SWOT Analysis: Bespoke Post
BeSpoke Post has strengths including its high quality products making up diverse, themed boxes. Its weaknesses include strict return policies, and limited available packages.
- The quality of Bespoke Post products is one of its strengths.
- The items in these boxes are considered to be of high quality.
- Bespoke provides subscribers with different monthly themes for their boxes while taking into consideration the likes and dislikes of their customers, another strength of the company.
- They do not limit consumers to one type of product, sending out boxes centered around travel, alcohol, style, and much more.
- Products included in the boxes may range from knives and coffee grinders to clothing and accessories (wallets, sunglasses, gloves, and more).
- A strength of BeSpoke Post, is also the accompanied literature used to guide customers through the history of the products in the boxes and their use.
- The company has an annual revenue of $25 million, with 35 employees.
- One of Bespoke's weaknesses is that it allows 60 days for customers to return items. In addition, customers are forced to return all items which were secured in the box, including any item they did like.
- Individual items cannot be returned.
- Items in the box include pieces from well-known, trusted brands, as well as new, artisan brands.
- Though these items are of high-quality, some of them may not be particularly useful, indicating another weakness.
- Receiving an item that may be considered useless is an occasional occurrence.
- Although available on a monthly subscription basis, there are no guaranteed delivery dates for the Bespoke Post boxes.
- Another weakness of BeSpoke Post is having only one plan option available for the boxes, at a price of $45. Other subscription boxes have a range of options to target the varying budgets of consumers.
- When looking at the comments and reviews of some of their customers however, we notice a negative trend in experience with membership, depicting it as a weakness.
- Many customers made the complaint of being charged after canceling their subscription or not being able to cancel their subscription entirely.
- Opportunities for BeSpoke Post include prospective, newly themed, diverse boxes. CEO Rishi Prabhu and his team test twenty prospective boxes a month based on the interests of persons around them. Upon doing this, they suggest different theme ideas to members based on their respective interests.
- Bespoke Post recently added a wine club to their subscription box offerings through a partnership with Lot 18. Though their male-dominated customer base loves beer and spirits, their wine offering was positively received by consumers.
- Bespoke Post has also partnered with Diageo and American Airlines, showing growing opportunities for the company.
- With $8 million in funding, Bespoke Post’s investors include Walden Venture Capital, Scout Ventures, and Kiwi Venture Partners.
- The company has over 100,000 subscribers in America and Canada, with the possibility of further growth.
- Bespoke is also launching its own brands and creating its own products for men.
- The company’s first brand launch was Base Light, which creates grooming products for men. This brand further expanded into face washes, scrubs, and moisturizers, shampoos, conditioners, body wash, and beard oil products. This creates increased opportunity for the company.
- Bespoke Prove subscription boxes are currently sent to users in the USA and Canada leaving room for global growth.
- With the growing popularity of e-commerce, competitors are a major threat to BeSpoke Post.
- Companies such as Birchbox, Memebox LLC, and Julep are competitors with a higher annual revenue and market share than Bespoke Post.
- Companies such as Menlo Club, Craft Beer Club, and Loot Crate, are subscription boxes, specifically targeting male consumers. These are direct competitors of Bespoke Post.
- Although considered a favorite male subscription box, it has one of the higher monthly rates, a fact that can be considered to be a risk.
- Bespoke Post operates in the computer online shopping industry and as such is at risk for cyber attacks.
To conduct our research, we visited consumer and business review websites as well as blog pages. Consumer review websites including AskMen, and The Unbox, provided us with some strengths of Bespoke Post. The blog website, Photofeeler, also added to this portion of the research. The revenue of the company, as well as the number of employees, was found on Zoom Info.
We used the Bespoke Post website to identify the weaknesses of the company. To complete this information, we also used the blog, The AdultMan, and the Better Business Bureau. The second of these provided us with some complaints made by customers about the company’s products. The opportunities of Bespoke Post were found on TechCrunch, as well as Tech Week. Elanders also provided information on opportunities for Bespoke Post. Zoom Info as well as Bespoke Post’s annual report highlighted some competitors and other threats to the company. Urban Tastebud, also presented some other male-targeted subscription companies, directly competing with Bespoke Post, as well as other threats to the company.