备忘录DTC 收购剖析

我们努力拥有有节奏的健康心脏。运动员追求肺活量。包装消费品工业综合体倡导肠道健康的重要性。而我们却对自己大脑的工作方式感到羞愧。

当我在公开场合提到自己的心理健康问题时,我感到一阵心痛。这是一种耻辱,也是一种承认,我们都不像自己认为的那样坚强、坚韧或健全。十年前,我会认为在公开场合或私下表达对此事的任何想法都是一种失败。五年前,我会让我最好的朋友承担起求助的责任,冒着承担责任的风险,而这种责任的分配或接受并不健康。但今天,我试着向那些倾听我的人传达,这只是作为一个人、一个创造者、一个父母、一个企业家和一个灵魂的一部分。

我的头部受过数十次伤,并因此出现神经问题。我患有创伤后应激障碍、严重的社交焦虑症和抑郁症,这是我最不愿意看到的。许多年轻男女都被教导要进行巅峰体能训练,忽视任何心理或情绪上的弱点。有些教练会说 "让大脑安静下来 "之类的话。试想一下,这样想了三十年。最重要的是,这是对我们作为一个社会的失败的承认,即身体会适应工作、休息和营养。这一切都在改变,而且在未来的岁月里还会继续改变。

你的大脑和其他器官一样值得关注,世界终于开始认识到,大脑和任何外在可见的肌肉、骨骼、韧带或肌腱一样,也会受伤或出现故障。在过去的一年中,有一项收购虽然悄无声息,但却意义非凡:Hyperice 与 Core Meditation 的交易。在健康和保健设备充斥的行业中,有一家公司首次选择将身体恢复与精神改善结合起来。摘自收购公告

Core 旨在帮助人们找到平静,提高专注力和内在力量。与其他冥想应用程序不同,Core 既是一个应用程序,也是一个手持式冥想设备,旨在跟踪心率和压力水平

核心公司的首席执行官兼联合创始人莎拉-麦克德维特是我的一位朋友。这位身高 5 英尺 11 英寸的后卫曾是纽约大学的篮球运动员,属于那种安静稳重的类型,很少把自己的弱点表现在袖子上。在我们相识的几年里,我观察到她是如何处理自己的压力的。有一段时间,她一定承受了巨大的压力。她的发展计划被一场百年一遇的大流行病阻断了。她的团队发生了翻天覆地的变化。而围绕冥想重要性的讨论还处于健康和保健行业的边缘。在最近之前,很少有人认真对待它。

核心公司是在旧金山博尔特风险投资公司(Bolt VC)(博尔特风险投资公司的联合创始人布莱恩-博尔兹(Brian Bolze)和麦克德维特(McDevitt)也是托纳公司的早期投资人)的帮助下孵化出来的。博尔特早期参与的价值是无价的:接触设施、技术设计师和开发人员的机会,帮助核心公司进入了独立运营商很少涉足的领域。在2019 年的一份备忘录中,我介绍了她的成功前景:

Core公司正在推出一款冥想设备,该设备通过跟踪心率变异来积极测量冥想效果,心率变异可以让消费者定量测量中枢神经系统的压力。企业家和其他高风险专业人士曾一度使用这种测量方法来讨论他们的压力和抑郁水平;然而,HRV 在非运动领域的兴趣正在迅速增长。

但是,如果没有数千万美元的资金用于需求生成,采用始终是个问题。她根本没有这样的能力。她的运气也不太好。她的冥想训练器设计精良,广受好评,在 2020 年的 CES 大会上赢得了荣誉。但长期以来的问题是:Core 如何与冥想应用程序和能力较弱但知名度较高的物理设备竞争?解决匿名问题的良方通常是建立知名度最高的合作伙伴关系,也就是争取专业运动员和艺人的加盟。风险投资公司(也许除了 A16Z)通常无法提供这样的介绍。而且到了一定程度,也没有一家风投可以资助公司进入职业体育世界。自 2016 年以来,该公司仅筹集到 400 万美元,资金不足,不受重视。但偶尔,运气和时机也会开始对你有利。

