A New Perspective on Lifetime Value: My Conversation with DeepNet CEO, Jeremy Stayton
Just the other day, I had the pleasure of engaging in a deep and enlightening conversation with Jeremy Stayton, the CEO of DeepNet. The topic of discussion was something we at Synergy Group are quite passionate about: the broadened concept of LTV (Customer Lifetime Value), and the similarity it shares with effective dietary supplementation.
LTV and Dietary Supplementing: A Unique Connection
At Synergy Group, we’ve redefined LTV to not only encapsulate the financial value a customer brings over time but also the value that lies in our relationship with the customer, as well as our shared values around our supply chain and sustainable farming practices.
In Conversation with Jeremy
Jeremy was intrigued by our approach, and our conversation began with the history of our customer relationships.
Thatcher on Customer Relationships
From the very start, our founder, Mitchell, wanted to connect directly with our customers. His products were originally designed and sold direct to consumer long before e-commerce was a reality," I told Jeremy, recounting our early days when we relied on conferences, the Good Earth catalogue and word-of-mouth to connect with our customers. I emphasized that the direct relationship between the company, the product, and the consumer has been the core of our business model for over 30 years. Even as we've grown and expanded, we continue to prioritize keeping that relationship. We regard our website not merely as an e-commerce platform, but as a portal to engage with our customers.
Our Focus on Quality
Our main focus is delivering a high-quality product reliably and consistently. Our products really have benefits for the consumer over a long period of use. So selling one bottle to a customer doesn't necessarily add much value to them. And in turn, it doesn't add much value to us as a company. It's the continued use driving better health, the repeat customers, the ongoing relationships that matter most," I explained to Jeremy. Cutting out the distributors and going direct to consumer is the only way we are able to invest in such high quality products that create these beneficial health outcomes. Our dedication to quality extends to our customer service as well. Despite the growing trend of outsourcing customer service, we've chosen to maintain a live customer service team that speaks directly with our customers anytime they have questions.
The Value of Supply Chain Transparency
Jeremy brought up the topic of supply chain transparency and whether it was something our customers were interested in. I wholeheartedly agreed, sharing that our customers are indeed very interested in where their food and supplements are coming from and how they're processed. Our ability to provide that information has a significant impact.
What We're Most Proud of at Synergy
I shared that what I value most from my time at Synergy is our connection with our supply chain suppliers and our commitment to ethical and responsible sourcing of materials. I told Jeremy about how we had to innovate an extract process to develop our Super Pure extract line, which avoids the use of chemical solvents, a first in the industry. For more info check out the link: https://thesynergycompany.com/pages/quality-testing
Staying True to Our Values
We're conscious of not compromising our values in the pursuit of growth. We've seen other companies in our space take on private equity infusions or get bought by larger multinationals, often leading to shifts in their cost structure and a move away from their supply chain dedication. That's not a path we plan to take. In pursuing B-Corp certification we simply had to report on the activities we had already been doing for decades as we’ve been living our values since inception. In summary, our conversation revolved around how our holistic approach to LTV – focusing on quality, transparency, and long-term customer relationships – is very much akin to our approach to dietary supplementing. It's not about outrageous claims or competing with low-quality cheap manufacturers, but rather long-term, sustainable benefits. I believe that's what makes Synergy Group unique.
