EPISODE 040 | APPLE PODCASTS | SPOTIFY

In today’s episode, I’m thrilled to be joined by our first guest, Nick Jenkins. Nick is the founder of Moonpig.com and many of you will know him as a former dragon on the BBC series 'Dragon's Den’.

Through our conversation, Nick shares his journey from his early career in Moscow to becoming one of the UK’s most successful entrepreneurs. We discuss the insights that led to the creation of the revolutionary online retailer that transformed the greeting card industry with its unique personalised cards. There was so much to discuss that we split the conversation into two parts to keep each one bite size and actionable, and so as not to lose any of his insights. In Part 1, we look at Nick’s entrepreneurial beginnings and how Moonpig was born, the criteria he set for his business, and how he enabled its extraordinary growth.

We explore customer service, discussing how technology can help, but every brand definitely needs the founder’s personality and care, and how it can be a real opportunity to develop a truly positive relationship with your customers. We also talk about failures, hiring, building and trusting your team, and marketing. And finally, in this first Part, I ask Nick about any standout moments for him on 'Dragon's Den,' which he shares both happily and amusingly.

I’m excited to share our conversation with you in the audio above and show notes below.

OVERVIEW

Nick’s Entrepreneurial Beginnings: How Moonpig was born, the criteria he set for his business, and the enablers of its extraordinary growth.

Customer Service: The blend of technology and personal touch, and the founder’s role in developing positive customer relationships.

Failures, Hiring, and Team Building: Insights into learning from failures, hiring effectively, and the importance of trusting your team.

Marketing: Strategies for non-paid marketing and the evolution of Moonpig’s advertising.

Dragon’s Den Highlights: Nick shares standout moments from his time on the show, offering both humorous and insightful anecdotes.

KEY TAKEAWAYS

Personalisation as a Competitive Edge: The value added by personalisation in products and how it differentiates a business in the market.

Importance of Data in Business Decisions: Using data to drive decisions and the importance of understanding customer acquisition costs.

Building a Positive Work Culture: The significance of making the workplace enjoyable, ensuring employees feel respected and valued, and maintaining a balance to prevent burnout.

Nick’s Entrepreneurial Beginnings

Nick’s journey to becoming an entrepreneur was not a straight path. He shared that he initially wanted to be a lawyer, but his A-level results didn’t quite make the cut. Before venturing into his own business, Nick spent ten years as an employee, demonstrating that the entrepreneurial spirit can ignite at any stage of one's career. His early ventures, from fruit-selling stalls as a child to a side hustle selling custom-made dress shirts at university, showcased his innate entrepreneurial tendencies.

Nick’s professional journey took a significant turn when he moved to Russia as the Soviet Union was collapsing. This period was both challenging and enriching, giving him autonomy and an entrepreneurial-like experience as he ran a department almost independently. Returning to the UK, he felt a traditional salaried job would be too tame compared to his dynamic experience in Russia, prompting him to consider starting his own business.

the beginning of moonpig

The idea for Moonpig didn’t come overnight. Nick spent about a year contemplating various business ideas. During this period, he pursued an MBA, which provided him with the space and resources to explore different concepts. The rise of the internet played a crucial role in shaping his decision to start an online business. He realised that selling a customisable product online, which could not be easily replicated by high-street retailers, would give him a competitive edge. This thought process led him to the idea of personalised greeting cards, inspired by his habit of personalising cards with humorous captions.

Nick highlighted the importance of simplicity in business ideas. Often, the best ideas are those that stem from straightforward concepts and everyday activities. For Moonpig, the act of personalizing greeting cards was something he was already doing, which made the business idea more natural and viable.

Customer Service: Technology & human Touch

Nick emphasised the critical role of customer service in building a successful business. For an internet business, direct communication with customers usually occurs only when there’s a problem. This interaction presents a unique opportunity to turn a dissatisfied customer into a loyal advocate. Nick’s approach to customer service at Moonpig focused on quick, human responses and effective problem-solving. He believes that technology should enhance customer service, not replace the personal touch.

For small businesses with limited resources, Nick advised that timely and thoughtful responses are more valuable than instant but generic replies. He views customer service challenges as opportunities to reinforce the brand and gather valuable feedback from customers. This perspective shifts the view of customer service from a cost centre to a critical component of business growth and customer satisfaction.

Hiring, Team Building & Learning from Failures

Nick’s hiring philosophy revolves around finding the right fit for both the company and the individual. He believes in hiring people who are as interested in the company as the company is in them. This mutual interest ensures that employees are engaged and motivated. His first hires at Moonpig were generalists who could grow with the company, followed by specialists in areas where he lacked expertise.

Trusting and empowering the team is a core aspect of Nick’s leadership style. He advocates for giving employees autonomy and responsibility, allowing them to thrive and contribute effectively to the company’s success. Nick also touched on the importance of not allowing employees to grow beyond their competence, as this can lead to inefficiencies and dissatisfaction.

Failures are an inevitable part of the entrepreneurial journey. Nick shared his experiences with failed investments and business ventures, emphasizing the importance of recognizing and accepting failure. He believes that understanding when to pivot or stop a failing venture is crucial to long-term success. Viewing failures as learning opportunities rather than setbacks helps maintain a positive and resilient mindset.

Marketing Strategies: Paid & Non-Paid Approaches

Nick discussed the significance of getting the product right as the foundation of effective marketing. A well-designed product that meets customer needs naturally generates word-of-mouth marketing. For Moonpig, the key was ensuring that their personalised greeting cards added value and stood out in the market.

Non-paid marketing strategies, such as PR, played a role in Moonpig’s growth, although their effectiveness varied depending on the product. For Moonpig, TV advertising proved to be a game-changer, significantly boosting brand awareness. Nick highlighted the importance of testing various marketing channels to find the most cost-effective ones and scaling them appropriately.

Moonpig’s iconic jingle, introduced in 2005, was a strategic move to increase brand recall. The jingle effectively communicated the brand’s unique selling proposition and helped embed Moonpig in the public consciousness. This approach underscores the value of creative and memorable marketing campaigns in building brand identity.

Dragon’s Den Highlights & Memorable Pitches

Nick shared some memorable moments from his time on Dragon’s Den. One particularly entertaining pitch involved a game that required participants to speak in various regional accents. Nick showcased his talent for speaking Russian in different English accents, providing a humorous and unforgettable segment on the show. This experience highlighted the importance of engaging and entertaining pitches in capturing the attention of investors.

Conclusion & Looking Forward to Part 2

A huge thank you to Nick for being such a memorable first guest on the podcast. I look forward to sharing Part 2 with you next week, where our conversation goes into what makes a successful pitch or proposal, the difference between stubbornness and tenacity, the importance of focusing on your core business before branching out into new products or territories, and why simplicity is key in your marketing communications.

I can’t wait to share next week’s episode with you. If you haven’t done so already, make sure you subscribe so you don’t miss it. As always, I love hearing from you. Share your thoughts or ask any questions by contacting me directly via Instagram.