现在的运气和时机

当大阪直美宣布决定退出温布尔登网球公开赛时,麦克德维特和他的团队已经与 Hyperice 首席执行官吉姆-休瑟(Jim Huether)进行了交谈。另一个偶然的联系出现了。SC Holdings 公司的 Jason Stein 是 Hyperice 的积极倡导者和董事会成员。他还是纽约大学的篮球校友。有时,运气会对你有利,而麦克德维特和斯坦因之间的共同经历无疑帮了大忙。

从许多方面来说,大阪在今年 5 月宣布她不会参加法网前的强制性新闻发布会时,就启动了当前围绕心理健康的全国性对话。她后来退出了比赛,并解释说"我不是一个天生的公众演说家,在向世界媒体发表讲话之前,我会感到巨大的焦虑",而且自 2018 年以来,她一直面临着 "长时间的抑郁"。[1]

几周后,西蒙娜-拜尔斯宣布退出她即将参加的 2020 年奥运会项目,这让粉丝们震惊不已,她的理由是需要优先考虑自己的心理健康。在一份声明中,她只是做了对自己来说正确的事,这让许多观察家感到失望。围绕着大阪和拜尔斯的个人决定,网上的议论不绝于耳:有线电视新闻主持人感叹她们是品行不端的人物。而那些在高中时可能曾经进过一个篮子或记得接过一次合营达阵传球的先生们的嘲讽则更加无情。

但是,这些非常公开的反抗行为所代表的,是人们对心理健康问题的羞耻感的转变。体育界最强壮、最有成就的两名运动员选择了修补看不见的伤疤。就在十年前,我们还不太可能看到运动员在他们的比赛中做出这样的决定。而现在,心理健康已成为运动员关注的首要问题。随着全国性话题的不断发展,Hyperice 成为了 "核心 "的新资源,可以弥合心理和生理之间的鸿沟。更重要的是,Hyperice 和杰森-斯坦恩(Jason Stein)提供了接触精英运动员和艺人的机会。就在一年前,斯坦恩的 SC 控股公司投资了马夫-卡特和勒布朗-詹姆斯的 Springhill 公司。

当我得知公司决定加入 Hyperice 时,我欣喜若狂。这不仅是为了莎拉-麦克德维特和她的团队、她之前的投资者和新的商业伙伴,也是为了向更广大的体育界传递信息。身体健康和心理健康学科之间的联姻时机早已成熟。围绕它的羞耻感仍在消散;你仍能感受到运动员们的犹豫不决。最近,亚伦-罗杰斯(Aaron Rodgers)发表了一份声明:

精神层面对我们所有运动员都非常重要。我认为这一点谈得还不够。但我认为,花时间锻炼自己是我们每个人能送给自己的最好礼物。

三年后,像罗杰斯这样的运动员将不再讳言抑郁、焦虑和创伤后压力带来的痛苦。他会声情并茂地分析自己的心理健康状况,就像讨论拉伤的 MCL 或肌腱病一样。心理保健的商业化将被视为其污名化的前前后后,而 2021 年将是这一故事的关键一年。Hyperice 对 Core 的收购将作为这一变革的一部分而被铭记。一家拥有 400 万美元资金和不到 10 名员工的小公司实现了影响更大行业的最初目标。它最初的投资者和支持者应该感到自豪的是,Core 团队抛开了自我,考虑得足够大,与体育界一家著名的、人脉广泛的公司合作。这是一个将被重新定义的类别。

作者:Web Smith | 编辑:Hilary Milnes 

第 336 期:"更多的循环

There is a subtle trend bubbling beneath the Rothys and Veja’s of urban dwelling millennials. There is a rise in 20 and 30-something workers who choose to take mental health days off from work, citing burnout. CBD-based goods are commonplace throughout specialty retailers’ checkout lines. Meditation apps and hardware are tipping into the mainstream. Rather than the consumption of more and more goods, high-earning millennials are choosing to take time off instead. This shift in priority is in-line with another: the boom of companies pursuing valuation arbitrage by identifying new paths to growth. WeWork, perhaps the case study par excellence of this business cycle crashed –  on demand  – with the help of an angry, financially-free NYU Professor with nothing to lose.

