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Building a Brand: CSN t o Wayfair

By Kristina Erickson and Sam Porter. Building a Brand: CSN t o Wayfair. Niche for the Masses. CSN stores founded in 2002 by Conine and Shah Hundreds of online sites selling home goods Focused on small websites with specific names (Allswivelbarstools.com) (Hotplates.com)

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Building a Brand: CSN t o Wayfair

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  1. By Kristina Erickson and Sam Porter Building a Brand: CSN to Wayfair

  2. Niche for the Masses • CSN stores founded in 2002 by Conine and Shah • Hundreds of online sites selling home goods • Focused on small websites with specific names (Allswivelbarstools.com) (Hotplates.com) • Relied on search engine optimization • Profitable business during the dot com crash.

  3. Growth in bad times • Revenue in 2002: $450,000 • Revenue in 2006: over $100,000,000 • Revenue in 2010: $380,000,000 • Revenue in 2011: $500,000,000

  4. New Strategy • Huge opportunity in home-goods market • Home-goods market more than$500 billion, only 6% online • Led to the creation of a brand • Combined CSN micro sites into Wayfair • Focus on lifetime customers not just users

  5. Wayfair • Largest online-only retailer • 4.5 million items in twenty five categories • Not a stumble upon site but a lifestyle • Hundreds of selection of items and no inventory • Many suppliers

  6. Transition to Wayfair • 700 CSN employees went on pub crawl to spread news of new site • CSN stores had no brand to damage • Big risk to create customer loyalty. • 70% of customers of CSN stores were not aware of other niche stores • Led to creation of one umbrella store

  7. Building a Brand • Considered creating a brand under CSN stores • Hired help to create a brand and a new name • New employees to change from transaction focused to interaction with customers • Blogs to discuss parenting, interior design, etc. • Began raising outside capital to build brand • http://www.wayfair.com/

  8. QUESTIONS?? -Do you think it was a good idea to combine the 200 sites? -Do you think the risks involved with this change are worth the benefits?

  9. References http://www.inc.com/magazine/201204/kasey-wehrum/the-road-to-1-billion-growth-special-report.html

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