Transcript

The beauty of emphasizing the obvious, w/Birchbox's Katia Beauchamp

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We always kid that Mr. Hershey is the original Experiential marketer. Mr. Hershey in nineteen oh five creates a town With streets named

For chocolate making regions and cities of the world. So His crossroads in this town are chocolate and cocoa, his streets are trinidad. But he uh Granada.

And so on and so forth. And so Mr Hershey creates a town. Based upon a vision that he has that he wants to immerse. People Into

Chocolate. That's Don Papson, president of the MS Hershey Foundation. And he's helping us picture the town of Hershey. Pennsylvania. It was founded by the famous chocolate maker as a place for his employees to work, rest,

And play. Back in nineteen oh five, the area was nothing but farmland. Which is exactly what Hershey wanted. He decides that

Because milk is a key ingredient to milk. Chocolate. He's gonna basically place his Factory here so he's closer to fluid milk. And he's creating

An advantageous situation. For the farmer. And for himself. But what about the workers that Hershey needed to turn that milk and cocoa into bars, kisses and cups? Well for them, the draw included modern homes with electricity, heating, a transit system, and great schools for their kids.

When it came to selling his vision to the wider world, Hershey did it in a way that was almost as irresistible as the chocolate he sold. Between nineteen oh nine and nineteen eighteen Mr. Hershey creates seventy five million Postcards.

Basically, are inserted. in his standard milk chocolate bar. And these postcards were Just incredibly unique. They talked about his beautiful town. He created an entire phenomenon.

Around the postcard. or she created a vision that has stood the test of time. But to make his unconventional dream a reality, he laid out the distinct benefits for each different group. Suppliers, workers, and visitors.

In a way they could understand. I believe you need to show people how your unconventional ideas will have an obvious benefit for each and every one of them. You gotta have incredible talent at every position. There are fires burning when you're going out. Can you believe it? Such an idiot. And then you go back to this is totally gonna be amazing. There are so many easy ways. I have no idea what to do. Sorry, we made a mistake. But you have to time it right. Oops. It just seems absolutely nut all ten years later I'm like, well that's just how you do it. We haven't made it just how you do it. This.

Is masters of scale. I'm Reed Hoffman, co founder of LinkedIn, partner at Craylock, and your host. And I believe you need to show people how your unconventional ideas will have an obvious benefit for each and every one of them. Every two hundred to three hundred thousand years or so. The Earth's magnetic field fluctuates, then flips.

North becomes south. South becomes North. And we're about five hundred thousand years overdue for the next inversion. The last time a flip happened. Homo sapiens had yet to emerge on the world stage.

and our hominid ancestors. may not have noticed anything different. But for modern humanity. The change would at least Be disorienting.

Compasses would point in the opposite direction. We need to flip our maps. A hundred and eighty degrees and Australia. would have to relinquish its title of the land down under. Like a flip in the Earth's magnetic poles.

A great idea can flip the orientation of a whole market. It sends everyone scrambling to make sense of the new order of things. Before it appears, the new product will be unimaginable to many people. To convince them that it is something they need in their lives, you'll need to show them clearly how it improve their specific situation.

I wanted to talk to Katha Beacham because she introduced a new business model that flipped the beauty industry and influenced a slew of other industries. Her company. Birchbox. Sends out a monthly box of beauty product samples to its subscribers. Customers.

Can then buy full size versions of the samples and many other beauty products through Birchbox's online store. Once the Birchbox model caught on. It rapidly spread through the beauty industry and beyond, and created a whole new approach to sales. Now. You can get sample boxes for anything.

From pet treats to underwear. Katya's vision for how this new business model could transform the entire beauty industry seemed obvious. Uh huh. But when Katia and her co-founder, Hailey Barna, came up with the idea in late two thousand and nine. They struggle to get anyone else.

To share that vision. Just doing very cursory internet research, we discovered That beauty hadn't arrived to the internet and it was twenty ten. And we were shocked

And that was the first moment. I thought What? Okay, why not us? It was so natural. I really had this thought, why not us? Why couldn't we figure this out? And of course then the next thought was, Well, why hasn't this happened yet? Two things I want you to notice in what Katya said. First.