Two trends lead this report: (1) the shift towards mental minimalism and (2) the shift away from the business cycle of more. In a January report in BuzzFeed News, the first of the two began to pick up steam in the mainstream media:

So what now? Should I meditate more, negotiate for more time off, delegate tasks within my relationship, perform acts of self-care, and institute timers on my social media? How, in other words, can I optimize myself to get those mundane tasks done and theoretically cure my burnout? As millennials have aged into our thirties, that’s the question we keep asking — and keep failing to adequately answer. But maybe that’s because it’s the wrong question altogether. [1]

Each daily task, job, extracurricular event, and hobby shares many of the same traits with one another. Bigger, more, faster, more, better, and more. Rarely is any daily occurrence simple, small, or inconsequential. And it’s beginning to show. If you’re reading this, you’re likely thriving in an environment where you Peloton or Tonal before work, Uber Black while answering emails on $2,000 MacBooks, micro-dose to become “limitless,” intermittently fast to optimize for your fitness, and then work twelve hour days to pay for those $3,500 monthly leases. Frankly, we are all burnt out. And there is a connection; brands are beginning to reflect the empathy towards this behavioral undercurrent.

It’s easy to understand, then, why so many of us are so angry. The WeWork’s of the world were built on an ethos of positive vibes and unity — replete with what tech analyst Ranjan Roy calls “high-minded, burning man-esque self-actualization language” that, today, feels offensively out of sync with people’s lived realities. So why would Pattern, or any company that applies a superficial layer of burnout-conscious buzzwords to its products, be different? [2]

Consumer psychology involves the interest in lifestyle, behavior, and habit. It’s an all-encompassing study that considers our idiosyncrasies, our temperaments, and even our subtle personality traits. These are the variables that influence our behaviors as consumers. Psychographic segmentation is the analysis of a consumer cohort’s lifestyle with the intent to create a detailed profile. [3]

Pattern Brands, the group behind Gin Lane (RIP), is at the forefront of this trend identification. The legendary creative agency that developed the mold for millennial consumption by advising Hims, Harrys, Dia & Co, Ayr, Bonobos, Shinola, Stadium Goods, and Rockets of Awesome is pulling back on the messaging that influenced the “business cycle of more.” With a bit of hindsight, it makes sense that Recess and Haus were two of Gin Lane’s final DTC projects. It’s as if they were telegraphing their plans to focus on a new era of messaging by concluding their successful run with two “mindful” brands.

What does this mean for DTC brands?

In the last months, Everlane launched its impact-free shoe, Allbirds released a Rothy’s look-alike, Rhone launched a credible competitor to Mizzen+Main and Ministry. And Away began laying the groundwork for a consumer packaged goods (CPG) operation. It was once common for brands to believe that they could build a defensible growth path by identifying one product-need and one consumer identity. [4]

Scale fast, scale there, scale now. This is the executive mantra of many of today’s top digitally brands. Many product manufacturers began with a single, key product. They then expanded into a growth path befitting that of a traditional category brand. Though, most DTCs have done so prematurely. In contrast, successful traditional brands expanded beyond their initial focus after a decade or more in business.  In this era of retail, the move from product-to-category happens in just a few years. Founders hire product talent to stay atop a growing diversity of SKUs – many of which were barely intended upon the start. Imagine a shoe company designing luggage or a luggage company designing dress shirts, for instance. For a generation of consumers, the business cycle of more isn’t just student loans, rising rents, or WeWork’s demise. It’s also representative of the brands that we consume. Every brand seems to be out to get bigger, faster, and stronger – a subsconscious reminder that we are to do the same. This is beginning to change.

In a recent conversation between AdWeek’s Ann-Marie Alcántara and I, we discussed these concepts in a marathon of off-the-record discussion. To combat the hyper-growth narrative required to achieve venture funding, the early stages of  today’s upstart brand would resemble more of a publisher or community than a retailer. The rationale is simple: a customer is fleeting, a community lasts. This is most often reflected by brands with stronger organic presences. Brooklinen is the example of the hour.

