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

Innovation

Philip Krim shares how Casper aims to revolutionize the sleep industry by creating a comprehensive sleep brand. He emphasizes that sleep quality is influenced by more than just the mattress, highlighting the importance of pillows, sheets, and the sleep environment. Philip mentions the innovative work of Casper Labs, where a team of scientists and designers develop products like air-circulating sheets and temperature-regulating pillows to enhance sleep quality 1.

We want to be the one stop shop, the end to end brand about helping people get a better night of sleep.

--- Philip Krim

The mattress market is highly predictable with strong consumer demand, making it a lucrative business. Philip notes that expanding the product line is not a sign of a weak core market but a strategic move to meet diverse customer needs 2.

   

Strategies

Casper's success in the competitive mattress industry is attributed to its strategic approach to customer acquisition and brand building. Philip Krim explains that initially, Casper relied on organic growth through word of mouth and press, but as the company scaled, they invested in paid advertising to capture a larger market share 3. This balance between organic and paid strategies allows Casper to educate different segments of the mattress-buying population.

If, like Casper, you have very big ambitions and will build a very big brand over time, then investing to do so is what we've decided to do.

--- Philip Krim

Philip's entrepreneurial journey, from launching startups in his dorm room to building a globally recognized brand, underscores his ability to navigate challenges and leverage opportunities in the consumer market 4.