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Ep 2: Using Data to Sustainably Scale E-Commerce Ventures with Taylor Holiday
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One of the reasons that data is so exciting is because of its wide-ranging use cases and applicability. Taylor Holiday was on his way to law school after leaving a career in baseball. He never envisioned being in his current position as Managing Partner of Common Thread Collective, an e-commerce growth agency that draws on data to help consumer product e-commerce businesses scale from 0 - $20M. However, now that he uses data every day to help guide his decision-making, he would not have it any other way. In this episode, after hearing about Taylor’s incredible career trajectory, where he had opportunities in startups to learn and grow, he shares why he and his partners decided to build Common Thread. Having more operational knowledge than typical marketing agencies, Taylor knew they would stand out from the crowd because they would be partners in making decisions with their clients. This skin in the game has not only helped them flourish but has seen their clients grow to extraordinary heights. Our conversation also touches on why marketing by itself does not grow a company, the democratization of data across a business, the importance of rallying around a North Star to ensure unified action, and the ability that data gives you to ground concepts that may seem whimsical. Taylor's passion is palpable and tuning in, you are sure to feel as excited as he is about data.
Key Points From This Episode:
- The different kinds of connections that have been possible during the pandemic.
- From baseball to business: hear more about Taylor’s fascinating career trajectory.
- Taylor’s drive to learn and the lightbulb moment he had about the importance of data.
- Why Taylor and his partners moved from consulting to founding Common Thread.
- The freedom that comes with running your own company and the fuel it has given Taylor.
- What differentiates Common Thread from its counterparts.
- Taylor’s relationship with data and his affinity for it from a young age.
- Insights into Common Thread’s growth equation and what it offers clients.
- How Common Thread and Taylor view LTV differently from most.
- An LTV success story where they did not change marketing but used data to make different decisions.
- A look at measures of central tendency and a case for drawing on all of them rather than only the mean.
- Taylor’s take on how to properly incentivize media buyers.
- The benefit of having a growth mindset and knowing that you can learn any skill you need.
- Details of four-quarter counting, a fundamental tool at Common Thread.
- How Common Thread used data to make sure they were actualizing their vision of helping entrepreneurs' dreams come true.
- The best way to try to unify behavior and decision-making within an organization.
- A final piece of advice about data and how it can help you achieve freedom.
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