When she says that beauty hadn't arrived on the internet in twenty ten, she doesn't mean it was impossible to buy beauty products on the internet. Rather No one had done much more than scratch the surface of the full scale potential of beauty sales compared to other things like clothing and travel. Second thing I want you to notice is when Katya says Why not us?

It's a quintessential moment that we always love to share with our guests on the show. And whenever you ask that question, you should always do what Katya did and immediately follow it by asking Why hasn't this happened yet? Your vision may seem obvious to you. But there could be any number of reasons why others haven't seen it.

And in getting people to come along, the first step is to understand why they're unable to see what you see. We came up on our own with two simple reasons, and that was the second aha moment. One was that People really did want to touch and try beauty. It was tactile, it had scent. I mean the design of the texture and the smell and the sheen, like the internet struggled.

to really give you an engaging experience with beauty. And so the idea of trial felt very inherent to beauty shopping. And the second thing that we felt as consumers was that beauty was already incredibly hard to shop in the real world. You walk into a store, there's not joking. A thousand options of moisturizer and you think What am I doing here?

And the internet actually made it worse. So at least a store was confined by the four walls and the internet wasn't. And this was this other aha moment, like, oh, we get the problem. We understand the problem. All we have to do is figure out how to get you to try it and limit the options. It was two thousand and nine, the e-commerce promise of unlimited choice was just coming into its own. Working to limit choice was the counterintuitive twist. that unlock the full potential of the idea for BirchBox. In twenty four hours we had the business model that is honestly the business model you see today. It was

Founded on the concept of bite size discovery that's personalized. Plus content. plus e commerce and the idea being full funnel of Generate demand and capture demand. And

Blinders. I I know I had really Bad tunnel vision. After that. Remember that phrase. Cut your users.

Bad tunnel vision, tunnel vision, tunnel vision. We'll come back to it in a moment. But before we do so Let's break down the Birchbox business model. This is the business model.

that Katya had bad tunnel vision for. 1. Provide sample boxes to users for a subscription fee. Two Build a community powered by the excitement of discovering the new. 3. Encourage users to buy the full-size versions of the samples and other things through the Birchbox Online Store.

Doing this would help grow sales for the suppliers who provided the samples, while delighting customers. The new sample box every month. First, Katya and Haley went to their business school teachers with the idea. And they were like Awww, you know

That's a bad idea! And started pitching brands and similarly brands were kind of like You're so naive. Consumers don't pay for product.

Remember, this criticism is very specific to the beauty industry. By product. The critics were referring to the free samples that were part and parcel of selling lipstick, mascara. And skin cream. Buyers expected to be able to walk into a store and sample anything before handing over any cash.

It was an entrenched part of the beauty product experience that no one could imagine changing. What Katya was imagining was a world in which customers pay a subscription to Birchbox for sourcing and curating a monthly box of samples. The upside for the suppliers? far more visibility and uptake of their samples, which would convert into more sales. So we take the sample and we translate that into customer acquisition efficiently.

That was the vision, that was the dream for the business is that it could really be a win for all. So they took their pitch to a group of people they thought would get their vision. Angel investors. It was so disheartening. I mean Everybody took the meeting. Most people weren't listening. The ones who were

Just started thinking about How they would do it. Does it need a box? Do you need to like send it together? Can you send one at a time every week? My wife doesn't use beauty products. Like, what about her? This is where it's important to know not just what your vision is, but who you are pitching to and how you can help. Them to see it.

We thought this is legit. But we couldn't get anybody to really take the leap. Everybody was looking for somebody else to validate it first. The idea wasn't hard to understand. However, this was twenty ten. People were not used to having multiple monthly subscriptions.

Just one or two subscriptions felt like a real commitment. On top of this was the fear of the untested. Katya and Haley. Just couldn't get these investors to share their sense of surprise and delight at having a curated box of samples arrive at their houses. Each month.

But to them it was so obvious. So they needed to find another angle to describe it. So when you did the pitches to these early investors and the investors said no, what was your conclusion from those no's? What learnings did you take away? What did you think? It was a range from Too bad for you. You're gonna miss something huge.

