Tyson Drake | Fractional CMO
@tysondrake
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Helping 8 - 9 figure DTC Brands with profitable growth. Former CMO @The_Oodie
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Joined August 2008
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![[BFT] JEREM](https://pbs.twimg.com/profile_images/980505921293045762/I2Bu2pPt.jpg)
Pinned Tweet
Today I’m going to reveal the DTC Merchandising Dashboard I use to help brands like The Oodie grow when I was CMO.
The Dashboard:
- Informs merchandising decisions
- Benchmarks product launches
- Unlocks category & collection insights
- Brings sales transparency to the team
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Years ago I was the head of digital for a $100m house of fashion brands.
Facebook was in it's prime and we were acquiring new customers for around $16
I kept asking the exec team for more budget but the org was structured poorly with 3 marketers at the same level all reporting
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Today I’m going to reveal my custom DTC Dashboard I've used since 2019 to help scale 8 - 9 figure brands, including The Oodie when I was Head of Digital then CMO.
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@cburniske
@naval
@FEhrsam
@zxocw
@rzurrer
@willwarren89
@joeykrug
@twobitidiot
@KyleSamani
@CremeDeLaCrypto
@NTmoney
1/In reply to your tweet
@Melt_Dem
about TX volume. I went to
@DappRadar
, copied and pasted all the data (im not a dev.) into a spreadsheet
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3/ Some interesting observations (7day Tx volume). DEX represents 46% of Dapps volume, followed by crypto games accounting for 32%. Almost 80% of dapp transaction volume is related to trading (tokens or kitties).
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8/ Google Sheets data from anyone to view.
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Track your daily, weekly and monthly contribution margin(s) all one place.
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Modern Shopify CRO workflow:
- Figma designs from
@itsOddit
but soon AI
- Convert designs to Shopify with
@InstantHQ
- A/B test in-house using
@Intelligems
- Roll out winners
Outsource design. Own ideation, testing and implementation.
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2 books that have had the biggest impact on my career
- Hacking Growth
- How Brands Grow
Experimentation / tactical approach vs marketing fundamentals. If there's a venn diagram im in the middle.
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Just finished recording a podcast with
@daviefogarty
.
Was great to catch up and hopefully I provided a lot of value for the Daily Mentor community.
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Thoughts on latest
@9operators
POD 🧵
Organic vs Paid Content
Platforms will naturally cap reach. I don't think hoping for virality is a good business strategy.
Inventory planning is hard enough even with some level of paid ads predictability.
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Really grateful to
@M__Operators
@couuor
@codyplof
@ecom_con
for having me on the podcast.
Had fun talking to about:
- Merchandising
- Measuring TOF marketing activities
- How I recently dislocated my shoulder front row at a Metal gig and how it relates to measurement 🤘
Marketing Operators E013: Tyson Drake, former CMO at The Oodie, on Merchandising, Top of Funnel Tactics and More...
@tysondrake
@couuor
@codyplof
@ecom_con
Watch the full episode here 👇
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Modern Shopify CRO workflow:
- Figma designs from
@itsOddit
or
@conversionwise
- Convert designs to Shopify with
@InstantHQ
- A/B test recommendations in-house using
@Intelligems
- Roll out winners
Outsource design.
Own ideation, testing and implementation.
Welcome to a new era of Shopify page building!
Convert Figma designs to dynamic Shopify pages with
@InstantHQ
Sign up to get notified when we launch in 2 weeks.
This Figma plugin will be a game changer for the entire Shopify community.
We can’t wait to ship it and help you
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L10 eCom Meetings
- Good news
- Scorecards (CM $ actuals vs target, merchandising, delivery times, customer success)
- Quarterly goals review
- Customer feedback
- Marketing calendar
- Last week action items (90% done)
- Identify, discuss, solve
- Conclude (recap to-do,
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Today I’m going to share the growth experiment framework I use to help DTC marketing teams systemise testing and learning to:
- Generate experiment ideas
- Prioritise tests
- Manage cross-channel roadmaps
- Document and share learnings
Yo VIP… let's kick it!
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5/ The top 10 games account for 90% of the crypto game 7 day Tx volume.
@CryptoKitties
accounts for 33% of gaming 7 day Tx volume.
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In Q4 I helped an 8 figure brand profitably grow net sales 500% YoY.
A huge all round team effort, with one of the big unlocks scaling YouTube Ads.
Today I’m going to reveal the YT discovery, measurement, testing & scaling frameworks that helped grow Q4 net profit 300% YoY.
