Trader Joe, Harry, Founder discussed on Invest Like the Best
Their customers are WalMart and Kroger and Wegmans in Amazon with new direct to consumer companies, which isn't totally the question who has the soul of a brand can come through a lot more because you can have direct relationships and often in young come as you have to look at the dose of a founder, for instance. We were meeting with Jeff raider. And Andy Katz may feel of Harry's before Harry's launch we were assessing their smarts. There were both and grads and in private equity. But also like what did they want to accomplish said they wanna give people more fair shave because there wasn't one. You know, the the main competitor at the time is this voltron light character one thousand nine hundred. S five blades seven blades, the Quattro price to the through the gills. And at the time Gillett had I think John was nine percent of PG's revenues, but thirty four percents of profit. And the fact he had by them behind the glass case was a little bit weird. And they didn't want to just like we're gonna do something cheaper and some more stuff and take market share. It's like they were building something soulful. It's like we want to give a guy better shave and be more empathetic to that. And they they literally there was a biggie. Those behind the brands I mean, the name of the company called Harry's. Ansa shaving company that says something the mascot was a woolly mammoth before they launched we help them with his campaign that you had to figure stuff out, and we acquired one hundred twenty thousand users before launch, and we just had a certain kind of tone in attitude that was much more empathetic and endearing and today. We whether you look at politics or the brands we choose whether it's a car a gum. We all make rational choices more than we'd like to think when things that we look for is that in a founder, and then there's a there's a full process that goes through certainly make more. Smart sounding than than might be. But out of passion yellow, let's do that. I mean, I'm literally interested in like someone's in your office, and you've got X amount of time with them and the ideas at the beginning. They don't know what what it's going to look like like, what are the elements of marketing and brand at the end. You've got a plan. What does that literal process? Maybe step by step shortcake. I process we'd be an immersion. Good Lord gave us two years mouth for reason. And it's funny as as investors that we don't always use that correlation. We sometimes overlying the computers and things, but we do a lot of listening and ask a lot of questions who's the target audience. What's the competitive set what are other people doing where the objectives? And that was we litany of questions, then we take a look at the category landscape say what players are out there. What does it look like how's it sold who are the consumers for this? Is there different kind of consumer for say Mercedes versus Alexis and unpack that and really try and dig into who were four is not millennials. It's not adults eighteen to thirty four. I've never met an adult eighteen to thirty four. We try and come up with a persona a great one. Trader joe's. Does trader Joe's has a great center gravity in terms of what they do. Trader Joe's designs, all the proxies and services around a substitute teacher, who drives a late model Volvo, and that drives everything they do in terms of like the products they make and that's and that doesn't mean you for grants..