And that’s what Tim Sotoadeh, founder of Broya has done, building an organic bone broth company.
Tim was unsatisfied with his job in real estate at the time, and had no experience in Consumer Packaged goods, and started building Broya in 2015.
Even more impressive:
- He’s solo founder and still the only full time employee.
- The market and consumer awareness of bone broth was non-existent when he started
Narrow the Focus: 2020 was the year of ecommerce. While selling to retail stores was hit or miss, direct-to-consumer showed much greater promise. so direct-to-comsumer ecommerce became his full focus.
This goes for the product line as well—Tim tried expanding Broya into beef jerky before, which makes sense to increase AOV. but the logistics of using a different supplier, figuring out the shipping and packaging became a challenge that didn’t justify the upside. so now he is focusing on just bone broth, and expanding the flavor offerings and expanding geographically.
“Just–In-Time Learning”: TIm saw the opportunity for unlimiited growth with ecommerce, and learned the necessary channels to take advantage: facebook ads, email marketing, AdWords, etc.
Prioritize Retention: Broya is an high-end product, average orders can be in the $200-$300 range. and recurring orders. he has contractors working on email marketing and conversion rate optimization to ensure that he’s extending lifetime value after the first purchase.
Measure Engagement on Ads: One new FB Metric: 3 second view per impression. Calculated by dividing (viewers who watched 3 seconds or more) DIVIDED BY (Total impressions). This gives Tim a good idea of overall engagement, and the ad’s ability to capture attention with the infinite scrolling of Insta or FB. He aims for 25% or higher, with his best ad in the 50-60% range.