How is hims & hers pioneering telemedicine and what’s the company’s vision? Andrew and his team at hims are looking to revolutionize healthcare by removing the discomfort, friction, and inaccessibility of prescription medicine. After entering the market in highly stigmatized medicines (anti-anxiety, performance, balding), they’re expanding the total addressable market of consumers as they enter entirely new categories to build out the platform.
How has hims approached marketing in a novel way? Andrew is constantly surprised by what works and doesn’t; it’s part of the beauty of testing . People are inundated with marketing and appreciate unique messaging or delivery… that’s why Andrew and his team have stood out posting curious content on all sorts of interesting media… like locker rooms and at international cornhole tournaments… and it’s panned out nicely for the brand.
How should one go about lowering CAC? As digital advertising costs skyrocket, companies are feeling the pain of increasing CAC. Andrew walks us through a few of his key tips when it comes to keeping CAC efficient: find innovative channels, A/B test everything, and trust in the fact that content is king. Also, always keep in mind the big picture when it comes to CAC – what’s the ratio between LTV / CAC – don’t myopically lose the forest for the CAC trees!
What are the consistent patterns across successful DTC companies? Andrew shares two consistent patterns in the most innovative and enduring consumer brands: 1) revolutionizing a delivery model and 2) building a platform. Hims is upending the status quo prescription model while simultaneously offering a portfolio of products, as opposed to just a single SKU or category,
What’s a book that’s changed Andrew’s perspective?
Creativity Inc is a manual for anyone who strives for originality and the first-ever, all-access trip into the nerve center of Pixar Animation—into the meetings, postmortems, and “Braintrust” sessions where some of the most successful films in history are made. It is, at heart, a book about creativity—but it is also, as Pixar co-founder and president Ed Catmull writes, “an expression of the ideas that I believe make the best in us possible.”
Interested in learning more about Hims or Customer Acquisitions Costs? Here are a few resources:
- Gin Lane’s Hims Branding Case Study
- Goop For Men? This New Site Targets The $3.7 Trillion Wellness Industry
- The Startup Selling Generic Viagra and Rogaine to the Instagram Crowd
- Customer Acquisition Cost, The One Metric That You Determine Your Fate
- LTV:CAC Ratio
- Multi-Touch Attribution, A Full User Debrief
Thanks for tuning into another episode of the Pattern Recognition Podcast!