The Ledger
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Mike Salguero believes ButcherBox would have failed if it raised venture capital
“If we had gone and raised money, we would not have a business right now, because if we had built a model that was like, oh, we're just going to, like, buy a bunch of customers and hope for the best, we would have, like, you know, it's a game of musical chairs,…”
Mike Salguero plans for ButcherBox to remain an independent, multi-generational company
“If we are trying to build an iconic brand in meat, it just might take, you know, 25, 50, a hundred years. And so, yes, is there a possibility that someone swoops in and says, hey, let's buy a butcher box, and here's a price, and I'm like, okay, you know, like,…”
ButcherBox revenue grew from $225 million to $550 million during the pandemic
“Going into the pandemic, I think we did two hundred and twenty-five million dollars, and coming out of the pandemic, we did four 50 and then five 50.”
ButcherBox paid influencers $10 monthly residuals for the life of a subscriber
“What we can do is we can pay you 10 dollars every month for the life of that subscriber.”
Carrying diverse SKUs creates dangerous inventory risks for early DTC startups
“Because where you get into trouble is if you have a bunch of different SKUs, and you're trying to like, you know, carry them all in case the customer wants that versus that.”
ButcherBox succeeded by targeting cooks wanting culinary flexibility instead of meal kits
“Right from the beginning, we were attracting a customer who, like, didn't want to be told what to do with their meat. We were attracting a customer who might be a little more adventurous in the kitchen, or might have some knowledge already, who wanted to be ab…”
ButcherBox outsources all processing, fulfillment, and support to maintain capital efficiency
“Our backbone, like the farms, the processing facilities, pick, pack, and ship customer service All of that was third party. And we do that to this day as one of the ways that we've been able to be very capital efficient.”
ButcherBox converted about 60% of its initial Kickstarter backers into recurring subscribers
“I believe we sent about 1100 boxes to different customers, and we got like 60% of them to sign up. So right away we had 607 hundred subscribers.”