1st CMO at subscription consumer company could agency hunting
Steve’s breakdown: We love first time CMOs because there’s no baggage.
Louisa Wee is FabFitFun’s first CMO and she just spent the last 4 1/2 years at Netflix so she knows the subscription business and the value of a great ad agency. Do you know the subscription business? If so, here’s her LinkedIn profile to review.
LOS ANGELES, CA: FabFitFun has hired its first chief marketing officer as it looks to grow its content offering.
Louisa Wee joins the Los Angeles-based lifestyle-driven subscription box and membership company after about five years with Netflix, where she was a vice president, overseeing strategy and analysis for the streaming giant and programmatic media buying. Wee has years of experience in streaming video and various types of online media, having previously worked for PlutoTV, Spin Media and dating site eHarmony in executive roles. Earlier in her career, she spent a decade as an investment and management consultant for the likes of PricewaterhouseCoopers and McKinsey & Co.
Wee said she was drawn to FabFitFun in part because of its “passionate and highly engaged community” and also its “product innovation and unwavering commitment to its members.”
“I look forward to bringing innovative ideas and implementing new and unique strategies as we continue to scale this beloved brand,” Wee added.
Having a year ago raised an $80 million series A round of funding led by Kleiner Perkins and including NEA and Upfront Ventures, FabFitFun is on a growth path. It’s already reportedly exceeded $200 million in revenue and one million subscribers. With Wee on board, cofounder and co-chief executive officer Michael Broukhim, said he’s looking to get even further into developing and creating content, but added, “We don’t intend to build out an independent TV and video business.” Instead, FabFitFun is looking to add brand-forward content to its offerings “as it enhances how we work with our brand partners and delivers value to our members.” The company also has some direct sponsorship revenue coming in, but the focus for revenue growth is consumer memberships.
“Louisa’s background is in growth company marketing, where her focus has been helping consumers understand a brand and bringing that value to life in a time when a company is rapidly scaling its business,” Broukhim said. “It’s too early to say anything specific on strategies and tactics, but she has already jumped right in and we’re excited to have her here.”
Even with an experienced video and media marketing executive coming in, the company is still focused on the subscription box, revenue from which still makes up the largest share.
“We see ourselves doubling down on the box through our investments in personalization and customization,” Broukhim added. With investments in data science, this year the seasonal boxes will allow subscribers to choose among “hundreds of thousands of variations” in the product they receive within the boxes.
Subscriptions to the box service are continuing to grow, but Broukhim alluded to FabFitFun cultivation of a broader membership offering as important to the business as well.
“Ultimately, our goal is to help members find the products and experiences that are most meaningful to them,” Broukhim said. “The box itself is a great vehicle for accomplishing that goal, but our broader lifestyle membership offering gives us the chance to deliver ongoing value — through content, community and commerce — outside a purely transactional context.”