Mark Patchett is the Founder of Growth Shop, an agency that launches direct-to-consumer brands with $5 million to $30 million annual revenue. As an e-commerce entrepreneur, he has spent over 12 years building growth teams to scale businesses with over $1 billion in revenue. Mark has experience across more than 250 companies, from hyper-growth startups to global brands like the BBC, The Economist, and Channel 4. Before Growth Shop, he held various roles at Resident, including Growth Advisor, VP of Growth, and Head of Performance.
Here’s a glimpse of what you’ll learn:
- Mark Patchett talks about Growth Shop and how the company scales brands
- Common mistakes Growth Shop uncovers when performing brand audits
- Why you shouldn’t neglect conversion rate optimization
- The power of customer reviews
- Growth Shop’s audit process and ideal clients
- Mark’s background in paid media
- How Mark considers market positioning and lead generation
- The role of data analysis platforms in determining brand performance
- Case studies: lessons Mark learned from his most notable clients
- Preparing companies for rapid growth
- How Growth Shop approaches hiring and company culture
In this episode…
Do you want to grow your business? Most companies believe that to scale rapidly, you have to expand your budget. What if you could double your revenue without spending more money?
According to Mark Patchett, 80% of customers don’t scroll past the top of your web page. So to maximize the path to purchase, you have to increase the conversion rate, average order value, and customer lifetime value by 26%. To take it one step further, Mark says to compile customer reviews from both your brand and your competitors to analyze common themes and pinpoint customer preferences so you can stay one step ahead of the curve.
In this episode of the Inspired Insider Podcast, Dr. Jeremy Weisz chats with Mark Patchett, Founder of Growth Shop, about strategic business growth. Mark talks about why you shouldn’t neglect conversion rate optimization, the power of customer reviews, how he prepares companies for rapid growth, and much more!
Resources mentioned in this episode
- Victoria Beckham Beauty
- Nectar Sleep
- The Almanack of Naval Ravikant by Eric Jorgenson
- Simplify: How the Best Businesses in the World Succeed by Richard Koch and Greg Lockwood
- The Science Delusion by Rupert Sheldrake
- As a Man Thinketh by James Allen
- “[Top Agency Series] From the Kitchen Table to a Full-Service Agency: The Evolution of lotus823” with David Hernandez
- “[Top Agency Series] How to Get Traction Through Cold Emailing With Robert Dodd and Joe Solano of XL Technologies LLC”
- “Building a Great Team and More Helpful Insights with Jason Swenk Host of The Smart Agency Master Class Podcast”
- “[One Question] Building a Platform to Empower Others with Jason Swenk Host of The Smart Agency Master Class Podcast”
Sponsor for this episode
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Cofounders Dr. Jeremy Weisz and John Corcoran credit podcasting as being the best thing they have ever done for their businesses. Podcasting connected them with the founders/CEOs of P90x, Atari, Einstein Bagels, Mattel, Rx Bars, YPO, EO, Lending Tree, Freshdesk, and many more.
The relationships you form through podcasting run deep. Jeremy and John became business partners through podcasting. They have even gone on family vacations and attended weddings of guests who have been on the podcast.
Podcast production has a lot of moving parts and is a big commitment on our end; we only want to work with people who are committed to their business and to cultivating amazing relationships.
Rise25 Cofounders, Dr. Jeremy Weisz and John Corcoran, have been podcasting and advising about podcasting since 2008.
Insider Stories from Top Leaders & Entrepreneurs…
You are listening to Inspired Insider with your host, Dr. Jeremy Weisz.