And a little bit more self actualized realization of I think I need to consider how to say it differently. Because I don't question the idea, but maybe the message isn't right. Maybe I'm not framing it right. Note how Katya was unwavering in the faith in her idea.

She could have put the refusals down to a lack of vision on the part of investors. And this is a valid approach. Up to a point. We often talk about the chorus of no's that almost every pitching entrepreneur faces. Overcoming it is partly to do with grit.

But it's also to do with finessing your pitch, so it'll prick the ears of your potential investors. Even if that pitch puts what excites you the most into a softer focus. So I'm a woman. And I'm launching a business in beauty and apparently that means I love beauty.

And I I really didn't. I loved the business of beauty. I definitely thought beauty served a purpose. It's not that I couldn't find joy from it, but I was never and am still not somebody who would spend discretionary time learning about beauty.

And that was kind of the whole point. And I felt as though when we were starting to pitch the concept of the problem. in the beauty industry, it was almost a glaze over of these young women who really love beauty. Are trying to Be beauty. entrepreneurs or beauty business women and I was

frustrated by that thinking We really don't. What is so smart about Katya's approach here is how she imagines herself as the investor. Because she's not only imagining what they're looking for in a company or a founder. She's also imagining

How their preconceptions and prejudices shape their judgment. She had to make her vision seem obvious to them. Katiya wasn't passionate about creating a product in the beauty sector. She was passionate about having a transformative effect on an entire industry. That would be a net gain for suppliers and customers.

And, of course, the Anyone who would invest in her idea. So she put her industry flipping idea into more conventional terms that would appeal to an investor audience. We see this incredible industry that has incredibly high margin that has two percent of sales on the internet, and we believe that there is a willingness to pay for the customer will pay to be acquired. Why is nobody listening to that? So yeah, we really needed to shift.

Talking about it. to language and words that were more of the moment. machine learning and personalization and yes, this idea of customers paying to be acquired. really having this dynamic shift on the potential monetization. And we had to learn that.

I told Katya why lit up when I first learned about Birchbox. This is what I first tracked about Birchbox that I thought was genius about what you guys were doing because One of the undercommented things about entrepreneurship is it isn't just innovation on a product or service, or a change of technological platform or change of market, all of which are of course important. But it's also the invention of business models. And you guys had come up in solving this problem with actually, in fact, an important shift in business model as a way of thinking about it. Not just subscriptions, but the notion of a selected subscription that leads to a further relationship, leads to further commerce, ties content around it, and so forth. And you were at least the first that I had seen about that. And

That struck me as extremely exciting, and it's funny that Some investors might be so blinded by their own pre-theoretic conception of the world not to jump on that part, which is the most interesting part of the original thing. And that invention of the business model was I thought genius. Thank you. That's so nice. I mean, truthfully, we thought so too. When we realized What this could be We were kind of looking around, thinking, how did we figure this out? I mean

Yes, we're smart, but How did this not seem obvious to a lot of people? After the initial knockbacks from the Angels, Catian Haley took their idea to another group of investors. Venture capitalists. To get investors solidly on board.

Katiya laid out the wider untapped opportunity. that lay in online beauty sales. We shifted a lot more to the tan, you know, total addressable market and beauty, the fact that it was under penetrated on the internet, and just tried to start speaking the language of irrefutably. Something is going to happen here because two percent penetration on the internet for beauty in 2010 is definitely not gonna be where it sticks. Note how Katia hadn't given up on selling her vision for the new business model.

She was just broadening the picture she was painting. And so instead of saying like, Well, do you believe in everything that we're doing? It's like, Well, you don't have to believe in everything we're doing. And by the way, there's probably gonna be some changes, but you do easily say yes to is beauty gonna penetrate harder into the internet? Of course. And does this seem like a way that might overcome why it hasn't? Maybe. Because we identified the problem of why it hasn't as it makes the problem of too much choice worse.