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Today I will reveal the DTC Marketing Calendar I’ve used to help brands like The Oodie plan & execute marketing activities.
The Calendar:
- Aligns the team across departments, channels and messaging
- Centralises activities and deadlines
- Makes planning easy
- Reduces FAQs
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@arman_eker
@Crypto_Ed_NL
This week there have been several announcements of new projects using 0x including
@dydxderivatives
@AuctusProject
@RequestNetwork
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Standard contribution margin optimization playbook:
Single product > expand range > value add services
I would love a smart toothbrush that used my DNA to monitor my health and notified my doctor if anything looked out of the ordinary.
@getquip
This doesn’t just work for Away.
@GetQuip
bought Afora and has begun selling dental insurance in NY.
@WarbyParker
could sell vision insurance - much more scalable than offering eye exams.
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Want good MER?
Then learn to love mer-chandising
Are you caught up on this week's episode with the legendary
@tysondrake
...
Watch here:
Listen here:
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I don't think this is a hot take, but the point Joel is trying to make is right.
If you don't have experience in C-Level roles you shouldn't promote yourself up.
Cooking your own meals doesn't make you a head chef in a five-star restaurant.
Hot take: Being a freelancer doesn't make you a fractional C-level
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This is how I think about it
Incoming doomer take:
If your brand's entire growth strategy is "place yourself in front of in-market demand" you are not going to survive the next 5 years.
If you can't make MOF/TOF economics work, NGMI.
In a world where BOF in-market demand is plentiful and easily tracked,
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@ashvinmelwani
Have you heard of DTC Twitter? I hear it has some good discussions around cost caps and CPCs
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Today I want to share with you my journey of how I went from a self taught Affiliate Marketer to becoming CMO of The Oodie, one of the fastest growing DTC brands of all time.
In 2008 I was a self taught Affiliate Marketer learning Google Ads and promoting Clickbank eBooks. Back
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Listened to the SaaS pricing debate with
@SeanEcom
@ttagrin
@TaylorHoliday
@EricAlanDyck
@robinreplies
.
I think the issue can be summarised below within the context of Clayton Christensen's disruptive innovation theory.
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4/ IDEX accounts for 50% of all DEX 7 day Tx volume.
@0xProject
has 4.65x more 7 day Tx volume than
@KyberNetwork
but is only 2x more network value on CMC ($276M vs $127M)
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When I first read the Netflix Culture Deck my favourite slide was:
The Netflix Culture Deck forever changed the way I lead as a founder and CEO.
These 6 big ideas helped Netflix build a 250 billion dollar company through culture:
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Don't wait until 2024 to learn how much net profit you made in Nov.
Use the daily P&L approach below:
Today I’m going to reveal my custom DTC Dashboard I've used since 2019 to help scale 8 - 9 figure brands, including The Oodie when I was Head of Digital then CMO.
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Interesting discussion around pricing and product ownership on the
@9operators
podcast.
@mbertulli
asks "Does all the product team roll up to you
@couuor
or is product a separate org? Is there any conflict between product and marketing?"
Here's my view:
- Marketing should have
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@matt_barrie
What's funny about that is I would expect Goldman to be better at spotting and participating in massively overleveraged property bubbles.
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In 2019 I was the Head of Digital & Growth for
@TheWODLife
, one of the largest Crossfit & functional fitness specialty eCom brands with 15k - 20k SKUs.
One of our main categories was shoes selling brands like Nike, Reebok, Adidas etc. The way these brands would structure their
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Brands only focused on lowering CAC are playing the wrong game.
Go and look at YoY CAC. Is it getting better or worse?
Higher CAC is fine if you're proportionally increasing AOV and Gross Margin with new category expansion and less discounting.
Pricing power matters.
I used to think that brand was important in DTC to lower your CAC
I now think it's important so you can still be profitable as you spend more on marketing and CAC rises.
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.
@SmartCompany
@SueBarrett
If you mean TV, print, radio then yes. Not RTA, personalized CRM, retargeting
#marketing
#startupaus
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1. This is such a poor take. This might be your external brand communications but operationally customers should be segmented into 3 buckets of CLV cohorts.
Low CLV
Medium CLV
High CLV
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At The Oodie we used a similar marketing P&L for target setting & performance tracking via real-time dashboards.
Once Finance updated the monthly P&L we'd review discrepancies, make adjustments & review channel targets so dashboards mirrored our real-time P&L approach.