Brooklinen: A “Bedroom” Brand

No longer just a bedding brand, Brooklinen wants to own the bedroom much like Away aims to own travel. Their strategies diverge from there. Brooklinen is in a class of digitally native bedding companies to include: Parachute Home, Buffy, and Hill House Home Inc. Founded in 2014, the company reported nearly $60 million in 2018 sales; the wife-husband duo has only raised $10 million to date, a capital constraint that likely influenced their growth path from product company to category presence. In this case, capital constraint proved an effective growth mechanism.

Screen Shot 2019-10-28 at 3.51.34 PM
From: earthy-minimalist at Brooklinen

In contrast with many of today’s top digitally native brands, cofounders Rich and Vicki Fulop shunned the traditional “category expansion” playbook in favor of a two-way marketplace format that compliments the aforementioned trend undercurrents.  Consumers will reward the brands that offer value without trying to do it all. As such, the launch of the Spaces marketplace gained wide media attention thanks to savvy messaging from the founding team and public relations work by Ogilvy’s Lindsey Martinez, Brooklinen’s public relations firm on record.

Spaces will feature 100 products by 12 partner brands (in addition to the total 89 products created by Brooklinen). Designers will include some independent artisans, as well as recognized brands such as Simply Framed, The Sill, Floyd and Dims, among others. [5]

The launch piqued the curiosity of a number of industry observers who weren’t yet familiar with Brooklinen’s marketplace partner RevCascade or the SaaS company’s tech stack. Rather than expanding beyond the brand’s 89 SKUs by developing or white labeling other in-category products, Brooklinen partnered with RevCascade to launch a two-sided marketplace. With a monthly average of 600,000 – 650,000 visitors with purchase intent, offering complimentary products from fashionable brands like The Sill accomplishes a few things: it monetizes existing traffic while rounding out the consumer’s interpretation of how Brooklinen fits within their lives.

Brooklinen expanding to a marketplace isn’t necessarily a new concept, according to Web Smith, the founder of retail research platform and community 2PM. It’s what Smith calls linear commerce, in which a brand uses an existing audience to monetize further revenue, growth and traffic. [6]

Is Brooklinen any less of a category brand than Casper? The short answer is no. In fact, the market may reward the bedding company for its two-way market strategy. RevCascade provided the tools necessary for Brooklinen to launch a hybrid marketplace that featured (1) wholesale (2) direct (3) and drop-shipped merchandise. In this way, Brooklinen’s approach is reflective of the Law of Linear Commerce.

With so many new brands in different categories, it’s difficult for any company to “cut through the clutter,” Fulop said.

Brooklinen’s founding team paired an existing audience (of 600k MAU) with an additional commerce opportunity. In their case, they did so without any additional hiring, development, or marketing hindrances associated with new product launches. With their approach, they offer new products while maintaining their focus on the production of quality textiles.

In a comment to 2PM: Josh Wexler, cofounder of RevCascade:

RevCascade enables any retailer, eCommerce merchant, or publisher to launch their own curated marketplace or dropship program to elevate their brand, better serve their consumers, and generate new revenue with zero inventory risk. Brooklinen’s approved brands (aka sellers or suppliers) use RevCascade’s “onboarding wizard” to create their profile, upload inventory, and set shipping preferences. In parallel, by leveraging RevCascade’s automated Shopify integration for product data, inventory updates, and transaction data, Brooklinen was able to launch their marketplace in less than 30 days

Anchored by a strong affinity for the company’s core products, Brooklinen gained a competitive advantage by both measures: DTC and marketplace. Consider Verishop, a popular, well-led, and well-capitalized marketplace that launched in July of 2019:

[table id=49 /]

Whether we are discussing Pattern Brands’ approach to remedying burnout culture or the cycle of more’s influence on an ever-crowded market of high-growth brands, Brooklinen’s partnership with RevCascade may serve as a path forward for many of their counterparts. Consumers have grown weary of companies that are looking to grow for the sake of growth. To these consumers, it’s a reminder of their own fast-paced, high-pressured lives.

