Adam Goldenberg’s entrepreneurial career started at the tender age of nineteen. Together with his friend and partner Don Ressler, they have started numerous ventures. Their most successful business up to date is JustFab which recently rebranded as TechStyle.
$85 million funding
JustFab received $85 million funding, planned to be used as capital. The amount has increased the firm’s capitalization significantly, hitting the quarter billion dollars mark. While confirming the deal on Vator.tv, Adam stated that the funding signified investors’ faith in his business. In the light of this great success, Adam did not rule out the probability of an IPO in the new future.
According to various reports on businessoffashion.com, this funding allegedly increased JustFab’s valuation to $1 billion. By reaching this mercurial Mark, JustFab has joined the elite league. The future is even more promising, as its subscriber numbers grow by the day.
JustFab success strategies
Adam Goldenberg attributed JustFab’s success to being data-centred. He encouraged other entrepreneurs to copy his firm’s obsession with statistics. Being a number maniac may help a great deal in the immediate noticing of problems. Additionally, Adam reiterated the importance of taking both good and bad statistics into account. He noted that if the whole team at the firm is aware of the wrong numbers, they will collectively come up with strategies that will keep the business in the game and ensure profitable returns.
Another reason for JustFab’s success is the acknowledgment of customer’s opinion. From the beginning, Adam’s firm made customer feedback their priority. He used an instance where clients were reluctant to pay certain amounts for particular products on cnbc.com, citing high prices as the reason. To avoid the recurrence of these happenings, JustFab created a team solely determined by hearing members out and using their opinion to offer them with unique, personalized services.
Contrary to other employers in the market, JustFab uses a rather unusual hiring mechanism. While other firms primarily concentrate on immaculate academic credentials, JustFab assesses the prospective employee’s zest to develop their brand. Adam stated that academic nerds without passion are not likely to flourish at JustFab. The firm has adopted “be passionate” as one of its mottos.
To enhance the productivity of their staff at http://www.crosscut.vc/adam-goldenberg, JustFab incorporates mentorship programs into their schedules. Adam added that while most executives spent extended periods of time trying to improve mediocre employees, his firm only develops elite performers, eliminating the necessity of keeping average workers.
For client retention purposes, JustFab independently designs and manufactures their products. Adam stressed that most enterprises lost customers due to getting their priorities wrong. Instead of focusing on developing quality products, the companies were concentrating on marketing strategies. This shift in focus may attract customers to the stores, but they end up buying nothing because the quality is compromised.