This is the Perfect P&L template to share with your org
4 quarter accounting
Provides % trends over time
Consolidates chart of accounts
Gives visibility into key operating inputs
I would make it a habit to share it every month
DM me for a copy
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Similar to the DTC Growth Playbook:
- Single hero product proof of concept
- Category and product expansion to;
- Acquire new customers and increase CLV
Each phase requires different skills
First job of a CEO:
- Find product market fit
- Doer-in-chief
Second job of a CEO:
- Build an organization
- Company-builder-in-chief
Third job of a CEO:
- Invest profits in new products to re-steepen growth
- Innovator-in-chief
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Cost per ad creative unit
Put this together this morning with images available on the website
Every video was a static image
Imagine how far we could go with a bit more content and time
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3 ways to scale your brand
1. Gradually move spend higher up the funnel once in-market is exhausted
2. Launch new product categories
3. Internationalize
Ideally all 3 at once, however marketing activities vary depending on market maturity.
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@oliver__b1
In 2008 I wanted to start my own DTC brand. Had no idea what to do.
Went to a free local business advice Gov. agency.
1st thing they recommend is I need to hire a board.
I hade no website, no product, no nothing.
🤡
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I think what
@Salmaaboukarr
is building with AI set design is one of the most interesting developments in creative strategy.
Here's why.
In 2019 I was the Head of Digital & Growth for
@thewodlife
a CrossFit & Functional Fitness eCom store with tens of thousands of SKUs.
Alright, I know I've kept you all waiting long enough😅
Creating on-brand backdrops with Midjourney: Ingredients Edition!
Here are my top 3 ingredient styles that I use on a daily basis
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This stack shown is built using:
-
@klipfolio
as the data visualisation tool
- Google Sheets as a data warehouse
-
@Supermetrics
as the ETL tool
- Manual CSV exports for
@Shopify
,
@northbeam
and Survey tools like
@KnoCommerce
or
@FairingData
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7/ My first tweetstorm. I'm not a dev or a data scientist. Just know how to pivot and wanted to contribute.
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I don't like the growth vs brand marketer labels, but this is how I think about it in stages.
The era of the growth marketer is phasing out, and the era of the brand marketer is phasing in
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The browser wars have always been interesting to me. The rise of IE is a classic example of the default effect.
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Channel product fit
Same reason why not every brand should focus on SEO
This might sound like a hot take coming from a millenial CMO, but I'm not convinced *owned* organic social content is "worth it" for all brands. If anyone would like to prove me wrong, I am all ears.
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This is the most comprehensive public market eCom / retail benchmarking data I've seen.
Rev, margins, EBITDA, inventory management, cash conversion cycle, working capital, MER, SG&A, ROC etc
Think you'll enjoy this
@SeanEcom
@TaylorHoliday
@moizali
@lifeofbi
@RomanEcom
Curious how you compare to public ecomm & retail brands?
What’s revenue growth, EBITDA margin %, Days Inventory Outstanding and Cash Conversion Cycle of the leaders (and laggards) in your space?
How effectively do these companies convert revenue into Free Cash Flow? How much
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One of the benefits working for a VC backed brand.
You have more time (runway) to focus on things that don't scale and improve product market fit for your core customer.
Harder to justify the level of focus when you're dependant on self funded profits.
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Want to increase contribution margin?
- Raise prices
- Optimise spend
- Improve merch mix
- Reduce variable costs
While useful, this advice is too generic.
In this 🧵 you're going to learn how to increase CM using a geo holdout test to measure affiliate coupon incrementality.
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Fashion brands have a breadth vs depth challenge.
Staying on trend and being relevant with newness is the main game, so you have to make lots of small bets within new collection launches.
The challenge with this approach is you don't know what the best sellers are prior to
Me, telling fashion brands that 50-60% of their Meta ads dollars should be promoting core products & best sellers.
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I would say the best KPI is $ value of retention cohorts over time, aka CLV. Brand equity is a term that is hard to quantify as a KPI. Some say NPS but there are plenty of multi billion dollar company with low NPS.
We are moving towards a brand-first economy in the DTC space. The
@patternbrands
launch is a timely reminder.
Lower CAC-driven Facebook arbitrage made it easy to exist as a DTC product with little brand equity. However, retention is the new growth. Brand equity is the core KPI.
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Everyone should be watching what Klarna is doing with AI.
- Saving $10m in marketing
- $6m less on image production
- 1,000 AI images in 3 months
- Image production time cut from 6 weeks to 1 week
- External marketing costs down by 25%
Smaller in-house team producing more.
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I've really been enjoying these Bridges episodes with
@TaylorHoliday
It's ironic how similar of an approach we had when I was CMO at The Oodie.
