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Product Review: Mully Box
WiscoGolfAddict
·
Dec 17, 2021
What is better than a box full of golf gear? How about a box of golf gear that comes every month! If you have a hard to s...
Problem
Golf is hard and expensive
The average golfer spends approximately $3,000 annually on greens fees, apparel, and equipment.
Most of the 25,000,000 US golfers struggle with their game, and average a bogey per hole.
For those of you that golf, you know the feeling. And none of this would be a problem if we didn't absolutely love the game.
We see these problems as an opportunity to innovate—with products that cater to golfers' unique needs.
Solution
Personalized golf gear subscriptions
Mullybox utilizes an eCommerce business model, subscription economics, bundling, and vertical integration to drive down cost for our subscribers, and make shopping for golf gear painless.
—
Cut out the middle man, deliver value
We cut out the middle man, get to know our golfers—and deliver a valuable, tailored experience.
Mullybox sources and manufactures bad ass golf gear under the Mully brand.
The products are sold through our online store, or through our subscription box offerings.
Product
Golf gear, delivered
Current offering:
Mullybox is a thoughtfully curated subscription box for golfers of all levels. Either monthly or quarterly (for now), you'll get all the golf gear that you need. Items vary by plan, but typically include: golf balls, tees, training aids, equipment, accessories and apparel. We want to deliver everything you need for your game directly to you, so that you can spend less time at the pro shop and more time on the course.
—
Check out some of our past boxes:
With each box and as we grow, we will continue to invest in product development so that we can deliver the ultimate golf experience.
Traction
$1M+ revenue in 2021, ~2X year over year growth, and no plans to slow down
Interesting fact: we got here and we don't have anyone working on this full-time yet. With investment, we think that we can knock the ball off the cover and deliver a product that the golf world has never seen yet...in a good way.
Featured In
"Gifts for Golfers"
"Best Golf Subscription Boxes"
"Clever Subscription Boxes"
"Review: Mullybox"
& Many More...
Forecast
Modeling is for illustrative purposes only based on what we think is achievable with our current products lineup and business model. We used standard churn and CAC figures, and actual results may be better or worse—and we expect them to vary depending on the timing of new product launches and offerings.
Customers
There is a new wave of golfers
At Mullybox, we recognize that golf is changing, for the better
The world has moved towards inclusivity, and golf has done the same. It's out with the old, stuffy, country clubber, and in with a new type of inclusive, social golfer.
According to the National Golf Foundation, women and minority golfer segments are growing faster than ever.
We want to make it easier, more affordable, and overall more accessible, so that more people can enjoy all of the life lessons, and camaraderie that golf has to offer.
—
The world is a better place
when there are more happy golfers
Don't take it from us
Business model
It's simple: increase LTV, lower CAC
Top life time value drivers:
- Backend technology and digital value development
- Frontend technology development for personalization
- Product design and development
- Customer experience hires
Top customer acquisition cost drivers:
- Website optimization
- Paid advertising optimization
- Frontend technology and product development for personalization
- Organic marketing efforts (social media, content marketing, SEO, etc.)
- Sales and marketing hires
Marketing spend is tightly correlated
with revenue and subscribers
Strong correlation demonstrates an opportunity for Mullybox to increase revenue through increasing ad budget and
optimizing conversions.
Market
A massive golf
equipment market
Golf equipment made up 47.6% of the $9.5B sports equipment industry from a 2018 IBISworld report, and national rounds played in 2020 was up 14% ahead of 2019.
Booming sport, especially in beginners
Nearly 10% of the United States population is golfers.
Competition
Competitive landscape: whitespace, ripe for disruption
We think the golf industry is missing out on a new wave of golfers. New golfers are the largest growing segment in the industry, and it's not the "country-stuffy-sport" that golf used to be.
We want to bring new technology and business models to a segment of the industry that we think is underserved.
Vision and strategy
Product development
We recognize that numbers and money follow, they don't lead. It is with this in mind that we focus heavily on developing a great product that golfers will love.
This investment round will help us continue to add new features that will be focused on making life easier for golfers—such as more subscription options that are personalized and tailored to the type of golfer; and digital value such as training videos, tee times, articles, and more that may be given to subscribers and offered as a freemium model separately.
Growth, profitability, & acquisition
Growth opportunities
- Hire a team with relevant experience to help with below, and work full time; currently no full time employees
- Improve technical competency to support customizability and other product opportunities
- Develop digital product to improve customer experience with content around golf
- Improve data analytics to make data-driven, or even AI-based decisions
- Diversification across new advertising channels (influencer, affiliates, etc.)
- New channels, such as: wholesale, corporate outings, or retail may be additional growth levers.
In summary, we have a scalable model:
Help us make our first hires to focus on product and tech development;
And then when we do a better job acquiring and retaining customers,
Spend more on marketing.
Funding
Bootstrapped to date, all founder-financed
We believe in the lean startup method. We're not one of those startups that had a ping-pong table before we had revenue, in fact: we still don't.
This round of financing will help us make our first hires, get a new office, and spend on marketing.
*All forward-looking models are for illustrative purposes only and may vary depending on external and internal factors, such as: market conditions or general business disruptions.*
Founders
Founding team
We are an experienced group with a strong passion for the game of golf. We assembled a team with unique perspectives so that we can attack challenges from all angles. We come from different business backgrounds and golf backgrounds—one of us was semi-professional and another started golfing only a few years ago.
One thing we all share in common: tenacity. We have the experience, business, and technical skillset that make our group uniquely capable of building a disruptive startup in the golf space.
Drew Amato
CEO
Work:
Investment Manager @ Lear Ventures
6+ Years in VC+Startups
Education:
University of Michigan - MBA
Miami University - Economics
9 Handicap
Rick Mayfield
SVP/Customer Experience
Work:
Vice President @ Marsh
5+ Years in Corporate Risk Management
Education:
Miami University - Finance
10.3 Handicap
Marc Hames
SVP/Product
Work:
Portfolio Manager @ Friedman Real Estate
25+ Years in Competitive Golf
Education:
Oakland University – Journalism
+2.2 Handicap
Mel Zehnpfennig
COO
Work:
Managing Partner @ Dynamic Improvement Group
20+ Years in Operations Management
Education:
University of Michigan - ME
Kettering University - Mechanical Engineering
18 Handicap
Joe Simon
CMO
Work:
Sr. Associate @ SRS Real Estate Partners
4+ Years in Sales/Real Estate
Education:
Walsh College - Masters in PM
Western Michigan University - BBA
9 Handicap
