Grow. Scale. Repeat. It's the DTC way. Unfortunately, it's a challenge to pull off, especially now that you’re likely facing supply chain disruptions, inflation, and faltering brand loyalty.
The ups and downs and uncertainty are constant and may even have you contemplating quitting.
But don’t just yet — there's still hope.
For most, a mentor is one of the best decisions you can make for your eCommerce business. It’s what we did, and it’s helped our growth, organization, and success.
And the best part: we didn’t have to wade through social media profiles or Slack channels to find one. Instead, we used MentorPass: a platform that simplifies finding and working with mentors, so you can focus on growing your business.
Let's explore this further.
Why every entrepreneur needs to be on MentorPass
Business growth is stagnant, so you contemplate adding a new product to your line. But there’s a problem: you have no clue what to add or whether the product will be a win or a loss.
Or maybe you have a new marketing strategy you want to try, but fear it’ll waste time and money.
Doubt takes over, and you do what you do best — research the market and pore over the numbers to convince yourself it’s the right move. Yet, instead of running with it, you’re diagnosed with the all-too-common paralysis-by-analysis syndrome.
If only you had someone with insights or another point of view that can review your product and marketing ideas. Unfortunately, you don’t know anyone with experience, and agencies are too expensive.
You’re not alone. And it’s the reason MentorPass was created.
Having a mentor is like having a coach that guides you through harrowing ordeals. And this will happen more often than you like, especially as the eCommerce landscape continues to shift rapidly.
Competitors are popping up left and right, and some may even steal your ideas (and customers). It’s ongoing stress that keeps you awake at night.
But competition isn’t all bad — it forces you to level up your game. You just need the right steps and strategies to overcome the odds. With MentorPass, you can “partner” with mentors who work(ed) in DTC and can help you find the best solutions.
But if this doesn't convince you — here are five other reasons DTC brands should be on MentorPass.
1. You don't know what you don't know
You're not new to eCommerce. But there's a lot about the business side you still don't know and may never learn because you lack the time, energy, and headspace to master it. And that's okay.
"Being a CMO, or a marketing director, is not easy. You need to know how to acquire customers, need to keep up with the latest changes on each platform, and you need to have a decent understanding of finance, especially as it relates to what you're doing to grow the business. Admittedly this is not a strength of mine," admits Cody Plofker, CMO of Jones Road Beauty, in one of his newsletters to DTC subscribers.
Then there's limited visibility, which can create money-sucking blind spots in your business. Maybe there's a better, faster, or cheaper way to achieve results. But you don't see it because you're stuck in the daily hustle of running your company, and may even find comfort in your methods.
Finding a mentor with the expertise you lack and the ability to detect blind spots can mean the difference between sustaining and scaling your business. When we first started with MentorPass, it took only one session to change our entire perspective of our business.
We discussed our pain points and goals, and found a new revenue stream we never considered. Then our mentor recommended marketing vendors, and tips for getting the most out of various growth strategies.
Without these insights, we would've continued on the same path with the same outcomes. Were we already growing? Sure. But this opened the door to a shortcut that left some competitors in the dust.
2. You're wasting time and money trying to solve problems
Supply chain issues. Product shortages. Political mayhem. DTC brands have a lot to deal with — if you invest in the wrong solutions, then you're wasting both time and money.
Trying to plan for the future to prevent problems isn't a luxury eCommerce companies have. In fact, a Kantar report on The State of Ecommerce Trend shows many brands feel that planning is futile. Possibly because they rely on unproven playbooks used by veterans.
With proven playbooks, you can:
- Play it safe vs. taking more chances
- Rely on proven methods vs. running more experiments
- Catch more qualified leads vs. casting a wide net and hoping for the best
- Continue to improve on what works vs. constantly revising a plan from scratch
The mindset shift is necessary and sets the tone for mentorship. Letting go of has-been strategies and opening up to new methods can unlock the unthinkable.
With competition being a major obstacle for DTC brands, it makes sense to step outside the box... And stay there. A mentor can help fine-tune your USP, so you can stand apart from and above the rest.
One of the easiest ways to differentiate yourself from the competition, aside from having a great product, is to provide customer support so good your customers will want to tell their friends about the experience.
But what does this actually look like? And how can you fix your current customer support system?
Instead of trying to figure it out yourself, schedule a call with Eli Weiss, who's helped build Customer Experience programs for major DTC brands like Jones Road Beauty, OLIPOP, and Simulate.
