Startup Growth Advice from a Sports CEO

Writing down your learnings helps retain valuable insights over time.

\"You may think you can remember everything you can't. Write everything you learned down.\"

- Keep a journal of lessons and experiences. - Review notes to reinforce learning. - Use documentation to inform future decisions.

Being honest with yourself and others is essential to avoid pitfalls in business.

\"Make sure you're honest with yourself, because that's the only way you won't get yourself in trouble.\"

- Be transparent about challenges you face. - Address issues promptly to prevent escalation. - Build trust through honesty and integrity.

Identifying channel partners can help you effectively reach specific customer segments.

\"You have a brand partner that actually has the ability to extend a relationship with a large customer segment and that may be very powerful.\"

- Collaborate with partners aligned with your audience. - Use partnerships to access new customer groups. - Enhance brand reach through trusted associations.

Exploring alternative distribution channels can expand your customer base.

\"Now that you've launched and got a target as a channel partner...there are chains that now run so many of those airport convenience [stores]...you might look really carefully because they have high margins at retail in airports.\"

- Leverage existing partnerships to access new channels. - Consider selling in high-traffic areas like airports. - Expand distribution to boost off-season sales.

Building connections with like-minded individuals can help entrepreneurs navigate challenges.

\"What I would say to the founders like me, get yourself connected to a group of like-minded people...and continue to have a dialogue and sound it out. It's absolutely essential. You cannot solve this alone.\"

- Connect with peers for support and advice. - Discuss challenges and share solutions. - Collaboration strengthens your business strategies.

Taking care of yourself is crucial when running a business to maintain productivity and well-being.

\"So you're doing it all alone. So congratulations, but take care of yourself...Make sure you don't forget to take care of yourself.\"

- Prioritize self-care to sustain energy and passion. - Avoid burnout by maintaining balance. - A healthy entrepreneur leads to a healthier business.

Packaging can be a powerful tool to engage customers and encourage repeat business.

\"If you could figure out how to utilize the QR code in your packaging and tie it to a promotion that captured their SMS or captured their email...that might help.\"

- Add QR codes to packaging to capture customer info. - Use promotions to encourage QR code scans. - Build your customer email/SMS list for direct marketing.

Leveraging a viral moment requires strategies to convert one-time customers into loyal patrons.

\"The number one thing you get out of a viral moment is joy, but you don't build your business off of it...You still got to stay really, really true to those roots and the foundation about how you're going to build.\"

- Focus on core strategies beyond the viral moment. - Build customer relationships through email/SMS capture. - Encourage repeat business with incentives.

Developing a year-round marketing strategy for a seasonal product can help sustain your business.

\"I mean, you know, people are still going to warm places in the wintertime in North America, they're going to the Caribbean and Mexico. So if there's a way to create some kind of campaign around, you know, always have this in your suitcase.\"

- Target travelers to warm destinations during the off-season. - Highlight year-round usefulness in your marketing. - Utilize channels like airports to reach travelers.

Expanding your brand's audience while staying true to your core customers is essential for growth.

\"You're asking, how do you make sure that you're still authentic to Black men and women, but also not sort of alienating other consumers...I feel like if you can start to think about those values, it'll start to inform how you present the product.\"

- Focus on universal values like excellence and empowerment. - Use branding that reflects these values to appeal broadly. - Maintain authenticity while expanding.