Consumerism will always exist in some form or the other, but the clutter of brands looking to grow to the next milestone may fall out of grace with many. From Marie Kondo to Core Meditation, clutter culture has become a catalyst for burnout remedies. Experiences that provide ease, value, and simplicity will be rewarded in today’s market. It is a brand’s responsibility to contribute to the solution and not to the cycle of more.

Read the No. 336 curation here.

Report by Web Smith and edited by Tracey Wallace | About 2PM

第 311 期Whoop 和飞轮

Image: courtesy of Gear Patrol

It was a saturday morning in Columbus and Central Ohio was on its last day of hosting the Arnold Classic. Arnold Schwarzenegger hosts an annual event for athletes across fitness, strength, and endurance in town and while we avoid most of it, there was one meeting that I had to take. Alexis (my oldest daughter) and I met for brunch with Iceland’s Katrin Davidsdottir, one of the most recognizable alternative athletes in the world, a two-time “Fittest on Earth”, and family friend. The two athletes discussed the typical sports topics: hard work, diligence, and resilience. Katrin is at the top of her craft and Alexis is an athlete in her own right. The conversation was between two top competitors who recognized each other’s talents, drive, and natural abilities. In this part of the conversation, I was just a bystander.

We quickly moved to more practical matters: the economics of commerce and product marketing. Davidsdottir is also the most marketable athlete in her field and one of her sponsorships is with Whoop. Whoop is a physical band that measures athletic analytics like: strain, depth of sleep, and heart rate variance (HRV). The band allows you to subscribe to an athletics analytics SaaS. In a recent podcast with Whoop, Davidsdottir discussed her journey from a small country to a lucrative, American lifestyle as a competitive athlete. She swears by it; so do I – but for different reasons.

When we recognized the distinct-looking bands wrapped around our respective wrists, we began talking about our affinity for the product. We viewed Whoop from two vantage points: she’s an elite athlete and I’m an entrepreneur – both career paths are stressful to the body, mind, and central nervous system. We went on and on about how often we see the in-app metrics and how it influences our daily decisions. I knew that Whoop would be a force, this conversation confirmed it.

Linear commerce is a core tenet of 2PM’s understanding of the commerce ecosystem. It’s the active prioritization of audience-growth. Product manufacturers typically seek to outsource demand generation. Brands, that are ahead of the curve, emphasize their audience’s growth as much as they address their physical product’s development. And vice versa, digital media companies that follow linear commerce prioritize organic and loyal growth over commodity clicks. By building a system that allows peers to privately compare their lives, Whoop has – perhaps mistakenly – developed its most effective flywheel.

A flywheel is a device that stores and distributes energy. Retail management will use  the term to describe the sociology of keeping customers engaged, allowing engaged customers to attract like-minded consumers.

Jonathan Poma is the Founder of Loop and the Chief Evangelist Officer at Brand Value Accelerator; he recently stepped down from the Chief Executive role to spend more quality time with his family. Part of this decision was stress-driven. He’s also an avid technologist. Poma was in the first 1,000 users of Slack, an early Uber user, and when he finally joined Whoop – I knew that it was only a matter of time before he began to maximize the platform’s functionality. In a recent conversation with him, we discussed the platform’s latest development for us non-athletes. A consumer will be hard pressed to find Whoop branding or messaging that represents consumers like us. When Poma made the request to Whoop for group reporting access, Whoop allowed him to use the “team” functionality for a test group of colleagues. After a few weeks of this using this group setting, Poma chimed in:

Whoop is 100x cooler than I even thought it was two weeks ago.

Prior to this in-app solution, we found that we’d screenshot our best fitness and recovery days and send them to one another via iMessage. Our Whoop group began to grow until we averaged 1-2 new buyers per week; we’d often pitch our friends on buying one so that we’d be able to compare our data. All high risk entrepreneurs, Whoop’s ability to track fitness, sleep, and strain on the central nervous system became a necessity for early-adopting entrepreneurs – a group that traveled often, slept sub-optimally, and works long hours. Our crude iMessage format evolved into an ability to check, compete, and support colleagues.