We had our own marketing P&L very similar to Taylor's that informed how we approached setting targets and benchmark performance with
Introducing Bridges 🌉
A new weekly series intended to help build a bridge between marketing and finance.
Episode 1: The Perfect P&L
Redesigning the P&L from a marketer's POV.
I would LOVE your feedback on these early episodes. I want them to be as useful as possible!
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Sunk Cost:
Brands continue to to spend on meta ads despite losing money because they've already invested significant amounts of time, money and resources.
Loss Aversion:
People tend to prefer avoiding loss over potential gains. Zuck has framed turning off ads as a loss.
Zuck's greatest skill was making people comfortable losing money.
There are so many times where I've been negotiating with a brand for weeks over a few thousand dollars, meanwhile there is a campaign live in their account that if they just turn it off my costs would be covered.
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If only your ghostwriting was as unique as my face.
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US
#ecommerce
sales as a percentage of
#retail
sales hits 6.60%. Up 11.86% from last year
@ycharts
http://t.co/gVsKnyJQCI
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It blows my mind that attribution providers who make assumptions when assigning credit for each touchpoint in the customer journey don't do this.
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You can't choose your growth rate. Your growth rate is the output of what you put into your business.
#startupaus
#growthhacking
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If you want to learn more about merchandising analysis, here is a good place to start.
Today I’m going to reveal the DTC Merchandising Dashboard I use to help brands like The Oodie grow when I was CMO.
The Dashboard:
- Informs merchandising decisions
- Benchmarks product launches
- Unlocks category & collection insights
- Brings sales transparency to the team
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My mental model:
Demand Generation
- YouTube
- Demand Gen
Demand Capture
- Branded Search
- Non-brand PMax
- Category / Generic Search
- Shopping
Who out there has the clearest perspective on Google Ads attribution/value creation?
All of it:
- Branded Search
- YT
- Non-brand PMax
- Demand Gen
- Categorical Search & Shopping
What are the big points that you're surest of here?
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Brands focused on lowering CAC are playing the wrong game.
Look at YoY CAC from your brands inception.
Is it getting better or worse?
Higher CAC is fine if you're increasing AOV and GM.
Can lead to flat contribution margin and higher contribution dollars.
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@JasonJh1319
I think this is because the type of product you're selling is the primary driver for retention.
From what I've seen, thought leadership in retention is mostly what flows or campaigns you should be sending. But it's incredibly hard to move the needle without deep understanding
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About That $40 Billion Uber-Valuation: Mapping Where
#Uber
Has Been Banned Around The World
#startup
#VC
http://t.co/GKc3uyFVxy
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If you would like to learn more about how I can help implement this for your brand, I’d love to hear from you 🙂
Thanks for reading!
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Australia ranks 7th for number of tech exits in 2014, led by US and UK.
@cbinsights
#startupaus
http://t.co/bATlc6S6Qp
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This is how I think about it
Chubbies was acquired for 9 figures and went through a 10 figure IPO - your classic overnight success that took a decade. As a brand builder, the stat that completely changed my approach to brand building was the 95/5 rule.
btw, I basically did the exact opposite of what the
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@drewfallon12
@brian_blum1
- Google Sheets as a data warehouse
- Supermetrics or Dataslayer for ETL
- Klipfolio for data visualisation
Is that what you mean?
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Congratulations to the
@ZenMate
team. I use their product everyday, and you should too.
@ProjectAcom
#VC
#startups
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Listening to
@9operators
.
I think one of the main reasons why entrepreneurship in Canada and Australia is going down
@mbertulli
.
It's easier to flip houses with gov. incentives aligned with property investors.
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Ismail Ahmed, CEO and founder of our portfolio company
@WorldRemit
on why cash is dying
#wiredmoney
http://t.co/ghDtPRie14
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Product channel mix is crucial for contribution $ optimisation.
- What hero products to feature across channels?
- New vs existing customer product mix?
- How to structure 1st time offers?
- Should we launch ads for all collections?
Unlock insights with this merch dashboard
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In my early eCom career I was selling concept 2 rowers for $1,300 and making $30.
Terrible margins
Who has solved the problem of selling exercise equipment?
Costco Liquidation Auction continues to basically give this product away.
$8,490 worth sold for $302
$7000 worth sold for $100
$9005 worth sold for $402
I know there's a reason (soft market) that they are selling so
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"Measurement is the catalyst behind the process — it is why marketing is a continued cycle and not something that a company does just once.
