Today is Juneteenth. It commemorates when enslaved people in America were notified of their emancipation in 1865. Black people have made incredible strides since then, but there’s still so much work to do.
While black women, as a demographic, are among the most likely to start businesses, our businesses often have poorer outcomes — hiring less people, bringing in less revenue and shuttering sooner. Having owned and run BGLH Marketplace for 7 years I’ve seen up close how access to capital is often the difference between a business that can weather a storm and survive, and a business with great potential that is forced to shut down.
Capital often comes from family, friends, co-workers or banking establishments — financial resources that black people tend not to have in the same abundance.
I often refer to my customers as our original investors. Since BGLH Marketplace isn’t floated through investment we have to be profitable — highly profitable — to compete and survive. Essentially we always have to have our own money in the bank to bail ourselves out when times get tough. It hasn’t been easy, but you as a customer base have kept us going.
Our repeat customer rate of 45% is far higher than industry average. Our customer lifetime value (how much money a customer will spend with us over the course of their life) is $147 and increasing year over year — on par with brands 10 times our size.
If you love our brand and want it to survive, there are many ways to support;
1. Allow us to be your main skincare and/or haircare brand. We know that ordering from us is more involved than just picking something up at Ulta or Target. But if you know and understand (as many of our customers do) that our products are superior, let us be your primary brand. We are working on improving accessibility and deliverability over the long term.
2. Be patient with our marketing. I say this often. We’re aware we send a lot of emails, but it’s the most cost-effective way for us to generate revenue and stay ‘top of mind.’ As our customer base grows, the frequency of communication will ease, but we need it for right now.
If you want to support, but with less emailing, text JOIN to 1-855-236-6438 to opt in to our text list. You will receive just one text a week, always with a coupon.
3. Gift us. One of the main ways we’ve gotten new customers over the years is through gifting! If you love us, gift us!
Thank you for keeping us in business, and growing for 7 years. This Juneteenth we’re raising a glass to 7 more.
Enter code FIFTYOFF at checkout for 50% off until midnight.