Evan Padgett is the Chief Operating Officer at Stealth Venture Labs, an ecommerce marketing firm. He oversees Stealth’s team and organizational infrastructure, working to provide the best environment for team members to thrive. Evan is an ecommerce executive with over 20 years of experience working with brands such as HelloFresh, Brock, and Factor 75. Prior to working at Stealth Venture Labs, Evan was the CMO at Thrive Market.
Here’s a glimpse of what you’ll learn:
- [03:41] The trade-offs, pros, and cons of using Amazon for ecommerce sales
- [7:23] How to build and leverage customer relationships to scale your brand
- [10:10] Evan Padgett’s five tips for integrating a subscription model into your business plan
- [16:16] Examples and ideas for creating a recurring revenue stream in any industry
- [21:17] The pitfalls of growing too fast without a carefully crafted financial strategy
- [29:58] The importance of maintaining customer satisfaction in your subscriptions and the ramifications of coming up short
- [37:27] Evan discusses building your own subscription technology versus using existing subscription apps and platforms
In this episode…
Subscriptions are a great way to grow your brand and gain new long-term customers. But there are many things to consider, and taking the steps necessary to ensure that your customers are getting the most out of their subscriptions is paramount.
As an expert in ecommerce growth, Evan Padgett understands customer demands and the importance of a gratifying customer experience. Working to continually build and leverage relationships with your customers can help scale your brand, and that’s where subscription plans fit into your business strategy. They provide an excellent opportunity to generate recurring revenue. How can you implement a successful subscription model into your business plan? Listen in to hear how your brand can develop consumer-friendly subscriptions that deliver customer satisfaction and boost profits.
In this episode of the eCommerce Profits Podcast, Joshua Chin sits down with Evan Padgett to discuss implementing subscriptions to grow your brand. Evan dives into the tips and tricks for creating subscriptions that speak to your customers’ needs, some common financial and other planning mistakes you can avoid when introducing subscriptions, and the benefits of using subscription technology effectively.
Resources mentioned in this episode
- Joshua Chin on LinkedIn
- Chronos Agency
- eCommerce Growth Hackers Facebook Group
- Evan Padgett on LinkedIn
- Stealth Venture Labs
- Evan Padgett’s email: [email protected]
Sponsor for this episode
This episode is brought to you by Chronos Agency.
If you are a direct-to-consumer ecommerce brand that wants to unlock the optimum customer lifetime value through email marketing, then look no further than Chronos Agency!
Our team of passionate email marketing experts has helped hundreds of brands generate over $70 million in return from email alone, and our clients receive an average of 3500% ROI from our efforts.
Chronos Agency has worked with a variety of brands, including Truly Beauty, Alya Skin, and many more. Our mission is to help real businesses achieve real results.
If you want to take your revenue to the next level using email marketing, be sure to email our team at [email protected] or visit chronos.agency to learn more.
Welcome to the eCommerce Profits Podcast where we feature top founders and experts in the ecommerce Industry and take an in depth look at the struggles and successes in growing ecommerce brands profitably.
Joshua Chin 0:21
What’s up guys, Josh Chin here I’m the host of the eCommerce Profits Podcast, where we feature top experts and entrepreneurs in the ecommerce Industry. And we go behind the scenes of the struggles and successes in growing a brand. Now this episode is brought to you by Chronos Agency if you run a direct consumer ecommerce brand that is ready to scale and to double your customer lifetime value true retention marketing Chronos is your company has helped hundreds of brands scale profits with email, SMS and mobile push will get an average of 3500% ROI from our efforts to evoke the brands like truly beauty, the booty, Dr. Livengood and many more. The next step is to email us at [email protected] Or you can go to chronos.agency to learn more. Today’s guest is and Evan. I’m sorry, I didn’t ask you this before you hit a record but how you pronounce your last name. I hate Padgett getting people’s names wrong. Padgett. Gotcha. Even Padgett. And Evan is the Chief Operating Officer and partner at Stealth Venture Labs. One of the elite paid acquisition and ecommerce marketing firms. Worldwide, he oversees all team and organizational infrastructure out there at Stealth Venture Labs working to provide the best environment for talented, talented and awesome team members to do their best work. And Evan is an ecommerce and subscription commerce executive. And I would say veteran with over 10-20 years of experience years, yes, 20 years experience SEO Stealth Venture Labs. He has worked with brands like Brock HelloFresh, factor 75, mud water, and many, many more. Before Stealth you were at Thrive Market and we’ve talked a little about that as well. And Evan, your internet career started 20 years ago at a little firm called MySpace, Myspace. Yep. I find it fascinating. I want to pick your mind around what how ecommerce and the Internet has evolved as a consumer tool over the years, your take on subscription models, I love the model. I’m interested in picking your mind around how brands can introduce a subscription element to your business model. And the overall dynamics of the ecosystem and how it has shifted over time. Evan, welcome to the show.
Evan Padgett 2:57
Thank you for having me. Happy to be here.
Joshua Chin 3:00
Evan as you know, the ecommerce landscape and we’re gonna go broad here to begin with the ecommerce landscape starts and kind of begins with what just the Treyarch Lee, the tree giants are doing in a space. That’s Facebook, Google. And I suppose apple in this in this case, and Amazon. And right now, Apple. Would you agree with that statement? That I I believe that 80% of what’s happening in ecommerce and how we are adapting and shifting is largely due to these three firms Facebook, Google, Amazon, and maybe Apple.
Evan Padgett 3:41
I mean, you could easily make the case from an advertising point of view between Facebook and Google and what they can get into, you have so much of the internet, especially in the United States in major markets. You have Apple’s influence with privacy with iOS changes that happened last year, a certainly hot topic among marketers. And then of course, you have the 900 pound gorilla of sorts between with which is Amazon, which is a mixed bag, in my opinion for what you want to do with your brand in some brands where you have to put a value to owning your data and your customer relationship. But there’s certainly major pros and cons with each and something I would say I consult with a lot of entrepreneurs about when they asked this question of well, should I get on Amazon? Which is a super loaded question that I love walking people through because the answer is maybe but know what you got to give up in order to do that.
Joshua Chin 4:41
Do you think it’s a it’s it’s a trade off with the whole ecosystem? What is a trade off in what in what situations we say? No? Probably not.
Evan Padgett 4:55
So, um, Amazon has this right Amazon is arguably the biggest marketplace in the world for being able to buy consumer packaged goods. It’s hard to find anybody that’s never purchased from Amazon. They have so many eyeballs every single day, right? And it’s only a chunk of your your revenue is all it really cost to be on Amazon. So the exposure you can get from your brand, your ability to tell a brand story and develop one on Amazon is great. And there are I’ve personally known several people that have literally just developed like high margin brands take beauty, for example, skincare products, and the health and wellness products, and launched them on Amazon made millions of dollars and went away, just sold the brand or rounded down, right. So yeah, there’s the trade off is you have Amazon who’s going to give you exposure and volume at a cost of a percent of your revenue. And you’re never going to really know your customers. But okay, so that’s one, but you’re generating money, which is certainly important. going vertical, which in this case, I look at you’re controlling your advertising stream, you’re you’re controlling the user experience on your website, is a another way to go that may require a little bit more capital in the short term. But obviously total ownership of your brand in the long term. The mistake I see people making is not knowing that beforehand, because I get a lot of people that are like I’m on Amazon, and I’m doing really well. But I want to do direct to consumer advertising and get my product more and more exposure. That’s kind of one of those have your cake and eat it too things which is expensive and sometimes incredibly difficult to do. And I can elaborate more on that if you’d like.
[Continue to Page 2]