Vitafive - The World of CPG According to Nik Hall
This episode is brought to you by Sendlane. Nick says, “this is how I look at Consumer Packaged Goods (CPG). CPG is incredibly difficult. We all know it. Everyone that's in it know’s it's really, really difficult. You’ve got business-to-business (B2B). The brand to the retailer. You got business-to-consumer (B2C) sales, which is direct to consumer, Amazon, anything like that. And then you have B-to-B2C. He goes on to say, “So when you sell to Sprouts or Kroger or Target or whatever it may be, how do you then get a consumer product off of the shelf? Yes, you've sold it to Target. Target is now buying your inventory, but if consumers don’t buy it, you're going to have to pay for it again. You're going to have to buy it back with less of an expiration date and so on. That's where it gets really, really difficult.” In today's interview, we have a return guest and friend of the show (episodes #383/384), Nik Hall, Founder of Vitafive. Vitafive is on a mission is to provide high-quality, benefit-based supplements in eco-friendly packaging! In this episode, we’re given a behind the scenes look at the products we love to buy, whether it’s online or at a retailer, and the challenging environment entrepreneurs face bringing products to market. We discuss: * His gratefulness for his wife * Overview & update of Vitafive * How retail has changed * Why he believes in selling more to less retail stores * Why you should not do consignment * How to start with retail, including starting local and test * How to get more sales through retail * Why channel strategy is critical * Growth versus profitability * Advice to CPG founders, including pricing strategies and if you don’t think you can do it, don’t! * And more… Join Ramon Vela and Nik Hall, as we break down the inside story of Vitafive on The Story of a Brand. For more on Vitafive, visit: https://vitafive.com/ Subscribe and listen to the podcast on all major apps. Simply search for “The Story of a Brand” on your favorite podcast player. * This episode is brought to you by Sendlane. Alright, guys, here’s the deal: I have a gift for you from our primary sponsor — Sendlane. They’re giving away their online course eCommerce Academy - Email & SMS Marketing! This course gives you the step-by-step playbook to drive more revenue and retention with email & SMS. This is typically a $500 package, but for our listeners, it’s entirely FREE when you get started with your FREE 14-day trial of Sendlane. When you do, chat with their support team and let them know you’re one of our listeners to get full access to hours of course content that will help you make email marketing your #1 growth engine. Visit https://storybrandgift.com to get the details, sign up for a free trial and get your gift!