I seem to be down with some kind of bug this weekend so please forgive me for not doing a livestream today.
If you’re jonesing for some video, we’ve just taken the new ‘theatre’ live and it would be fantastic if you could take a look and give us your feedback please.
One of the great marketing challenges these days is that folks have all kinds of devices—phones, tablets, laptops, desktops; with screens of all kinds of sizes, which makes it tough to give everyone the ‘best’ experience on a website, or in our case watching our full intro presentation.
So the tech team have spent several weeks building this—a new way of showing our video.
If you can find time over the weekend it would be very helpful if you can take a look and let us know:
1: Did it load OK on your device?
2: What kind of device you have?
3: If you’ve time to watch, does the ‘orange button’ show up properly?
Thank you in advance if you’re able to do this.
Elsewhere it’s been a very intense week on a number of fronts—the most important being that we’ve made significant progress on COGS.
What is COGS? Cost of goods sold is critical for any company. It’s pretty obvious but you need to acquire whatever you sell at a low enough price that there’s enough margin between that price and what customers pay to run the business.
Typical COGS on many of the products you buy every day is around 20-25%. That leaves enough money to pay for a retailers margin, advertising and many other smaller expenses, which all add up.
But because MAGFAST is offering such great deals on such premium quality products, it means that our COGS is nearly double that at more like 40%. That’s OK but it means we have to take extra care over costs.
If you’ve been with us a while you’ll remember an update from mid-May when I spoke about the 3 ‘S’s of our battery supply chain: Safety, Size & Supply.
Safety, of course, is non-negotiable. I’ve told you before about the long and expensive safety certification process for MAGFAST products.
Size matters because we’re packing so much more into each product than anyone else. Remember in the presentation when I pointed out that to get close to the functions of a MAGFAST power bank you’d have to buy two products from our lead competitor, for way more money, and you’d still be missing critical features?
And supply is subtle. As you know, MAGFAST is a small team of dedicated folks taking on a huge industry full of giant companies. It’s a true David & Goliath situation. And like David & Goliath your MAGFAST gets to win by being smart and taking careful aim. With ‘supply’ that means making sure that as we grow—and the numbers suggest we may have the chance to grow quickly thanks to you. We have continuous access to world-class components at the right price.
To be honest, that last part has been one of the most challenging. Many crowdfunding/customer-backed efforts are only concerned with getting something made to fulfill an initial slate of ‘campaign’ orders. But from the outset we designed every part of MAGFAST to be something much, much greater—a chance to change charging for good.
Anyway good progress this week on COGS so I think at last we’ll be able to confirm final components and sign of on the long-awaited prototype shortly and stay on track for Spring 2018.
Thank you as always for your unwavering support – as I said at the start it would be great if you could take a look at the new ‘theatre’ we’ve built to introduce folks to MAGFAST and let us have your feedback.