6M Shoes Designed, $24M Raised, By Customer Shoe Maker Shoesofprey.com

Jodie Fox

In Episode #377, Nathan interviews Jodie Fox, a woman who has solved the problem of constantly hunting for the right pair of shoes. Her company Shoes of Prey has raised over $24 million for its system that allows every pair of shoes to be completely customized.

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Famous 5:

  • Favorite Book? – Getting Things Done
  • What CEO do you follow? — Tom Ford
  • Favorite online tool? — Slack
  • Do you get 8 hours of sleep?—No
  • If you could let your 20 year old self know one thing, what would it be? — Do everything before you’re ready.

Time Stamped Show Notes:

  • 01:13 – Nathan introduces Jodie
  • 01:50 – Shoes of Prey—Women can design their own shoes
  • 02:20 – Peer play
  • 02:55 – Women wanted a physical interaction with their shoes
  • 03:15 – First offline store
  • 03:40 – Costs for stores
  • 04:14 – Launched in 2009
  • 04:20 – Funding to date is $24M
  • 04:35 – Every pair is custom made
  • 04:58 – Their website has a gallery for inspiration
  • 05:10 – It’s a social interaction about shoes
  • 06:05 – Customization can start with an inspiration shoe or from scratch
  • 06:40 – Customers have complete freedom
  • 07:25 – How much time people spend making a shoe
  • 08:15 – Acquisition costs
  • 09:45 – Mass-produced shoes are cheaper to produce
  • 10:30 – Pairs of shoes sold
    • 10:55 – Some people design and never buy
  • 11:15 – Their investors
  • 12:00 – Competitors
  • 12:25 – Average sale is $225
  • 13:03 – Team of over 220
  • 13:30 – Production in China
  • 14:40 – First-year revenue was less than $50k
  • 15:00 – Jodie was not in the fashion industry when she started her company
    • 16:40 – She was brainstorming with friends on the beach
    • 17:15 – Her cofounders are her ex-husband and their groomsman
  • 18:10 – Shoes of Prey wants to eventually grow to other clothing
  • 19:20 – Pay per customer
    • 19:40 – 75% is word of mouth
    • 20:05 – Campaigns
    • 20:50 – Testing offline methods
  • 21:25 – youtube.com/jodiefox
  • 21:35 – jodieannfox on Instagram or @jodiefox on Twitter
  • 23:40 — The Famous Five

3 Key Points:

  1. Find a niche and you’ll have a business with no real competitors.
  2. Don’t let complicated relationships get in the way of your business’s success.
  3. Make your business a unique experience for the customer.

Resources Mentioned:

  • Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
  • Freshbooks – The site Nathan uses to manage his invoices and accounts.
  • Leadpages  – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
  • Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
  • Slack – Jodie’s favorite online tool