The internet says there's infinite things and the internet takes away all the magic of the touch, the smell, and also the story and coming to life and seeing the packaging and all of that is a part of what consumers have signed up for in beauty. We have agreed, we understand the cost of goods is a lot less, and we say, take us on this journey. Of why it's fun to use these products as we get ready every day. This Obvious approach got VCs on board.

And solved Katya's funding problem. One of the gifts of venture capital that we don't talk about a lot is that their ability to suspend disbelief is high. Because They have the idea of so many different bets and large funds, and it isn't going to make or break their lives to get behind something in a meaningful way. So

Once we shifted and we were more open to like the people versus the industry. We did have options, and I should say that. Then it was actually well received. It's worth noting here that new business models are harder and more complex to pitch than products or services. Even though the potential upsides are huge, it takes a particular kind of investor One who thinks in terms of interlocking systems to buy into it.

Birchbox had found investors who were prepared to go in on the vision for a new business model. Next up. They needed to find a way to make their unconventional take on selling beauty products. Seem like an obvious win to suppliers and consumers. When you've built substantial wealth through your business, it's often tied up in a single equity position.

The upside is real, but so is the risk, and knowing when to act isn't always obvious. Creative planning works with business owners to build a strategy around concentrated equity. When to diversify, how to manage tax risk, and how to protect what you've spent years building. Creative planning where wealth works together. Learn more at creative planning dot com slash masters of scale.

The Wired Newsroom is known for award-winning reporting on how technology shapes our world. On Wired's Uncanny Valley, we take that curiosity even further. Each week, journalists from Wired break down the biggest stories in tech while speaking directly with the people building, challenging, and reshaping the future. Is the AI boom sustainable? How do you protect your privacy in an age of constant surveillance?

Uncanny Valley tackles the questions driving today's tech debates and lighting up your group chats. Listen to new episodes every Thursday. Wherever you get your podcasts. Humans will never be more intelligent than AI. There's gonna be two types of companies.

Those were great at AI and those that went out of business because they weren't. How do we build a future? That is human centered. I'm Rana El Cal Yubi. And on my podcast Pioneers of AI, we answer that question and so many more. As an AI scientist, entrepreneur, and investor, I know what it takes to build AI that works for everyone.

Every week, I sit down with the pioneers shaping our future, and we take you behind the scenes of the AI that's transforming our lives. Find pioneers of AI wherever you tune in. We're back. Before the break, we heard how Katyan or co founder Haley brought skeptical investors around to their vision for a radical new business model. Now it was time to convince the suppliers and the customers.

The supplier conversation. was really challenging. And honestly the first four years of Birchbox was a supply problem. And It was Extremely frustrating because it started as

This will never work. Consumers don't pay for samples. That's not a thing. Huge upside, with little downside for the suppliers. Getting them on board was a long, slow process of building relationships and proving up the vision little by little.

And it was a frustrating process. And then when we had a little bit of traction, they said, That is interesting, but you're too small. And then we went viral and they said, That is interesting, but you're too big. So we can get you something in two years. And I was like I mean,

We'll be much bigger then. So placing an order for that now is also not helpful. So it was just It was really challenging. Katya's experience speaks to the constant struggle you can face getting people to see the magic of your product or service. It's not a case of striking upon the one magical pitch that sells everybody. You're gonna have to do that again and again for different stakeholders at different stages of scale.

One of the things I was attracted to about the beauty industry is it doesn't respond to changes in the economy. It's always strong. But I think one of the things I underestimated was trying to say, Well, things are gonna change. Come with it. Let's change together. Proved to be really hard. Really hard.

Birchbox was up and running and making the most of its first mover advantage. But very soon, competitors small and large were imitating the Birchbox model. It was so terrifying. We were seven months in. And a business run by the Samwar brothers who were famous for copying American businesses raised over thirty million dollars to create copycats all over the world for Birchbox. And then later

Amazon and Allure magazine joined forces to also launch. a competitive product and Everything you can imagine happened. We were so scared. Once your unconventional new vision becomes obvious to everyone,

Then, obviously. You get copied. Once you launch an innovative business model that proves itself, you will face a deluge of competitors, startups, and existing brands. The doorbell to your party of one will start ringing incessantly. And it'll open up to a motley crew.

