Published Aug 31, 2018

20VC: Casper Founder Philip Krim on The Right Way To Think About Marketing Channel Diversification, When To Accept Strategic Investors & How To Successfully Build Out Your Exec Team

Philip Krim, founder of Casper, reveals insights into building a global sleep brand by integrating online and offline retail experiences, forging strategic partnerships like with Target, and strategically hiring executive talent to enhance financial strategies and drive growth.
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Episode Highlights

  • Retail Strategy

    Casper's retail strategy is centered on providing customers with more than they expect, aiming to create a unique shopping experience that blends online and offline interactions. emphasizes that retail done poorly fails to meet customer needs, while successful retail exceeds expectations by offering a seamless experience. He notes, "Retail done right is giving customers more than what they want or think they need."

    Retail done right is giving customers more than what they want or think they need.

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    The company plans to expand to over 200 stores, focusing on creating a new generation of retail experiences that integrate consumer education and brand building 1 2.

       

    Retail Margin Dynamics

    Expanding into retail significantly alters Casper's economic dynamics, particularly in terms of margin structure. explains that while online businesses invest heavily in marketing for customer acquisition, retail stores serve as both brand builders and acquisition tools. This shift allows Casper to grow faster in markets with physical stores, enhancing brand awareness and customer engagement.

    Stores are having a really great impact to the growth of the business, to the top line.

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    The company's vision is to establish sleep as a core pillar of wellness, alongside exercise and healthy eating, positioning Casper as a global brand akin to Nike or Under Armour 3 4.