Podcast Summary
Calculated Risks and Learning from Failures: Successful business leaders like Ariel Kay take calculated risks, learn from failures, and remain open to pivoting when necessary. They understand the importance of being comfortable with uncertainty and learning from mistakes as part of the growth process.
Successful business leaders like Ariel Kay, founder of Parachute, understand the importance of taking calculated risks and learning from failures. When introducing new products or lines, they allow for adequate time to assess their performance but remain open to pivoting when necessary. Ariel shared her experience with expanding into furniture, which ultimately proved to be a risk that didn't pay off due to logistical challenges and impact on the business's margin profile. Despite this setback, she emphasized the need to be comfortable with uncertainty and learning from mistakes as part of the growth process. For business owners like Dane Brown from King Brown Comade, considering investment opportunities can be a crucial decision, especially when self-funded and reaching milestones like their 10th year. Ariel's advice encourages entrepreneurs to weigh the benefits and potential risks carefully, considering both the financial and strategic implications for their businesses.
Market pivot for hair care brand: A hair care brand initially targeting B2B market shifted to B2C due to market changes and plans to expand with hair thickening products, consumer subscriptions, and potential female line, seeking capital investment for marketing and retail expansion.
Dane's hair care brand, King Brown, started in 2013 and initially focused on supplying professional salons and barbershops in Australia. They have recently pivoted to a B2C business model due to market changes. Dane shared that they have had interest from investors in the past, but they didn't have the strategic fit they were looking for, specifically someone with distribution networks or retail presence. The market for hair care products in Australia is growing, with an estimated 31% of men concerned about thinning hair. King Brown is expanding into hair thickening products and sees potential in a consumer subscription model. They have had some success selling to women, and Dane mentioned the possibility of creating a Queen Brown line for female customers. Currently, their business model relies on reinvesting revenue into stock, and they are seeking capital investment to help with marketing and expanding into retail stores.
King Brown's growth opportunities: Expanding distribution channels, creating a strong online presence, focusing on direct-to-consumer sales, and creating subscription bundles can lead to increased sales and customer loyalty for King Brown in both local and international markets.
Dane's hair care company, King Brown, has the potential for significant growth both within and outside of the Australian market. With a proven product, a beloved brand, and a large population, expanding distribution channels and creating a strong online presence could lead to increased sales and customer loyalty. Additionally, focusing on direct-to-consumer sales and creating subscription bundles can bring customers into the brand's ecosystem and encourage regular purchasing. While there is opportunity for international growth, the business could also succeed through market penetration and partnerships within Australia. Dane's personal hair regimen may be more complex than the average person's, but the hair care industry is gaining attention from investors, making it an exciting category for growth.
Small business PR on a budget: Focus on freelance writers and mom influencers for effective PR on a budget, and the power of positive thinking can lead to transformational mental health benefits for children.
Even with a limited budget, small business owners can still generate press coverage and get their products into holiday gift guides. Deanna, the founder of Mindset Tapestry, shared her struggle with launching her emotional health tool for children and not having the funds for marketing. Ariel, a former PR professional, suggested focusing on freelance writers who work on a fee per placement basis. This approach can be an effective way to reach editors and secure coverage without the expense of hiring a PR agency. Additionally, the explosion of mom influencers during COVID presents an opportunity to reach out to them for potential collaborations and product features. Affirmations, like the ones used in Mindset Tapestry, may be seen as hokey by some, but they have been proven to be transformational for many individuals, including Deanna herself. The power of positive thinking, whether through affirmations or other methods, can have a significant impact on mental health, especially for children.
Collaborations, holidays: Collaborating with publishers, influencers, and brands during holidays can boost visibility and sales through affiliate programs, co-marketing giveaways, and partnerships. Direct outreach and targeting specific markets can yield surprising results with minimal investment.
Collaborating with publishers, influencers, and brands can be effective ways to increase visibility for your educational product, particularly during the holiday season. This can be achieved through affiliate programs, co-marketing giveaways, and partnerships. Reaching out to influencers and publishers directly can yield surprising results, and the investment required may be as simple as providing free products. Additionally, targeting specific markets and communities, such as schools, occupational therapists, and baby groups, can be an effective way to reach a captive audience willing to pay for products that help their children succeed. While the process may require patience and persistence, the potential rewards can be significant in terms of increasing brand awareness and customer base.
Personalized outreach: Personalized outreach to potential partners or collaborators leads to better responses, focusing on the value of the product or service offered rather than social media following size.
Effective outreach to potential partners or collaborators requires a personalized approach and a focus on the value of the product or service being offered, rather than just the size of one's social media following. The speaker shared her experience of receiving countless pitches that were irrelevant to her business, but when she took the time to target specific reporters and express genuine interest in their work, she was surprised by the positive responses she received. Additionally, she emphasized the importance of affirmations and gratitude practices for maintaining a positive mindset and staying focused on the things that truly matter.
Gender bias in male-dominated industries: Only 2% of funding goes to women in male-dominated industries, but a female business owner's unique identity can be an asset in marketing and positioning.
Facing bias as a female business owner in male-dominated industries can be challenging, but it's important to use your unique identity as an advantage. Megan, the owner of Palm Folly, a hard seltzer craft brewery in Florida, shared her experience of encountering bias while trying to secure investments for her business. Despite the industry's male dominance and her struggles with getting funding from male investors, Megan's innovative product and determination are driving her forward. Ariel Kay, a guest on the advice line, emphasized that only less than 2% of funding goes to women, and the industry has continued to be male-dominated. However, Ariel also suggested that Megan's gender could be an asset, as there's a lack of marketing and positioning towards women in the beer and beverage industry. Megan's story highlights the importance of perseverance, creativity, and embracing one's unique identity in the face of adversity.
Authenticity and consumer connection: Staying true to your brand's core identity and intuitively connecting with consumers are essential strengths for entrepreneurs in male-dominated industries, driving product appeal and securing investments.
Understanding your consumer and authentic storytelling are key strengths for entrepreneurs looking to market their products, especially in industries dominated by men. Ariel Kay, founder of Palm Folly, discussed her experiences in the alcoholic beverage industry and how her intuitive sense of connecting with customers has been a significant advantage. Despite challenges, the product's appeal and success are crucial in securing investments. Ariel also emphasized the importance of staying true to your brand's core and maintaining focus on your unique value proposition. When looking back, she would advise her past self to never lose sight of the brand's core identity. Overall, the conversation highlights the importance of authenticity, consumer connection, and staying true to your brand's identity in entrepreneurship.
Believing in your vision: Believing in your vision and being persistent in the face of adversity is crucial for entrepreneurial success. Identifying a gap in the market and capitalizing on it requires passion and determination.
Starting a business requires passion, creativity, and persistence. The founder in this episode, who was trying to create a bedding brand, faced rejections but didn't give up. She carried her pitch and fabric samples like a traveling saleswoman, believing in the potential of her idea. She highlighted the significance of spending a third of one's life in bed and the absence of a strong brand in the category. Despite the initial challenges, she was determined to build a billion-dollar business. This story underscores the importance of believing in your vision and being persistent in the face of adversity. It also emphasizes the value of identifying a gap in the market and capitalizing on it. The founder's passion and determination led her to see opportunities where others didn't, and her refusal to give up eventually paid off. If you're an entrepreneur, take inspiration from this story and remember that setbacks are a natural part of the journey. Keep refining your pitch, stay focused on your vision, and don't let rejections discourage you. Instead, use them as learning experiences and keep pushing forward.