Formula Ready has made $5 million in revenue today. And it was created three years ago by Sylvia, a software engineer who knew nothing about how to run an e-commerce business.
Ever since starting, she had learned a lot about website optimization, Google Analytics ad and Facebook ad. But little sales come in as a result. Until one day, she went out to visit one of her friends who used to work in Amazon before starting his own e-commerce business.
In just three years, he managed to bring his company's annual revenue from $0 to $10 million. Sylvia was blown away by his story. After talking with him, she summarized the 3 main components for success.
1. Research
Product research is the key. Finding a balance between supply and demand, and also gaining an insight into potential customer's pain point is critical.
By researching the downside of existing products in the market, she has improved on them, then sell it to her customers in a better price that her competitor can offer.
2. Brand
A brand is a line of products where her customers could build trust upon, and recall by brand name. The product's quality should be superior, so they would refer it to their mom friends.
She believes a brand that runs only on ad is not long-lasting, and what matters the most is to keep existing customers happy.
3. Patience
As time goes, it is her top priority to provide excellent customer service, and excellent customer experience to her customer. These are just as important as the product itself.
With these three elements combine, Formula Ready has growth steadily for the past two years, and Sylvia is still learning and improving just as day 1.
