We often get asked about what it was like to launch Mighty Good Undies – here we try to distill what we’ve learnt in our short years:
You need a solid idea to start with, one that you can prove has demand in the market. We made sure we did our due diligence and learned everything we could about the category, its competitors and what customers really want. Our face to face research with friends, family and colleagues was immeasurably helpful to create the brand we are today.
Strategy, Creativity & Design
This part is often quickly skimmed over and people are in a rush and typically go straight to designing a logo and website. We worked with an amazing agency called Monogram Partners who helped us with our deep dive of the true reason we existed as a brand. From there we worked at creating a brand name and design that reflected the strategy. This is a crucial part to our business and shouldn’t be rushed.
Marketing, Publicity & Social Media
Because we launched on a crowd funding platform, we had to plan out our marketing, PR and Social strategy before we launched so we had enough content, hype and word of mouth about the brand. Without this crucial element we wouldn’t be the brand we are today. You can have an idea, but without the communication piece.. well you don’t really exist. In our launch period we created compelling content that people actually wanted to read and share. We were featured in some incredible media outlets including The Huff Post, Sydney Morning Herald, Daily Telegraph, Yahoo, The Sun just to name a few. Then there was our Social Media following, we launched with 200 followers and quickly grew to about 4,000 followers within 6 weeks due mostly to our community and share-ability of our content.
Without a solid business model, all your efforts to create a sustainable business would be in vain. Once we’d launched and sold our first production run, we recognised that our price model was just not going to keep the doors open of our business long-term. Being open to changing the original business idea was key – originally it was about being accessible to everyone and that meant competing with the fast fashion underwear brands on price, but competing on that level was just not an option. Some fast fashion underwear brands are as low as $2 and here we are advocating Fairtrade practices. We quickly adjusted our pricing. Reviewing your business model, product, design and marketing is key to building a sustainable and financially healthy business.
Move with your Market
Knowing your customer, and what they want, aspire to, like and dislike is one of the golden keys for long term business success. Regularly talk to your customers, ask them for honest feedback, talk to friends, read the media – you have to be your own trend hunter for your brand by always keeping your finger on the pulse of what is happening in the market and to your customers then applying that and interpreting relevant trends for your brand and customer.
The Core Team
In the age of start ups and entrepreneurs, the idea of work-life-balance is a contradictory concept, although we try – we work really really hard! Working with the right people, with the right values, ethics and attitude is absolutely imperative because the core-team is everything. Your work environment has a knock-on affect in everything you do within the business and your life. Which is why its so important that you are able to communicate well with the team, feel valued, work through the hard moments (there will be) and be able to laugh and have fun at the end of the day. Life is too short to create anything else!
Written by Founder Elena Silverwood
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