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S1E15 How to Build Decision Frames
In this episode, we make the case that most conversion problems aren't offer problems — they're framing problems, and that the mental filter you put around an offer determines what the customer…
S1E14 Your Ad Platforms Aren’t Broken, They’re Learning From the Wrong Signals.
In this episode, we make the case that when Meta keeps finding you the wrong customers, the platform isn't malfunctioning — it's doing exactly what it was trained to do on an undifferentiated signal…
S1E12 You're Not Managing Returns, You're Managing an Average.
In this episode, we explain why chronic returners are one of the most expensive and least visible problems in a DTC customer file — and why blanket promo campaigns actively make it worse by treating…
Deep Dive: Your Catalog is Your Retention Strategy
In this episode, we make the case that retention isn't fundamentally an email problem — it's a product strategy problem, and most brands are running lifecycle marketing on top of a catalog structure…
S1E12 You're Not Managing Returns, You're Managing an Average.
In this episode, we explain why chronic returners are one of the most expensive and least visible problems in a DTC customer file — and why blanket promo campaigns actively make it worse by treating…
S1E13 Deep Dive: Your Catalog is Your Retention Strategy
In this episode, we make the case that retention isn't fundamentally an email problem — it's a product strategy problem, and most brands are running lifecycle marketing on top of a catalog structure…
S1E12 You're Not Managing Returns. You're Managing an Average.
In this episode, we explain why chronic returners are one of the most expensive and least visible problems in a DTC customer file — and why blanket promo campaigns actively make it worse by treating…
S1E11 AOV is Not a Checkout Metric, It's a Quality Filter
In this episode, we break down why AOV isn't a checkout metric — it's an enrollment signal that reveals the quality of the customer before any downstream behavior has had a chance to show up. We walk…
S1E10 You're Not Retargeting Buyers. You're Retargeting Traffic.
In this episode, we explain why most retargeting setups look efficient on paper but are structurally broken in practice — mixing genuine high-intent buyers with one-time bouncers, ghost sessions, and…
S1E9 Your Entry Product Sets Your Ceiling
In this episode, we explain why the price of your hero product isn't just a conversion decision — it's a customer quality filter that determines who you attract and how far they'll go with you. We…
S1E8 Revenue is an Opinion. Contribution Margin is a Fact.
In this episode, we explain why revenue is a lagging indicator that can climb while the underlying business quietly deteriorates, and why contribution margin is the number that actually tells the…
S1E7 The Power of Behavioral Sequencing
In this episode, we make the case that the gap between a customer's first and second purchase is the most consequential window in the entire customer relationship — where unit economics either flip…
S1E6 Profit Based LTV
In this episode, we make the case that ROAS going up and growth actually working are two different things, and that 12-month profit-based LTV is the number that tells you which one you're…
S1E5 Revenue You Rent vs. Revenue You Own
In this episode, Alex Orley makes the case that most DTC revenue isn't really owned — it's rented from platforms like Meta, and the moment CPMs spike or an algorithm shifts, the business feels it…
Not All Customers Are Created Equal
In this episode, Alex Orley introduces RFM — Recency, Frequency, Monetary — the simplest and most practical framework for turning a flat customer list into a clear value map that actually drives…
Benchmarking for DTC Growth
In this episode, Alex Orley shares the benchmark patterns he sees across hundreds of DTC brands, revealing the four dimensions — repeat revenue share, AOV quality, LTV payback curves, and…
S1E2 The LTV Playbook
In this episode, Alex Orley breaks down why CAC and ROAS are dangerously incomplete metrics at scale, and makes the case for customer lifetime value as the primary lens for growth decisions. He walks…
S1E1 Scaling to $100M on Shopify
In the debut episode of Hard Margins, Alex Orley introduces the single most important question in DTC: what actually separates the brands that compound from the ones that scale, and why the answer…
Frequently Asked Questions
Hard Margins has published 14 episodes since April 2026, covering topics in Business, Marketing.
Hard Margins is currently active with new episodes hourly. Average episode length is 7m.
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