Jeremy Weisz 0:22
Dr. Jeremy Weisz here founder of inspiredinsider.com where I talk with inspirational entrepreneurs and leaders today is no different at Mark Patchett of growth.shop. And before we formally introduce you Mark, I always like to point out other episodes people should check out of the podcast. And since Mark is a thriving growing agency, some of the other ones I had on David Hernandez Lotus823 talks about influencer marketing and their strategy to get brands in front of ideal customers. So this relates to this episode as well. And Robert Dodd and Joe Solano, the co-founders of XL Technologies, they’ve been doing the digital agency thing for over 20 years. What’s cool about them, and they specialize in real estate brokers, and helps people scale their brokerages, but they grew and built up a SaaS company within their agency, which is kind of interesting to hear how they did it. And then of course, Jason Swenk, I had two episodes with him, how he built up his eight-figure agency and sold it and then what they’re looking for in acquiring agencies these days. And that’s actually how Mark and I met. So shout out to Jason, thank you. And this episode is brought to you by Rise25. At Rise25 we help businesses give to and connect to their dream 100 relationships and how do we do that? We help you run your podcasts. We are an easy button for you to launch and run your podcasts we do accountability, the strategy and all the execution around it. For me, Mark, we know each other a little bit. The number one thing in my life is relationships. I’m always looking at ways to give to my best relationships. I found no better way over the past decade to profile the people in companies I most admire on this planet and profile them. So if you’ve thought about podcasting, you should. If you have questions, go to rise25.com. And I’m excited to introduce Mark Patchett. He’s founder of growth.shop and he’s been in the DTC trenches for over a decade building brands like Victoria Beckham Beauty, Nectar Sleep, they grew from 10 million to 240 million in 18 months plus hundreds and hundreds of other brands and he’s going to break down his thought process what they’ve done and Growth Shop was built to provide brands with the how product market fit, access to the firepower of a team that can help grow it even more. So they’re currently based in Dubai after departing from their home in the Ukraine, and the team has headquarters in London. And Mark, thanks for joining me.
Mark Patchett 2:53
Good to be here man, absolute pleasure.
Jeremy Weisz 2:55
So just talk for a second about Growth Shop and what you do.
Mark Patchett 3:03
Growth Shop. So we do a bunch of stuff, you summarized it really well. The main idea is partnering with consumer brands that are doing about two to five million a year that have really, really good product market fit. And we normally see strong founder-led companies that have had exposure to pretend like a particular kind of market and they’re like shit, I just know, there’s a better way of doing this, they’ve gone away and then created the product, they understand the product development, they understand the customers. And that’s usually enough to get a business to the two to five million level. Like even if you’ve got basic kind of Facebook ads, you can get there. Getting from five to 10 and then up to the couple 100 million level, requires a bit of a different skill set, then really, really deep really understanding the whole growth ecosystem. So we built those big brands like it Nectar Sleep pinning to 40 million. And then we left there at the 333 kind of level. And then we took that team we built fully integrated growth team and then we partner with those brands and run a couple in parallel.
Jeremy Weisz 3:04
So talk about so a brand comes to you. I’m curious of what they are doing currently. Are they doing some version of paid advertising and then what are the services that you’re working with them on?
Mark Patchett 4:23
They are always doing paid marketing like that’s how jet fuel that’s how we build these brands really, really quickly. They usually do an okay job. Sometimes they’ve got like a mid-level person managing it inside. Most of the time, they’ve got an agency, and largely what we see like we do a whole audit of these companies. And it’s a similar type of audit you’d use if you’re trying to understand the valuation of a company, which is always a nice way to look at it. It’s not just talking about Facebook ads, but ultimately talking about exit valuations and the numbers are just kind of flat and the numbers are flat because like a typical agency’s just looking within the Facebook platform on their recycling some ads, and they just kind of coasting. And it’s like a safe zone. So to push into really go quickly, you got to get quite aggressive. So we recover all the media by piece, but then we have a fully integrated creative solution. So we extract UGC, usually they do their own shoots, we help guide it, then we have a whole data platform in the back end, that sucks all of that data and gives a one unified view, which is dollar in dollar out. Like we don’t care what Facebook says, we don’t care what Google says we care how much money you’re getting, and how much money you’re spending. So we plug that in, and then the layout within that as well is all CRM. So it’s kind of really powerful email automation, SMS automation, referral, all those types of bits.
Jeremy Weisz 5:44
Mark, you look under the hood of a lot of different brands and companies. I’m curious when you take them through the audit, what are some of the most common or biggest mistakes that you see the companies making?
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