So measurement is really the foundation on which a marketing strategy and a marketing team is built, and it means that measurement is the
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Hot take counterpoint:
The perceived performance of other platforms is so bad that brands will continue to spend the majority of their marketing budget with an underperforming Meta.
Think about that.
Tbh there is a huge opportunity right now for
@tiktok_us
@Snap
@Pinterest
@X
and other platforms to take some major % of ad spend share from
@Meta
@elonmusk
make
@X
ads a thing for all EU countries pls
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I think there's 2 types of media buyers:
- Technical side bias
- Creative side bias
Both are trying to achieve the same outcome with slightly different skillsets.
I also think this is a result of specialisation where the in-house creative strategist role has become common and
I still see so many tweets about asc vs cbo, lowest cost vs cost cap. It’s WILD how little yall talk about creative and the effort and creative strategy that goes into making great ads. The creative drives 90% of paid media success, not your tinkering in the account.
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As his name suggests, Roman Khan
@RomanEcom
knows how to conquer DTC markets.
Operators E048
Roman Khan: Buying and Growing DTC Companies
@RomanEcom
@SeanEcom
@mikebeckhamsm
@JasonPanzer
@mbertulli
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I'd like to go on some eCom podcasts but don't know where to start.
Do I reach out to hosts and pitch some topics?
What's the best way to approach this?
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Where to allocate your next $10M
@9operators
I have never seen TikTok account for more than 5% - 10% of media spend at scale without significant diminishing returns.
TV on the other hand...
Rockerbox has a useful WoW free benchmarking tool for how brands spend across media platforms.
Filter by:
- Annual spend (below $5M > $35M+)
- Industry (Apparel, Beauty, Health, Home Goods)
Interesting to see apparel brands push 50% of budget into Linear TV during BFCM
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Only 3 of the top 10 companies in 2000 remain in the
#NASDAQ
top 10 today.
#disruption
#startups
http://t.co/HZbzLV5g63
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@Jason
@DavidSacks
@chamath
How to get everyone in the US to wear masks
Nike creates athletes campaign and launches signature masks
Netflix releases 10 part documentary on the history of masks
Jayz & Kanye drop new face mask rap battle
Disney recreates every character wearing a mask on Disney+
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Finance - Why do we need all this software?!
Marketing - This is the lean version!!!
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@JasonJh1319
What annoyed me the most was I had a quantifiable money printing machine but had to fight for budget against non quantifiable boat parties.
They were also primarily a wholesale brand and didn't understand DTC as much as they should have.
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Can't afford a 5 figure p/m agency to run CRO?
- Get an
@itsOddit
report
- A/B test recommendations in-house
- Roll out winners
Testing will also create new ideas. Outsource the hard part, own the testing.
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Finally listened to the
@9operators
pod. A few thoughts on product licensing🧵
Country IP exclusions make it challenging to communicate to customers why you have Spiderman in AUS but not in USA.
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DTC Twitter is a great place to learn, debate and share what’s working.
However with so many “best practices” and new tactics it's easy to get shiny object syndrome.
Here's a growth experiment framework you can use to run cross-channel tests and share learnings.
Today I’m going to share the growth experiment framework I use to help DTC marketing teams systemise testing and learning to:
- Generate experiment ideas
- Prioritise tests
- Manage cross-channel roadmaps
- Document and share learnings
Yo VIP… let's kick it!
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As a leader you should understand how to cultivate pace within your respective team.
So I’m going to answer this from a CMO perspective.
Parkinson’s Law:
The adage that “Work expands so as to fill the time available for its completion.”
What are some of the best things you’ve seen a CEO do to cultivate “pace” inside an organization?
Launching projects in 3 days instead of 3 weeks compounds incredibly.
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Connecting RTA and CRM.
@ProjectAcom
MD
@fheinemann
speaking at Webtrekk 2015 User Conference
#adtech
http://t.co/nJORMC4do5
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@mikebeckhamsm
Take a look at organic Share of Search (not to be confused with paid search) as a proxy for market share growth using Google Trends.
(Searches for brand / searches for all brands in the category)
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@I_Am_GKennedy
@adoseofjohn
You also have the added complexity of managing significantly different personality types.
The Head of brand vs. Head of performance
CRO vs Creative Director
Every function almost has an opposite personality type in the same team.
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In my experience, the % of FTE goes up over time as your brand grows larger.
Or your marketing operations become more complex due to product launch frequency, internationalisation, expected output that's greater than agency or freelancer can provide at a reasonable price.
eCommerce is not a FTE business.
People are learning that being able to flex your opex up and down based on seasonality and revenue changes is a super power.
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