074: How Saatva Scaled Their $400M DTC Luxury Mattress Brand with Ricky Joshi

Ricky Joshi is the co-founder and chief strategy officer of Saatva, a direct-to-consumer luxury mattress and bedroom company that earns more than $400M in revenue and has been named to the Forbes Top 100 Most Promising Companies list. While going mattress shopping for himself one day, Ricky noticed a few shortcomings from mattress retailers. Confusing messaging. Bad customer service. No core values. Ricky thought he could do better, and in 2011, Saatva became one of the world’s first DTC brands.  In this episode, Ricky shares Saatva’s success secrets, including effective marketing strategies, key metrics to focus on, and brand awareness tips for entrepreneurs in the DTC space.  You’ll also hear about how Saatva created an in-store experience that leads to greater than 50% conversions, how competition helped Saatva 3x its sales in one year, and how companies can decide when it’s time to branch out and launch new product offerings. Key Takeaways with Ricky Joshi How increased competition helped Saatva grow from sales of $9.5M to $28.7M in one year. What are the best and worst things Saatva has done in marketing? How Saatva's brick-and-mortar retail stores have a conversion rate higher than 50%. How selling a product with a high AOV can lead to a better customer experience. Two core components to building growth and success. How Saatva has branched out to having more than 42% of its buyers coming from a non-mattress product. The major advantage small companies have over big companies when it comes to marketing.     How is AI impacting marketing right now? Why established brands and large companies often struggle in the DTC space. How to weigh investing in brand awareness with the growth trajectory of your company. When do you know if it's time to branch out and start selling new items alongside your flagship product? Balancing your consumer's awareness level when choosing which platform —like TikTok, Facebook or Google Ad Words — to market on. How entrepreneurs can analyze SEO traffic to determine alternative revenue streams. Subscribe to the Podcast We hope you enjoy this episode and that you find some golden nuggets within this interview. Trust us, it's there! If you want episodes delivered straight to your inbox, consider subscribing to the show and we'll email you each time a new episode is released! Thanks for tuning it & keep being awesome. BAM! 💥