Through the mobile and desktop applications, we have full visibility of one another’s holistic health. It drives conversations around work ethic, reduction of alcohol / sugar, and improving physical capacity. In this way, Whoop has successfully duplicated the value of the group fitness experience and replaced it with personal software. In essence, the grouped colleagues are always working towards health and training goals in concert.

Despite a selection of elite athletes as sponsors and a top podcast, Whoop is primed to jump the chasm by promoting this functionality for its civilian consumer. In this way, Whoop’s latest offering may become its greatest (and most timely) marketing asset. Why? Data suggests that consumers are evaluating their relationships with: health, community, and luxury – at scale.

2PM Data: On Telemedicine

In a recently published index, 2PM tracked 45+ of the top companies in telemedicine on the DTC Health Index, a list that comprises a list of companies that are privatizing the healthcare industry. Whoop, a company that’s raised $49.8 million, is part of a larger trend towards consumers owning more of their own health and wellness. It is showing, Whoop’s on-site traffic has doubled in the last six months. Of this traffic, only 6% of is by way of paid customer acquisition. The flywheel is spinning.

On desktop and mobile web in the last 6 months

Anticipated growth in digital health systems and analytics are driving a lot of this interest. For instance, Apple recently innovated around this effort to democratize consumer care with its ECG app. And Core is launching a meditation device that actively tracks its effects by tracking HRV. Whoop is one of a handful of platforms that tracks heart rate variance, a measure that allows consumers to quantitatively measure the strain on their central nervous system. Entrepreneurs and other high risk professionals have used this measure to discuss their levels of stress and depression for a time; however, HRV’s interest is growing quickly in non-athletic spaces.


What is HRV? It is the delta between successive heart beats. The heart’s irregular rhythm causes heart beat timing to change. It was initially used by emergency room healthcare professionals to predict patient mortality rates post medical emergency. The application of HRV is now being studied as a measure of physiological response to stress and exercise. The higher the number – on your 30-day baseline – the more recovered the body.


2014-2024: digital health market size ($ billions)

2015-2020: projected CAGR for the global digital health market

On Health and Modern Luxury

In a recent report by Business of Fashion: “The Future of Luxury is Freedom” , the magazine’s resident retail prophet discusses the changing definition of luxury. Doug Stephens writes:

Today, luxury is evolving once again and brands are wrestling with the fact that consumers are increasingly shifting spend from products and services to experiences. This is especially true among young consumers in the West. According to a 2018 Harris Poll study of US millennials, 78 percent say they’d rather spend money on a “desirable experience or event over buying something desirable.”

In No. 265, we discussed this in the context of Peloton, the in-home cycling and media phenomenon that shares a somewhat similar target consumer with Whoop.

It’s no longer sufficient to define luxury products by how difficult they are to attain. Time is the scarcest resource and the ultimate luxury. Being a modern luxury brand is about being self-aware. These brands sell time as a scarcity and then build products around it.

Health and wellness – a scarce resource measured by time and ability – is emerging as one of the most foremost American luxuries as traditional healthcare costs skyrocket. For direct to consumer (DTC) healthcare companies like Whoop, their platform has somewhat accidentally entered the conversation. While designed for athletes working to peak their physical performance, Whoop has found its software co-opted by normal consumers who use the software to measure the markers that influence the scarcity of a consumer’s time and ability.

Whoop is a company of about 100 workers who more than likely train, sleep, and work with the band that they’re helping to build, improve, and market. As the trends around healthcare, luxury, and self-quantification continue to converge in the company’s favor – consumers will will see more of HRV in the context of quantification.

In this way, Whoop and its community are contributing to more than its own marketing flywheel. The long-tail effect of the popularization of HRV means that we’re bound to see more products that address one of the top questions in Whoop’s community: “how do I improve my HRV?” This is the question that will launch its own consumer product sector.

Read the No. 311 curation here.

报告人:Web Smith |大约 2PM