Is my baby ugly?

We connected with a budding new venture in the outdoor industry. Shoutout to Gregg for connecting us to Tim and Hense, the founders of Cull Well Technologies, who are bringing connectivity and technology to the world of competitive fishing. What started as a discovery engagement to research and workshop product-market fit and addressable market eventually led us to some great opportunities and growth hack scenarios. Cull Well will debut their first product, a bluetooth-enabled culling system, in early 2025. They boast a unique blend of expertise, industry connections, and deep understanding of technology — a massive leg up on other product manufacturers in the space.

We had a great time in our Blue Sky exercises and workshops, bringing in subject-matter experts across multiple industries to weigh in on the cost vs. complexity of our ideas. Our SMEs delivered, sharing some amazing growth hacking playbooks and secrets — a few of which I’ll highlight below.

Fulfilled by Amazon Growth Hack

Climbing the ranks of search and visibility on Amazon is a classic chicken-and-egg problem: you need traction to increase visibility, but you also need visibility to increase traction. Clay shared a little nugget with the team about a startup that ran its giveaways through Amazon directly — essentially using FbA as a SwagUp distribution channel, with real customers making real purchases, paid for by the startup. The average CPG business freely gives away product to get into market — often 15-25% of revenue, or up to 40% of investment in the case of many startups. While this usually carries some implicit value in the form of strategic partnerships or sponsorships, it is often one of the hardest marketing expenses to rely on for sustainable growth. It gets more challenging still when the product has a high cost of goods, a high retail price, or a small addressable market.

The beauty of the FbA growth hack is beating the algorithm for growth. We have been asked not to give away ALL the secrets here, but in short: you get real customers to make real purchases of the product, at the expense of the business. Write off the fulfillment and logistical overhead as CAC, and boom — you are climbing the ladder and looking like a hot product to the powers that be at Amazon.

Testing the Waters with Kickstarter

Another idea the team had was testing the market through a crowdfunding platform to get real metrics. We got to work forming a hypothesis and KPI definitions to feel out the viability of this route. As it stands, we still have reservations about pulling the trigger, but the odds feel reasonable and it is at least a well-informed thesis to work from. The outline of this approach:

We believe that we can reach 290 backers on Kickstarter at a $200 base price.

Assuming

• Co-marketing or paid advertising with a strategic partner
• $60k invested into the campaign
• Reaching a total audience off-platform of 400k
• Baseline KPIs of 12% open rate, 5% CTR, and 12% conversion rate

Competitive Analysis

We ultimately decided that since fishing is fairly seasonal across the U.S., it would be better to hold off for a full year — using that time to get our media content and other marketing collateral in place, and to see what other business development relationships we can open.

Virtual Tournaments

This is where things get really interesting. We conceived of a scenario in which Cull Well could seamlessly integrate with live televised events, providing instantaneous on-air data. By targeting sponsors, we would gain access to prominent on-air marketing opportunities, showcasing the product in action for a wide audience. This feature extends to various online streaming platforms, including ESPN and Bass Pro Shop leaderboards. Real-time updates enhance fan engagement, keeping viewers excited and connected throughout the event. This integration also opens up possibilities for real-time betting experiences across various sports gambling systems. Live connectivity with televised events not only amplifies the visibility of the brand, but capitalizes on the dynamic and interactive nature of the sports viewing experience.

So far, this seems like the best entry point into the market. The fishing community is vibrant and tight-knit. The original assumption was to launch a companion mobile app alongside the physical scale, but there may be greater opportunities in building an audience and targeting sponsor partnerships as a year-one GTM.

Market Highlights

It turns out the fishing industry is one of the most opaque we have ever come across. Landing on hard numbers was very difficult — so for other researchers in the wild who may stumble upon this post, I gift you our findings:

Problems Worth Solving

• Inefficient and time-consuming culling process in competitive fishing.
• Lack of integrated data tracking and analysis for anglers.
• Poor user experience with existing culling technologies.
• Inadequate integration with other fishing technologies and IoT devices.

Solution Statements

• Provide a hardware-based, modern culling system for efficient and precise culling.
• Offer an application for data tracking and analysis of catch history, performance, and trends.
• Enhance user experience through integration and streamlined technology.
• Create a central platform for integration with other fishing technologies and IoT products.

What are the demographics of professional anglers?

