Oct 24, 2018
What does it truly feel like to 10X your company? How does your mindset change and how do you navigate between the startup phase to the $10 million in revenue phase? On top of that, how can we keep sustaining that growth? Today’s episode features a case study that details this entrepreneur’s experience!
Kevin Pasco is a 26-year-old entrepreneur who built an eight-figure brand, Nested Naturals, into an eCommerce powerhouse with his partner Jeremy Sherk. Kevin has a team of 25 employees and plans to grow to more than 50 in the next 3 years. How has he been able to see such success? Find out on today’s episode!
When Kevin first started 4-5 years ago, he was trying to pursue a more nomadic “4 hour work week” schedule. However, it slowly grew into something more. The company first began because both Kevin and his business partner were fed up with taking supplements that didn’t fully disclosure what was — really — inside the bottle.
The first product they launched was to help with sleep since both of the Founders had trouble sleeping regularly. When they launched, they had to really bootstrap it and get the support of their friends and family to support their first product, initially. In the first year, their product saw a lot of success and it grew to a million dollars in revenue.
What led them to quick growth in the first year was their ability to listen to the customer and adapt to their needs. The customers were still paying the same price for a better product and they were thrilled. Also, their extensive A/B testing helped significantly to see what was really working and what was not. The keys to Kevin’s success, in the beginning, was listening to feedback, adapting, and then brand testing.
By getting social proof early on through Amazon Reviews, Kevin and his business partner were able to charge a higher price for their product as well and stand out from the competition. They’re not just selling ‘pills,’ they’re selling a good night’s sleep where you won’t be waking up groggy. People really value that and are willing to pay extra for that feeling.
“We really learned to listen to the customer.”
“We found pretty early on that the more reviews we could get — the more people talking about the product — the more we could charge.”
“In year 3, we placed such a big emphasis on people, leadership, autonomy, hiring great people, and offering them incredibly culture and perks.”
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Scaling Up: How a Few Companies Make It...And Why the Rest Don’t, is the best-selling book by Verne Harnish and the team at Gazelles, on how the fastest growing companies succeed, where so many others fail. My name is Bill Gallagher, host of the Scaling Up Business Podcast and a leading business coach with Gazelles.
We help leadership teams to get the 4 Decisions around People, Strategy, Execution, and Cash right so that they can Scale Up successfully and beat the odds of business growth success. Our 4 Decisions are all part of the Rockefeller Habits 2.0 (from the original best-selling business book, Mastering the Rockefeller Habits).