Of unwelcome gate crashers. We were talking to lawyers. Is there anything we can do? Of course there's not. There's nothing you can do, and I think what saved us. was being so overwhelmed by demand. That though we could look, we couldn't dwell.

We had to take the gifts and the challenges of being the first mover and run as fast and hard as we could. And Fortunately, that I think really did benefit us just focusing on what we were doing for a long time. This is why you can't rely solely on first mover advantage. Especially if your product is a business model that can't be kept as a trade secret.

As soon as you start moving, your competitors will see where you're going. And be hot on your heels. But at first, Cati didn't see this obvious risk. We had really focused on Trying to create a business model that was sustainable for us and that made sense for our brand partners.

But as competition came into the market, they were just throwing money. at the situation to get supply. Which we were really Dogmatic that that's not the way this should work because We are investing in creating customer acquisition through a sample.

So there was a tipping point on the supply side when all of a sudden samples became things that were for sale. Because they really hadn't been prior. Competitors started paying for samples instead of getting them for free. Kati could have followed them, but this one against the Birchbox model, or so it seemed. It would drive up her costs.

But Katya was determined to keep the magic of her approach alive. We had to get really creative, we had to get to know all the sample manufacturers in the world that you could imagine. We had to get brand who weren't sampling, sampling. We had to get brand who were sampling, sampling more. So we were super focused on dealing with supply because we had no issues with demand. Then beauty giant Sephora jumped onto the sample box bandwagon.

I ask Katya how that felt. And so when Sephora launched a competitor, because you get these intense high quality brand now coming straight at you with this stuff. It reminded me of one of the things that my friends who went into entrepreneurship did before I did, which is he sent me a one line email saying, Welcome to where fifteen minutes is the difference between exultation and terror. Like we're gonna we're gonna make this whole industry work. Oh my god, we're gonna die. What was the reaction and the thinking to Sephora. Yeah, I I think you're right, that Sephora really represented a moment. I thought this is a really bad business model for Sephora, and let me tell you why.

Um Sephora is the destination for the obsessed beauty consumer. In certain coins before bills. And they are Ana Wintour of Beauty, right? They anoint the trend. They set the trend. They are for people who want to be early to trends, on trend, right? That top 20% of consumers who's obsessed, Sephora is their haven. And the interesting thing about that consumer Is that they want to consume and they want to consume fast.

Don't slow me down. I'm here to buy a$25 mascara. I'm ready to buy. And I thought this is not the product for them because they are gonna put a speed bump. In front of The most obsessed consumers And instead of jumping right into a twenty five dollar mascara, they're gonna spend ten dollars and then think

I don't know if I'm on that mascara. And I thought It's a bad move. That's what I thought. But I also thought

Oh, this is so annoying because customer acquisition cost is gonna go Yeah. People will take your vision and run with it in what may seem to you like the wrong direction. If this means they fail, then hey, that's one less competitor. But if it means they're endangering your entire business model, then you have a fundamental problem.

And this is what Katya was really concerned about. Just created supply challenges again. Everyone's going after the same samples and Sephora has so much power in that dynamic and telling people not to work with us or all sorts of things that were fun. And now in order to have better product and compete on having a great product for consumers, our cost of goods were going up too. Now I would argue that this is the part of the story where Katya's passion for her vision gets the better of her.

Recall what Kathy said before about when they came up with the Birchbox model. In twenty four hours we had the business model that is honestly the business model you see today. It was Founded on the concept of bite sized discovery that's personalized plus content. plus e commerce and the idea being full funnel of Generate demand and capture demand.

And Blinders. I you know I had really Bad tunnel vision. After that. That tunnel vision had made her blind to the obvious realities of the market.

She firmly believed that a fundamental part of this new business model was sourcing samples for free from suppliers. The rise in costs was destroying Katya's vision for the business model. And more immediately, it was threatening to destroy her business. So what did that cause for you and for the business. How did the retrenchment go?

I mean it was so painful. It went from really resisting anger, denial, this isn't fair. Two A I think I might be earning my stripes moment.