And as rates for paid ad increase by 15%, you'll need innovative brand-building to create trust and visibility. Strong brands can increase:
- Organic acquisition
- Conversion rates
- Customer retention
- Product prices
This helps to offset rising ad costs and is exactly what DTC brands need in a growingly crowded digital landscape. The experts on MentorPass have been there and done that and can help you reinvent your brand.
3. You don't have clear company goals or a plan to achieve them
You know you want to scale your business to reach a certain revenue goal. But why this number, and more importantly, how will you get there?
Will you add more products to your store? Or how about investing in influencer marketing? Both could work… But one could tie up cash and hinder growth. And the other may not yield results.
The reason: not having clear steps to reach your goals.
A mentor can analyze the broader picture to find unique ways to get your brand in front of the right audience. And then deliver actionable steps to get you there.
For example, our MentorPass mentor:
- Broke down our goals into measurable simple action items
- Established a game plan using the OKR (objectives and key results) model
- Turned our mission and purpose into an action plan
With a clear process to reach milestones, we stayed motivated and focused on taking massive action on the right things. The results have followed.
4. You don't have advisors or an expert network to tap into
Your network is your net worth. But it's also your peace of mind. Having a knowledge base of industry experts to tap into when you need answers right away is priceless.
It can take years to build a solid network like this — time you don't have as a business owner.
Fast-tracking your network building with MentorPass propels your business ahead of competitors who lack guidance from expert mentors.
Having advisors to validate your ideas or redirect your strategy can save time and money for your eCommerce business.
Most mentor-mentee relationships are "win some" and "lose some." When reaching out to mentors on social media or email, they sometimes get back (slowly), and other times, not at all. Since that's your only line of communication, you're left hanging without the guidance you desperately need.
MentorPass eliminates this issue by connecting you with a marketplace of mentors you can meet with on-demand.. Some even offer their phone numbers for feedback or one-off questions.
No DMing back and forth to schedule a call — just click, schedule, and get the help you need.
5. You hate giving up equity
A common mistake new entrepreneurs make: bringing on investors and business partners too soon. It happens when you lack confidence in executing your ideas.
So you bring on a friend as a business partner because they “know marketing” or have an operations background. Then over time, you realize these responsibilities aren’t as complex as you initially thought. Or that your friend isn’t the right partner long term.
A mistake like this can cost you 50% equity.
It’s the same with investors: they give you cash to invest in marketing or growth and they help you navigate your marketing strategy, product development process, and so on.
Now, this isn’t to say giving up equity is a horrible thing. Many partners and investors deliver on their value and turn out to be well worth the equity. But often, young entrepreneurs give up too much equity too soon because they think they need the guidance.
That’s what makes MentorPass a must-have. You can tap into DTC expert operators without giving up a single share in your company. Need help with marketing strategy? Book a call with Nik Sharma. Need help with paid marketing? Ash Melwani is your guy. Build your own board of advisors.
The cost? A few hundred bucks per month with flexible terms. Plus, you can cancel anytime.Win-win.
What is MentorPass (and is it worth it)?
MentorPass is a platform that allows entrepreneurs to schedule one-on-one calls with top business leaders. Its mentors include successful DTC company owners and operators, which you can connect with to ask questions and receive guidance anytime you need it throughout your journey.
The best part — you get personally matched with mentors and you can choose additional mentors as you please.
How much does MentorPass cost?
To use MentorPass, you must become a member by purchasing monthly or quarterly credits, which you use to connect with mentors.
For example, you can pay $350/mo for 30 credits. Or up to $1,250/mo for 120 credits. Each call with a mentor costs a number of credits, ranging between 3 and 60. Each call will deliver specific advice and actionable insights you can use immediately to overcome roadblocks and achieve business objectives.
Why use MentorPass over other alternatives?
There are numerous mentorship programs for entrepreneurs. But what sets MentorPass apart is its platform of vetted and trained mentors specifically in the eCommerce space.
You get access to experienced ecommerce operators such as Nik Sharma that can point your DTC brand toward success. In many cases, its mentors become more than just advisors, but coaches that challenge you and co-create solutions specifically for your business's needs.
Aha moments are frequent and worth every dime.
Get the mentorship you need to succeed
Curious how a mentor can take your eCommerce business to the next level? So were we. And based on our experience using MentorPass, there's no going back to “winging it” ourselves.
Attempting to operate a DTC company without a mentor leaves you at risk of making avoidable (and costly) mistakes.
So if you want to innovate and spearhead the competition, you have two options:
- Do it on your own and hope for the best.
- Or partner with a network of mentors that can help you reach your goals faster.
We chose #2 and it’s paid for itself 10x over. If you're feeling the same, then sign up for on-demand mentorship today.