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Due to high traffic-density and lack of convenient and cost-effective modes of transportation in Rome, scooters provided an effective mode of transportation. Oliver Page spotted an opportunity to start his own app-based ride sharing venture in...
Following several years of declining revenues and profits, in 2011 Sears began to hive off its business divisions. As part of its series of divestitures, on December 6th, 2013 Sears announced its intention to spin off Lands’ End in a stock...
Valve Corp has become one of the most successful entertainment and technology firms in the world in terms of firm performance and innovativeness. Valve utilized an organic organizational form with over a hundred employees and no managers....
Tessa Wolf, Head of Merchandising, Creative, and Brand, has been with the Framebridge since day one, and gone are the days of throwing ideas out into the market to see what sticks. Greater complexity has generated more factors to weigh and longer decision processes around development of new ideas. Ideas outside of the immediate scope pose an even greater challenge because while they may present an opportunity, the effort involved to create fit is often not worth the risk.
Should Framebridge consider expanding its product offering to include art prints?
Framebridge’s innovative model is built on the ability to 1) deliver a quality product while 2) vastly reducing production costs of the traditional framing market. Packaging is central to both objectives. Kristin Muhlner, President and COO, is confident in the durability of Framebridge’s packaging but recognizes room for improvement on the cost side.
She asks, what alternatives could Framebridge employ in materials or technology to reduce costs?
As with other disruptive innovations, Framebridge has opened up its industry to more potential customers, many of whom would never have thought to custom frame before Framebridge. For Tessa Wolf, head of merchandizing, creative, and brand, this means there is significant opportunity sheerly through increasing brand awareness. However, it can be difficult to track success of organic marketing efforts without clear targets to test against.
Who is this group of “nontraditional” custom framing customers and how can Framebridge reach them?
Framebridge entered the $4–5B custom framing market hoping to disrupt with its eCommerce website and in-house, centralized manufacturing. After launching, Susan Tynan, founder and CEO, realized that Framebridge made custom framing accessible to new audiences—people who would not have custom framed otherwise—growing the opportunity beyond what she first imagined.
How can Tynan estimate the size of the market while still shaping it?
Today, Framebridge is headquartered in Washington, D.C.; it has grown to operate a manufacturing facility in Kentucky and boasts a team of entirely virtual employees for customer support. For Betsy Hayes, director of human resources, keeping employees across teams and locations engaged is a major concern as Framebridge continues to grow.
What tactics can Hayes use to keep virtual employees connected to the work of the teams at their headquarters and factory?
For Susan Tynan, Founder and CEO, the experience of Framebridge’s website is at the core of the service Framebridge provides. She recognizes the importance of balancing the ease and convenience eCommerce generally affords with optional flows customized to different consumer needs for a truly custom experience. As an aspect of service, site functionality is meant to translate into faster and more frequent sales.
Tynan asks, “What site tools and functionalities should Framebridge develop to facilitate growth?”
Framebridge’s model has proven compelling enough to secure investor funds, but there is pressure to achieve an optimal customer lifetime value (LTV). For a direct-to-consumer company, this comes down to marketing. However, Framebridge has only cracked the surface with early adopters, and there is no telling which segments, channels, and customer characteristics will best indicate potential for repeat purchasing—a key driver of LTV. To plan for the future, Kristin Muhlner, president and COO, needs better predictive capability to drive customer acquisition costs down and LTV up.
How else can Framebridge track and identify opportunities to promote repeat purchasing behavior?