Professional anglers span a range of ages, with many starting their competitive careers in their late teens or early twenties. While historically male-dominated, there is an increasing number of female professional anglers. They often have diverse educational backgrounds, come from various regions globally, and their incomes vary — relying on winnings, sponsorships, and other sources. Travel is a significant part of their lifestyle as they participate in tournaments worldwide, engage in promotional activities, and maintain a passion for fishing. The demographics are evolving, becoming more inclusive and diverse over time.

How much do professional anglers spend on gear?

Professional anglers spend varying amounts on gear, factoring in the quality of rods, reels, and tackle, the number of rods and reels they carry, the cost of boats and accessories, electronics, lures and baits, specialized fishing apparel, maintenance and repairs, and travel expenses for tournaments and practice. Sponsorships often offset costs by providing gear or financial support. Overall spending depends on personal preferences, competition level, and sponsorship deals.

How does culling fit in?

• Fish Size Limits: Many tournaments regulate the size of fish that can be weighed in. Culling allows anglers to replace smaller fish with larger ones to maximize total weight within the limits.
• Conservation: Culling promotes sustainable fishing practices by allowing anglers to release smaller or undesirable fish back into the water, reducing the impact on fish populations and ecosystems.
• Competition Strategy: Anglers aim to catch the heaviest and most valuable fish. Culling lets them strategically manage their catch, optimizing their chances of winning by selecting the most substantial specimens.
• Weigh-In Efficiency: Culling streamlines the process of selecting the best fish for weigh-ins. Anglers can quickly identify and replace fish, ensuring a more efficient and accurate representation of their catch.
• Fairness and Sportsmanship: Culling contributes to fair competition by allowing anglers to adjust their catch within the established rules, adding a level of sportsmanship and ethical consideration.
• Adapting to Conditions: Fishing conditions change throughout a tournament, and culling enables anglers to adapt — refining strategy based on real-time factors like weather, water conditions, and fish behavior.
• Maximizing Points and Prizes: Tournaments often reward anglers based on total catch weight, so culling enables participants to maximize points and increase their chances of winning prizes and accolades.

How does technology fit?

• Precision and Efficiency: Technology allows for more precise measurements and quicker assessments of fish size — crucial in tournaments where time management is a significant factor.
• Real-Time Data: Anglers can access real-time data about their catch, helping them make informed decisions on which fish to keep and which to release.
• Compliance with Regulations: Technological culling systems help anglers adhere accurately to strict size limits, avoiding penalties and ensuring fair competition.
• Data Analysis and Strategy: Analyzing historical data and patterns helps anglers develop more effective strategies for future tournaments.
• Reduced Stress on Fish: Advanced culling technology can minimize stress on fish by reducing handling time — important for ethical and sustainable fishing practices.
• Enhanced Communication: Live updates and data sharing improve communication between anglers, tournament organizers, and spectators, contributing to a more engaging tournament experience.
• Competitive Edge: Anglers who leverage the latest tools and innovations are better equipped to outperform their competitors.
• Sponsorship Opportunities: Embracing technology attracts sponsors looking to align their brands with innovative, tech-savvy anglers — opening additional revenue streams.
• Fan Engagement: Real-time updates and insights create a more engaging viewing experience, fostering a deeper connection between anglers and their audience.

What are the best tournament fishing markets?

Competitive fishing, particularly in the US, is a significant segment within the broader fishing industry, supported by a strong recreational fishing culture. Market dynamics suggest increasing demand for innovative, efficient, and user-friendly fishing tools, driven by both competitive and recreational anglers’ needs for better performance and convenience.

Emerging Markets

1. Japan: a strong culture of fishing, both recreational and competitive, with bass fishing particularly popular. It is represented in the MLF Bass Pro Tour, indicating its significance in the professional bass fishing scene.
2. Canada: vast freshwater resources and interest in fishing could position it as a significant market for professional anglers, especially in competitive bass and walleye fishing circuits.
3. Australia: a growing competitive fishing scene, particularly for species like bass and barramundi, with several tournaments and professional fishing leagues.
4. Brazil: the Amazon region offers unique competitive fishing opportunities, particularly for peacock bass, with an emerging market for professional anglers.
5. South Africa: a competitive bass fishing scene with national championships, indicating a potential market for professional anglers.