We have been selected by AMEX Shop Small x By Black to be a part of their online holiday market. Having worked with the AMEX Shop Small team for this year's Austin City Limits, we were thrilled to hear they picked Ubuntu Life to sit along with 30 other brands for this exclusive curation.
When Mary & I arrived in Austin in early October, we put on our fundraising hats and hit the road. We called on our board members, Tribe members, and all our friends to rally together and do breakfasts, lunches, dinners, and even parties so that we can fundraise, and they did just that. We have seen and received huge support from old and new friends. The excitement to stay engaged in our wonderful mission is real.
October 8th was the day that I knew the rest of our trip was going to be amazing. I received a call that threw my emotions all over the place, joy, laughter, tears of joy, and just astonishment. “Jeremiah, I think you are going to finish the building,” said Dana of Micah 6:8 foundation. “Our director has just approved all the balance that you need. I was just thankful and I still am.
We have shared our hearts out and we had many friends listen and they acted with love and I can confidently say that God leading us, 2022 is going to be an amazing year.
We hope to have a grand opening of the state-of-the-art children’s wellness center in Maai Mahiu, Kenya next year. Stay tuned and we will let you know the date. We are expecting lots of friends to come over and celebrate with us.
KEY METRICS TO SUCCESS
Gross Margin (GM): Our goal for 2021 is to increase our GM to above 62% by negotiating better rates with suppliers and managing our production process more closely which will, in turn, increase the profitability of the business.
Expected Revenue Share (ERS): Our goal for 2021 is to decrease our ERS, which is the portion of revenue spent on advertising, to around 45%. This will allow us an adequate marketing budget to drive sales whilst ensuring that our net contribution is high enough to cover our operating expenses.
We monitor ERS and ROAS (Return on Ad Spend) daily to ensure that we are converting our advertising costs into enough revenue and are putting more funds behind advertising when ROAS is high and we have room to spend. We aim to keep ROAS above 200% with our annual goal set at 222%.
ERS in October 2021 was slightly lower than our goal of 45% due to an increase in retention and organic (versus paid) orders. We had some promotions during the month of October which decreased our Gross Margin slightly, however, both our GM and ERS for the year-to-date are averaging around our annual goal.
NET PROMOTER SCORE (NPS)
Since launching our NPS surveys, Ubuntu Life has maintained an average of 79% which is considered excellent within the retail sector. The average NPS score online shopping is 45. Our score is a testament to brand loyalty, impact storytelling, and delivering high-quality products with great customer service.
The Net Promoter Score is an index ranging from -100 to 100 that measures the willingness of customers to recommend a company's products or services to others. It is used as a proxy for gauging the customer's overall satisfaction with a company's product or service and the customer's loyalty to the brand.
Ghanaian businesswoman and entrepreneur Roberta Annan earlier this week launched a €100 million fund to channel investment into small and medium African creative and fashion enterprises. The Impact Fund for African Creatives (IFFAC),will award grants of up to €50,000 to selected projects to accelerate the development of the continent’s creative sector.
The fund was launched at a ceremony held on Monday 4 October, 2021, during Paris Fashion week, and was attended by fashion industry experts. Chinelo Anohu, Senior Director of the Africa Investment Forum also attended. The Africa Investment Forum, a flagship initiative of the African Development Bank, aims to channel investment into Africa.
Annan, who also founded the African Fashion Foundation, said that, in addition to grants, IFFAC will make a further €250,000- €2 million in venture capital available to African entrepreneurs who complete its skills-building program. “I have encountered so much incredible talent all over the continent, such originality and innovation,” said Annan. “But I have also noticed a lack of management skills, infrastructure, and start-up capital necessary to scale these creative businesses. This is the motivation behind IFFAC.”
Thank you for your continued partnership.
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