-high success and it's all about ONE thing: LISTENING to your customers.👂✨ It's not just about dropping new products; it's about truly UNDERSTANDING what your audience craves!🥟💡 Every bit of feedback, every question they ask... That's GOLD for your brand.💰🌟 And here's the kicker, I'll tell you exactly how it's done.🤫👇 Step 1: Gather all customer interactions over the past week.📲 (Yes! Every single DM, comment, and email!) Step 2: Identify the MOST asked questions and the MOST loved aspects of your product.📊❤️ Step 3: Use this info as your ULTIMATE guide to crafting content that resonates.🎨 (Create assets that answer questions BEFORE they're even asked!💭👌) This SIMPLE yet POWERFUL approach has turned my business into a customer magnet! And let's just say, we're not just selling dumplings; we're building a community!👫👭👬 I've been exactly where you are, and to HELP you out, I've put together a cheat sheet of my top strategies.📝🔥 Just drop a 'customer love' in the comment section, and it's yours, absolutely FREE!🎁 Don't miss out on doubling your customer satisfaction!📈❤️ And stay tuned for more business growth hacks that keep your customers coming back for seconds!🔁🍴 #CustomerFirst #BrandSuccess #EngagementHacks #BusinessGrowth #DTCPOD #ListenToWin 🎙🎉
DTC Pod Linkedin
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@Mila sold more than 20 million soup dumplings last year, and they're just getting started. @jennifer liao of @mila joins @blaine and @ramon on this weeks episode of DTC Pod to break down Mila's story of finding product market fit and unlocking serious scale.
From initial product development, to make-shift delivery system to nationwide shipping, Jennifer unpacks the strategic decisions that paved the way for incredible growth and a fanatic customer following -- in the unique frozen goods space which is full of unique challenges and opportunity.
Listen to the full episode here: [Spotify Link]
#dtcpod #fundraising #branding #retail #startup #directtoconsumer #cpg
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Innovating Gourmet Comfort at Home: "We really cared about the quality of the food and just creating something that was as close to restaurant as possible."
Pivoting to Online Sales during COVID: "But at that time, it was very cheap because all the advertisers had pulled off the platforms during COVID And so we were able to just do a lot of rapid testing around pricing bundles. Like, how did we talk about it? Shipping thresholds."
E-commerce Growth in Pandemic Times: "So at the very beginning, let's say it was maybe May 2020, where we did our first ads, it was $5 CACs, which, I mean, that would be obviously a dream right now, but $5 CACs was great."
E-commerce Shipping Strategies: "And then we did have to kind of increase the threshold over time. But we really worked from the very beginning to maintain our shipping costs as low as possible. So for local shipping, because you're kind of dispatching taskrabbit or some last mile logistic partners that was really cheap, and you could get away with just packing ICE with a little bit of foam, for example, or really not much, because it was a same day drop off."
Growth Potential in Authentic Chinese Food Market: "we can grow at least ten times from where we are theoretically, if there's no changes, and this is sustained every single day throughout the year."
Accessibility of Ethnic Foods in Suburban and Rural Areas: "The chinese grocery stores, they do have it, but again, it's not that accessible. Like a lot of people in more suburban, rural areas would have to drive 2 hours to go to a chinese grocery store, which is just untenable from a practical, daily standpoint."
Brand Strategy for Scalable Education: "We needed to educate people on steamers. And this is a scalable way to do that versus answering every single question."
Scaling Startups: "And basically, we just worked very quickly to gather all of the data points and everything and how we thought about it, how we could run some tests to show again that next level of scaling and potential and what we could potentially do."
Investment Trends in Tech During Economic Uncertainty: "But I guess from talking to other companies that got funded, it's not that people weren't making investments, they were just being a lot more selective and investing in a lot fewer number of companies. But I would say, like the ones that did lay the groundwork and I think were attractive from a data and market perspective. There was competition for getting funded, and that was favorable, I think, to the top players."
Exploring New Avenues in Chinese Cuisine: "We do generally see from the market that there's a desire for chinese food, pretty broadly an authentic chinese food. And so then we'll test out other products this year to see if there's something outside of soup dumplings that's just as attractive."
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