Why 2023 is our best year, part 2
BEST. YEAR. EVER.
This newsletter is now called ‘please listen to my podcast”
I really want it to be bigger than All In.
Those VC nerds need to get checked, so please listen.
The next episode is VERY GOOD.
Why is 2023 so good for us?
Part 1 (last week) we talked about how we just understand our business.
That sounds stupid, doesn’t it.
Of course we understand our business! We started it!
No. Ridge is unusually good at understanding our business.
We know yesterdays profit by 8am the next day.
I personally approve every dollar out of our business.
Roles and results are clearly defined.
I see a lot of companies get sloppy with the hard, boring stuff.
More fun to speak on panels and talk about “Brand”
Less fun fighting your 3PL over a $400 dollar bill.
The day I think I am above fighting for a $400 charge, kill me.
You arent above it. Its hard to make money, easy to spend it. Respect the dollars.
Channel your inner Mehtab.
Part 2- A simple offer.
People should understand what you sell and why.
And they should understand it in under 3 seconds.
I see so many ads. So many brands.
And they think the answer is UGC or a Hook.
No.
You need:
A problem
A product
A product that solves that problem
In clear, easy to understand language
Our ring business is now 7 figures a month.
Its because when we designed the product we thought:
“how do we make something so good that you would feel DUMB not buying it?”
Instead of trying to cram tech into it, or tricking people into buying it in some upsell, we focused on Problem, Product, Value.
Problem: you are getting married. That is stressful isnt it? Do you invite your weird cousin or not? And did you get your wedding band yet?
Product: No worries. We make the most comfortable wedding band on the market.
Value: Free shipping and returns, 99 day free trial, if you lose it we will replace it twice for free, and we include a silicon band for activities
Every year, in the countries we operate, there are 5 million marriages.
And 25% of all men lose their wedding ring during their marriage.
By making our product a “no brainer”, I think we will get this category to 100m in annual revenue by 2026.
And this is in a competitive, legacy industry.
Sell stuff people buy in a way they want to buy it.
This year I think we internalized this lesson.
You cant “make something cool”
How did Kith become Kith?
They were doing what they loved for years before anyone cared.
A few good lessons on this:
Supreme was a skateshop in the 90s.
Crusty NYC skater kids. Who made box logo tees just because they couldn’t do cut and sew.
They did what they wanted, what they loved, just for them for 10 years before they got cool.
Kith is the same way.
When Covid hit, a FLOOD of people raised money to make remote first SAAS companies. But ZOOM won. Why?
They were doing it for YEARS before covid. They werent tourist. Their mission was to connect the world. Covid was just a catalyst for the world to catch up.
AI is the same way.
Whatever deck you have been passed for a fundraise for a new AI company, they will lose.
Because there are HUNDREDS of companies that have been working on AI for 10+ years.
WTF does this have to do with us winning in 2023?
Do not plan on a moonshot.
Do not plan on being cool, breaking through to the mainstream, or being the next supreme. That is ALL LUCK.
Plan on making good stuff for the people you can reach.
We deliver value.
We look out for our customers.
We want them to be proud to do business with us.
I cant care if we get a GQ article saying we are cool.
Press doesnt pay the bills.
The customers do.
Bomb article