Podcast Summary
Returning to roots during challenging times: Stay nimble, adapt to new circumstances, and maintain a focus on your core mission to thrive during adversity
Barstool, an iconic culture-shifting platform, has thrived during challenging times by staying present, innovative, and true to its roots. When the pandemic hit, the company, which started as a group of people sharing their world and trying to be funny, went back to its beginnings. With limited resources, they used what was available to create content and provide an escape for people. As Barstool grew, so did the challenges, but the company continued to pivot and adapt, keeping its focus on making people laugh and being disruptive. Even with the added complexity of a global team and new resources, the company's agility and innovative spirit have kept it successful. Entrepreneurs and executives alike can learn from Barstool's ability to stay nimble, adapt to new circumstances, and maintain a focus on their core mission.
Adapting to change and focusing on the present: Shifting focus to creating content and finding new ways to monetize it led to Barstool Sports' two biggest months in commerce. Embrace change, focus on the present, and explore new opportunities for growth.
Adapting to change and focusing on the present can lead to growth and success. Earlier in the conversation, Dave Portnoy discussed his approach to restructuring Barstool Sports during the pandemic. Instead of dwelling on the past or looking for large, long-term deals, they shifted their focus to creating content and finding new ways to monetize it. This strategy led to their two biggest months in commerce ever. Moreover, Portnoy shared his excitement about Barstool Sportsbook, their new sports betting brand in partnership with Penn National. They've been working hard to build a unique, unconventional product and marketing strategy. In terms of personal changes during COVID, Portnoy mentioned his increased online shopping habits. He's become a "massive online shopper," buying things like air plants on Etsy. While it might seem unnecessary, the convenience and accessibility of online shopping have made it a preferred choice for him. Overall, the conversation highlights the importance of being adaptable, focusing on the present, and embracing new opportunities. Whether it's in business or personal life, these principles can lead to growth and success.
Consumer behavior shift towards unique items and experiences: The pandemic has accelerated a trend towards unique, limited-edition items and experiences as people reevaluate priorities and values, impacting industries like apparel and education.
The pandemic has led to a shift in consumer behavior towards unique, limited-edition items and experiences, as people reevaluate their priorities and values. This trend is expected to impact various industries, including apparel and education, as commoditized products and middle-of-the-road offerings may struggle. Additionally, the pandemic has exposed underlying issues and caused reflection, leading to a renewed appreciation for nostalgia and collection. These trends may result in long-term positive changes, despite the short-term pain and stress caused by the pandemic.
Barstool Sports' Success in the Sports Card Industry: Barstool Sports' authenticity and permission to be different have led to success in the sports card industry, despite controversies. Entrepreneurs should find executives who embrace their humanity and kindness to thrive in business.
Despite the controversies and pushback, Barstool Sports has found immense success in the sports card industry and is poised to become a trillion-dollar market. This success can be attributed to the company's authenticity and the permission it has to be different. Furthermore, the pandemic has created unique circumstances that have led to the formation of communities and support of micro-initiatives, like running clubs. For entrepreneurs and innovators, the key is to find executives who understand and embrace their deep humanity and kindness, allowing them to thrive in the corporate business world.
Navigating business relationships with evolving brands: Stay attuned to consumer wants and brand evolution for successful partnerships. Adapt and stay true to the mission.
Navigating business relationships, especially with innovative companies and founders, requires understanding and adapting to the evolution of both brands and consumers. Gary Vaynerchuk shares his experience working with Barstool Sports, emphasizing the importance of being in tune with consumer wants and staying true to the brand's mission. He also highlights the disconnect between those who have experienced success and those who merely critique from the sidelines. By focusing on the progression and evolution of brands, businesses can build meaningful and effective partnerships.
