Understanding Warby Parker and the Power of Customer-Based Valuation with special guest Daniel McCarthy

As pioneering digitally-native brands Warby Parker and Allbirds prepare to go public--and the fortunes of other highflying disruptor retailers like Peloton and Chewy ebb and flow--we get the chance to dissect how to make sense of key customer metrics with Daniel McCarthy, professor of marketing at Emory's Goizueta Business School, co-founder of Theta Equity Partners and pioneering thought leader on customer-based corporate valuation. It's a fast-paced MasterClass on how the cost of acquisition, retention rates and other customer cohort data provide valuable insight on the long-term prospects of any brand. We also learn whether Dan is bullish on Warby Parker, why we may not work so hard to chase "shifty" customers (or as Steve likes to call them "promiscuous" shoppers) and drop more than a few puns.

But first we open up the episode with our quick takes on recent retail news that caught out attention, starting first with even more Amazon news than usual, including their new line of private brand televisions, plans to hire 125,000 distribution center staff, raise hourly wages and pay college tuition for their workers. We also dig into spending per trip information from NPD, monthly US Commerce data that shows consumers continue to shop like crazy, troubles at Casper, Walmart+ hitting 32 million members and the sad story of Sears closing its last Illinois store.

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Daniel McCarthy is an Assistant Professor of Marketing at Emory University's Goizueta School of Business. His research specialty is the application of leading-edge statistical methodology to contemporary empirical marketing problems. His research interests include customer lifetime value, limited data problems, and the marketing/finance interface.

He popularized “customer-based corporate valuation” (CBCV), a methodology that drives any traditional valuation model off of the underlying behaviors of the target company's customers. His work has been featured in major media outlets such as the Harvard Business Review, Wall Street Journal, FT, Fortune, Barron’s, Inc Magazine, the Economist, and CNBC. His research has been accepted and published in top-tier academic journals and has won numerous research awards.

In addition to his roles and responsibilities at Emory, Dan co-founded and was Chief Statistician for Zodiac, a predictive customer analytics SaaS firm. Nike acquired Zodiac in March 2018. Dan has since co-founded Theta Equity Partners to revolutionize how firms (e.g., private equity, venture capital, and operating companies directly) value companies through CBCV

Steve Dennis is an advisor, keynote speaker and author on strategic growth and business innovation. You can learn more about Steve on his website. The expanded and revised edition of his bestselling book Remarkable Retail: How To Win & Keep Customers in the Age of Disruption is now available at Amazon or just about anywhere else books are sold. Steve regularly shares his insights in his role as a Forbes senior contributor and on Twitter and LinkedIn. You can also check out his speaker "sizzle" reel here.

Michael LeBlanc is the Founder & President of M.E. LeBlanc & Company Inc and a Senior Advisor to Retail Council of Canada as part of his advisory and consulting practice. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience, and has been on the front lines of retail industry change for his entire career. Michael is the producer and host of a network of leading podcasts including Canada’s top retail industry podcast, The Voice of Retail, plus Global E-Commerce Tech Talks and The Food Professor with Dr. Sylvain Charlebois. You can learn more about Michael here or on LinkedIn.

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About Us

Steve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling author of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.

Michael LeBlanc is a senior retail advisor, keynote speaker and media entrepreneur. Michael has delivered keynotes, hosted fire-side discussions hosted senior retail executive on-stage in 1:1 interviews worldwide. Michael produces and hosts a network of leading retail trade podcasts, including The Remarkable Retail Podcast, The Voice of Retail The Food Professor, The FEED powered by Loblaw and the Global eCommerce Leaders podcast. He has been recognized by the NRF as a global Top Retail Voice for 2025 and 2025 and continues to be a ReThink Retail Top Retail Expert for the fifth year in a row.