Taylor Stitch - Belief in One-to-One Relationships with Customers

The Story of a Brand

Ramon Vela

Business, Entrepreneurship

5 • 145 Ratings

🗓️ 23 June 2020

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

What if you were an Apparel Brand and created your own "Kickstarter-like" app on your site, released a new product every Thursday, sold the pieces before you made them, and then manufactured only what you sold? For Mike Maher, Co-Founder & CEO at Taylor Stitch, that's exactly what he and his Co-Founders did. But that's not all. Did you know that 85% of all apparel ends up in landfills? So Mike and his team have also set out to make sustainability one of their main directives by making clothes that last. Here's his story.

In Part 1, Mike discusses The Taylor Stitch origin story, What is negative conversion cycle, Building an internal crowdfunding platform, 3 things the crowdfunding strategy does, How their clothes may put them out of business, The 5 Pillars of Responsibility, How they are helping their manufacturer provide living wages, How Taylor Stitch is Mike's first and only job out of college, How they responded to COVID, Why he believes in the 1to1 relationship model with customers, What he asked his store employees to do, Their Stand Small initiative, Why they aren't a luxury brand and why, How & why they make their own fabric, Living your brand values, and so much more.

Join us while Ramon Vela interviews Mike in Part 1of this episode and gets the inside story of this amazing brand.

For more on Taylor Stitch visit: https://www.taylorstitch.com/

Gorgias - Gorgias.link/story
Fenix Commerce - https://www.fenixcommerce.com/
Retention Science - RetentionScience.com

Transcript

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0:00.0	Recorded at Retention Science Studios, this is not your average entrepreneur or e-commerce podcast, and he's not your average host.
0:14.3	This is The Story of a Brand with your host, Ramon Vela.
0:21.2	So one of the things we learned early on in custom shirt making is this idea of a negative
0:26.5	cash conversion cycle.
0:28.3	So we get to, you know, in otherwise inventory heavy businesses that take a lot of,
0:34.2	that take a lot of money to fund inventory, you know, we're collecting, you know, at least
0:39.5	deposit from our customer before we then manufactured the custom product on their behalf.
0:44.8	So that was, you know, in the early days of building a business and not having any money,
0:50.9	like that was a nice piece of the puzzle. And, you know, as we grew and we started
0:56.0	to build product in, build inventory and product, you know, we didn't have a background in
1:00.9	inventory planning, you know, and we always, we always kind of focused on the customer. And we
1:06.6	said to ourselves, well, you know, we've done a Kickstarter for a side project and we said, you know,
1:12.2	why can't we just build something like this internally and launch all of our new products into
1:16.5	our own internal crowdfunding platform. So that is what I would say is probably the biggest
1:22.5	differentiator of Taylor Stitch versus many other clothing retailers out there. Is it every single
1:27.3	week we launch a new product into our workshop crowdfunding platform on our own website at taylorstitch.com and see how it does.
1:36.2	You know, it gets us some of that negative cash conversion cycle, you know, while it also gets us a demand signal.
1:43.0	You know, thirdly, we don't overproduce,
1:44.8	which is another part of our responsibility initiative.
1:52.8	Hey, you.
1:54.6	Yeah, you.
1:56.2	You work so hard to acquire customers,
	...

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