You know, to like Okay, Katya, you signed up. And the one thing I said, I mean, believe it or not, was that I just really dreamt of building a forever business. I just

Really, really was Interest in the substance of Something that could last. And it wasn't just a here today gone tomorrow thing fad. And so I thought that's what this is. I mean, anybody who's trying to build a forever business, whether they reach these

Inflection points earlier or later they reach them. There's a big difference between a forever business and a static business. And forgetting this is deadly. Because the business that stops evolving Will wither.

Katia tried to deal with the new reality of increased costs, and she was determined not to pass them on to her customers. So it meant Making painful cuts in other areas. It was obviously making cuts, changing that's been in the business dramatically. cutting the team a few rounds of layoffs.

It was also bringing in new talent and rethinking our approach to things. We cut into the bone of things that we then realized wasn't okay. And then that kind of led me To fall out of love with the product.

This came at a particularly difficult time for Katya personally. I found out I was pregnant and then I ended up having this complication. I had to move to the hospital for a hundred days away from my family. And it was dark. And I think it was just this incredible lesson of

What are we all doing here? You know, why are we doing it? I talk a lot about the valley of the shadow. That as a founder, you'll need to pass through at least once. And probably multiple times. For Kathya it was a transformative experience.

And I had this realization that everything bad that had happened at Birch Box was this gift. And I started to mentally think All of these people who I had been angry. you know, just for the gift of my career, for this gift of Even getting to try and

I just feel so grateful to be alive, kind of facing potentially dying in childbirth. And I emerged. really dedicated to not hate hard things. I just needed to see this as

This was when the exponential growth always came. And so hi, welcome. Welcome bad day. Welcome horrible month. Welcome impossible thing. I mean I don't know what's on the other side, but I am gonna be better on the other side. Cati and her team took the bold move to refinance the company. But their new majority investor brought something more important than money to the table. So a minority investor became a majority investor, Viking Capital. They're some of the smartest people I've ever worked with. And they just looked at me and they just said, You gotta change the price.

And I was like, we can't change the price, the whole market's at this price. That's gonna kill us, that's gonna be the nail in the coffin. And they said, You have a brand And

A powerful brand becomes more powerful when they prove they can take price. This investor was saying. The costs to your business are higher than you'd expected. And so you have to pass on that higher cost to consumers. You have no choice. It was the obvious move to make.

But Katya was worried that it would destroy her business model. And I think four or five months we change the price fifty percent. Mm-hmm. And That was so scary. Of course. And that allowed us to build something that we were proud of and to start this journey of building back. The heart of the business.

And it's been the best part of the experience for me, which is a really strange thing to admit. Was there any particular moment'cause I love your language on this, where you fell back in love with a product? Was there some point where you went Ah, we're back.

I started to understand. what the market was valuing, what the specific casual consumer was valuing. Cut his adjustment at the darkest moment for a company. Worked. The Birchbox model helped flip the magnetic poles of the beauty industry, and then Katya adjusted that model again to keep the magnetic field in place.

the gravitational pull used to come from the companies and the brands, and that's the way industry used to work. And like it or not, the gravitational pull now comes from consumers. I think that's exciting. It may seem obvious that consumers come first. But all successful business model flips seem obvious. In hindsight. The power of Birchbox's change in polarity was illuminated anew when the Covid pandemic hit.

Online beauty purchases jumped. And so too did demand at Birchbox. All of a sudden, yeah, there's a surge in demand. It was whiplash. I think if there's one thing that we could all agree on from the pandemic.

Consumers can change their behavior incredibly quickly. And it's powerful to see that and know that and That gets me excited. Kati's words are a reminder that even in the most turbulent of times, an unconventional idea can capture people's imagination. And inspire hope for the future.

I'm Ruth Hoffman. Thank you for listening. Hey listeners, Bob here. If you listen to Rapid Response on Masters of Scale, you may be missing half the show. Because every Friday we release a second rapid response exclusively in the Rapid Response feed. The guests and topics are just as compelling and timely from Ford CEO to NASA's administrator to the lessons from The Devil Wears Prada. It takes about 10 seconds to find, just search rapid response wherever you listen to podcasts and hit follow to make sure you never miss an episode.

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