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Why Pay an Agency 15k When Your Customers Will Tell You for Free

Why Pay an Agency 15k When Your Customers Will Tell You for Free

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A brand Cem Atik helped scale from $15m to $50m paid an outside firm $15,000 to be told what it was doing wrong. It already had 100,000 customers who would have said the same thing for nothing.Cem co-founded Harucon Ventures in Düsseldorf, in western Germany, and spends his days pulling apart the numbers behind ecommerce brands in the UK and the DACH region (Germany, Switzerland and Austria). He has been in the space for 13 years. He scaled his own first business to $7m, then burned more than $250,000 on a second one he started alongside it and went bankrupt in five or six months.That failure shapes most of what he says here. The two things holding brands back, he argues, are a loose grip on unit economics and the ego that arrives somewhere between $2m and $5m in revenue. He makes the case that ecommerce only really starts past $10m, that retention rather than paid marketing is where the profit is made, and that a rising customer acquisition cost is only a problem if the repurchase rate is low. He also walks through what happens inside a growth audit, including a packaging change that took 25% out of one client's costs before any extra ad spend.In this episode02:57 - Who Cem is and what Harucon Ventures does08:33 - The two mistakes he sees in almost every brand11:11 - Why pay 15k when you already have 100,000 customers13:45 - The $250,000 second business that went bankrupt in five months16:54 - Why a rising CAC is not automatically bad20:45 - What actually happens inside a growth audit24:18 - Cut the feelings and call your customers34:32 - How Cem uses AI to read data he has no time to read43:02 - The five numbers every ecommerce founder should knowThe Two Mistakes He Sees in Almost Every Brand (08:33)Asked for the single biggest mistake ecommerce businesses make, Cem named two.The first is having no control over unit economics. His opening question on a first call is what the brand's customer acquisition cost to lifetime value ratio is, and he asks it less for the number than to find out whether the founder knows it at all.The second is ego, and it tends to show up between $2m and $5m in annual revenue."The first call that I have with people is usually like roasting them for 30 minutes." - Cem AtikHe is not dismissive of that milestone. Getting a business to $2m or $5m is difficult and most people never do it. His argument is that the game changes afterwards."Ecommerce is actually, if you're just asking me, starting after you're passing the $10 million, because then you just really start to feel pressure, competition, and you also just need to play the game differently, or otherwise you die within like a 3-month period." - Cem AtikHe has paid for the lesson himself. His first business reached $7m in revenue, at which point he assumed everything he touched would turn to gold. He started a second business alongside it, spent over $250,000 and went bankrupt inside five or six months. Matt offered the same story back from his own history, copying the code behind Jersey Beauty Company to launch Jersey Gift Company, which died in about three weeks."People only learn with pain. You just need to feel this pain at least once or twice until you understand." - Cem AtikYour Customers Already Know What Is Wrong (11:11)A brand Harucon had helped take from $15m to $50m told Cem it had hired an outside firm for $15,000 to identify what it was doing wrong. Harucon has invested in that business, so Cem asked the founder why."Marcel, you have 100,000 customers to ask for what you are doing wrong. Why are you just hiring a company?" - Cem AtikThe founder's answer was that it felt like the next step."Who say you that this is the next step? You're just only increasing your OpEx cost for no reason." - Cem AtikThe objection Cem expected was credentials, so he dealt with it directly."These guys have like huge reference. And your customers has no reference. They buy, they bought your product. So what kind of reference you need more, right?" - Cem AtikThe catch is that free feedback still has to be accepted. Cem's view is that a sparring partner is only useful to a founder who can take criticism, provided the criticism comes with a reason and a fix rather than just a verdict. Matt tied that back to Jim Collins in Good to Great, and the idea that a great leader confronts the brutal facts while holding on to a belief that the future can be different.Retention Is Where the Profit Sits (16:54)A client complains that their customer acquisition cost is rising. Cem's first question is the repurchase rate. At 40%, a rising CAC is not a problem. At 10% or 15%, it is."A raising cost number doesn't mean that something is going bad or good. It more shows you where your business is moving on." - Cem AtikCategory matters here. Beauty products tend to bring in new customers, supplements should bring the same customers back, and a supplements brand without a repurchase rate of 30% to 40% is leaving money on the table.His wider point is that ...
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