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🎧 On today’s episode of the DTC pod, we’re cozying up with Davie Fogarty, founder of the successful wearable blanket brand The Oodie.
Davie shares insights on his company's growth and hiring strategies while emphasizing the importance of building a strong team and processes. He shares how good merchandising hires helped save the company millions of dollars and his thoughts on what it’ll take for The Oodie to reach $1 billion in sales in 2023.
The takeaways 👇
🤝 Teamwork makes the dream work
There’s a multitude of ways to achieve success in the DTC space, from focusing on customer experience to building a strong brand and everything in between.
For Davie, it’s all about teamwork. He suggests that putting "people first" is crucial and attributes the company’s ability to excel to his team and having been able to attract talented people.
“It's all about getting the right people and process, in that order. People first, and then process. There's a lot of talented people in our industry, and I think because of our product and timing, we have excelled past a lot of very smart people.”
🛍️ Going the distance
Making the move into retail can make a huge difference for DTC companies in terms of revenue and demand planning and forecasting.
At nearly a billion dollars in sales, Davie suggests that working with retailers, rather than against them, is the better approach for The Oodie. He mentions the importance of forecasting in creating scarcity around product drops, which can be a key part of any business model.
“Wholesale and retail are very different, but… we've got all these licenses and these new drops that, if a retailer can get exclusivity with, they're gonna bring in a lot of people… I think that we have a lot to offer to these retailers.”
💰 What Davie would do with an extra $50K:
Davie would invest in building the company’s own media organically, potentially starting a YouTube channel focusing on unboxing videos or a podcast-style format. He also discusses leveraging social platforms to reach a wider audience and build the brand even more to create a standalone product through organic social media marketing efforts.
“I think there are huge opportunities through organic and social media at this stage, especially if you can build it as a brand in itself. It can even become its own product.”
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