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Frank and Oak was founded online in 2012. Within the first 6 months of launching Frank & Oak, they reached $1M in sales. In 2013, they hired 12 developers to launch a mobile app, and soon hit 1M members. In 2014, they expanded to New York. By 2015, Frank & Oak had won multiple awards, including the E-commerce Innovations Awards.
Here is a sample of what was discussed last night with Scott and Justin from Frank & Oak.
– Tech development is key for growth, why retail is ‘stupid’ and how smart stores bridge the gap.
– Single Channel: mom and pop store, customer-to-person, one-to-one, one customer profile, inventory, pos system, basic technology.
– Multi Channel: driven by internet, allow people to buy online, buy in retail, cross channel strategy, one-to-many, integration creates complexity.
– Omni-Channel: customer has the power to choose how to buy, they have choices, customer experience is king, sharing is key. Important to have one customer profile throughout the entire customer journey, as opposed to Brick & Mortar where data is collected in pieces – hard to understand exactly who customers are and what they want. In-depth customer profiling when used with knowledge and training creates a new level of personalization.
Focus on customer and experience first.
1) Brand Access
3) Convenience (How do we help customers get what they want, whenever they want, wherever they want?)
4) Conversation (You can’t control social sharing. If the customer experience is great, then customers will spread the word. But how do you control a bad customer experience?)
Frank and Oak ensures that retail locations are extensions of the community, instead of just a mass collection of products. They develop partnerships with entrepreneurs and develop deep community roots, and offer unique and interactive experiences for customers. It is important to be authentic and collaborate with the local community, therefore creating opportunities and experiences for your customers. This is the ‘secret sauce’ of Frank & Oak. It is also important to note that technological development is important to support the experience, but is not the experience itself. Creating memorable experiences and interactions that align with the Frank & Oak brand is crucial, as well as working with partners that share the same vision.
Partner-driven innovation is the future.
Partnerships must always:
1) Add mutual value
2) Provide at least 2 of:
– Opportunity to earn incremental revenue
– Exceptional product or service
– Work with a brand that enhances yours
– Opportunity to reach new customers
– Unique content and experiences, not available anywhere else
Be sure to check out our upcoming workshops, speaker series and more in Toronto, Vancouver & New York!