Cornerstone Design Effectiveness Award entry
In May 2014 Cornerstone didn’t exist. Less than three years later, it is a subscription-only male grooming brand worth £XXm, on course for a £XXXm sale in 2020. How?
1. Strong branding, packaging and razor design
In a recent questionnaire, over 85% of Cornerstone subscribers gave the branding and packaging 4+ stars. 82% gave the razor 4+ stars. The razor design has won two shaving awards.
2. Punching above its weight on social media
Far exceeds the followers of direct competitors Bearded Colonel and Shavekit on Facebook, Twitter and Instagram. 2x Wilkinson Sword’s Twitter followers and streets ahead of both Gillette and Wilkinson Sword on Instagram. Weekly Facebook engagement just behind US brand Harry’s which has almost 7x as many followers.
3. Exceeding target membership 6x over
140,000 members against an original target for 2017 of 24,000. On course to reach 250,000 by the end of 2017. In proportion to company value, this is 40% more than US shaving brand Harry’s.
4. High conversion rates in a retail-dominated sector
38% of Cornerstone-aware consumers bought products in the last 12 months, higher than both Bulldog and Molton Brown. 20% of Cornerstone-aware consumers bought it more than any other brand.
5. High retention, low drop-off rates or ‘churn’
Monthly churn is currently 1.1% against a target of 10% compared to Netflix’s churn rate of 3%. Retention is 79% after 4 months and 60% after 2 years. Email open rate is 40%+ against an industry average of 11%. Cornerstone’s ‘15 minutes’ magazine has a readership of 130,000.
6. Investment to drive revenue and growth
Raised £6m of venture capital funding – 12x nearest rival Shavekit – to create a business worth £XXm. 2017 revenue currently estimated at £X.XXm, double the original target, with annual growth of 133%.