Thread by @chriscantino

It took seven years, but we finally earned a $100M+ exit.

So many hard-learned lessons—hopefully sharing them here will give you an advantage.

A checklist of everything it took. 🧵

🌀 Product, Pt. 1: The Star of Your Business

☑ Root product development in customer intel + feedback
☑ Insert your brand into customer routines
☑ Substantiate claims with case studies and focus groups
☑ Research + incorporate third party data; monitor + explore trends

🌀 Product, Pt. 2

☑ Consistently test + iterate; development is never done
☑ Quality check partners like your brand depends on it
☑ Nail a pricing and loyalty strategy
☑ Expand into categories that are not just opportunistic, but construct a larger brand narrative

🏗 Distribution, Pt. 1: The Key to Volume and Accessibility

☑ Prove product channel fit before expanding distribution
☑ Rigorously test & cut new partners
☑ Maintain an expansion mentality
☑ Analyze & target growth on a regional level

🏗 Distribution, Pt. 2

☑ Gather + leverage sales data to ladder up to bigger accounts
☑ Monitor + pursue international opportunity
☑ Support partners with promo dollars + trade spend

🧠 Data, Pt. 1: Leveraging Customer Insights

☑ Take pride in challenging prior assumptions
☑ Conduct regular surveys and trials
☑ Identify the businesses customers are switching from and the value of trading them up
☑ Monitor seasonality

🧠 Data, Pt. 2

☑ Segment + layer customer data sets; don’t over-aggregate
☑ Separate core customers from horizon targets
☑ Collect data everywhere that customers buy and are referred from
☑ Center decision making in the customer journey

🤝 Community, Pt. 1: Make it a Movement

☑ Provide financial or social incentive for members to interact
☑ Wait for themes to emerge and rally around them
☑ Ensure new content every time members enter the chat
☑ Reward top community members with credit and privilege

🤝 Community, Pt. 2

☑ Unlock R&D flywheel between customer feedback and product development
☑ Derisk your business by activating the community’s network
☑ Publish memes based on content themes
☑ Don’t assume what members want—wait for them tell you

🗣 Sales and Marketing, Pt. 1: Improving Your Value Proposition

☑ Protect market share like nobody’s business
☑ Activate and merchandise your product in real world environments
☑ Generate customer leads every day

🗣 Sales and Marketing, Pt. 2

☑ Increase ad spend & test new platforms/venues as sales grow
☑ Optimize landing & product pages for conversions; A/B test everything
☑ Establish long-term relationships with influencers that represent emerging customer demographics

📣 Media, Pt. 1: Developing Trust, Audience, and Virality

☑ Lean into UGC—everywhere
☑ Create a content arm that reduces barrier to category entry
☑ Identify what your customers are already talking about, then incentivize them to do so on your platform

📣 Media, Pt. 2

☑ Lean into UGC—everywhere
☑ Design content that educates and engenders trust
☑ Bolster SEO with organic, referral, & longtail content strategies
☑ Put industry thought leaders in charge of your media ops—let them be the star

🙋 Brand, Pt. 1: Elevating and Protecting Your Voice/Image

☑ Develop IP that is resilient to copycats and wannabes
☑ Tell your story in consumer & trade publications
☑ Refine brand rigorously & don’t be afraid to renovate
☑ Strategically license IP to reach new audiences

🙋 Brand, Pt. 2

☑ Show customers contextual use cases; not just flashy product shots
☑ Execute brand & design with 100% consistency across channels
☑ Never abandon your “right to win” audience to prospect new cohorts

💸 Finance, Pt. 1: Managing and Improving Cash Flows

☑ Aggressively manage inventory & cash flow
☑ Negotiate vendor contracts, pricing, & payment terms on the regular
☑ Become increasingly profitable (!!!)

💸 Finance, Pt. 2

☑ Evaluate VC or token offerings when speed and optionality is paramount; stick to debt funding or profitability when consistency is paramount
☑ Consistently negotiate to improve your COGS (cost of goods sold)
☑ Invest profits back into the business

🤝 CX, Pt. 1: Helping Customers Help You

☑ Develop a loyalty program ASAP
☑ Never give up on “lost” customers
☑ Consistently rewrite CX “scripts” and improve customer support metrics, particularly time to respond and close tickets

🤝 CX, Pt. 2

☑ Retention at product onboarding is crucial—go overboard with support
☑ Get on the phone with customers regularly
☑ Identify and reward top customers/ambassadors
☑ Show off your CX on social

⚔️ Competition, Pt. 1: Don’t Ignore It; Rise Above It

☑ Break down competitive products, ads, & distribution strategies
☑ Don’t attack competition
☑ Identify their potential partners—and beat them to it

⚔️ Competition, Pt. 2

☑ Sell everywhere they won’t
☑ Strategize opportunities to take market share
☑ Don’t compete on the same value proposition
☑ Identify opportunities to work together

🧑‍💼 Hiring & Partnerships, Pt. 1: Building Teams and Networks

☑ Wine & dine whenever you can
☑ Gradually increase competitive hiring practices; no C-suite on day one
☑ Form ambitious, harmonious cultures that challenge hierarchy
☑ Rally around mission every day

🧑‍💼 Hiring & Partnerships, Pt. 2

☑ Pay people what they’re worth (or more)
☑ Give early partners opportunities to scale alongside
☑ Lock in rock-solid legal counsel & insurance
☑ Always have an exit strategy

And lastly,

☑ Get lucky constantly
☑ Do it all for years to suddenly become an “overnight success”

Thx for reading. Follow me @chriscantino for more on growing startups and community.