How I Built This with Guy Raz - Advice Line with Lyndon Cormack of Herschel Supply Co.
The episode provides insights into effective storytelling and branding for businesses. Lyndon Cormack, co-founder of Herschel Supply Company, emphasizes the importance of storytelling in building a brand, suggesting that businesses should focus on macro stories that resonate across demographics. He advises entrepreneurs to identify their core values and use them to craft a compelling brand narrative. The episode also discusses marketing strategies for niche and luxury products. For instance, Lauren Befus of Memory Lane Jane is advised to position her bespoke family books as a luxury brand and consider hiring a publicist to reach high-net-worth clients. John Thurding of FloorDrobe is encouraged to showcase his product in boutique hotels to allow potential customers to experience it in a real setting. Virginia Peterson of Swoop is advised to attend trade shows to expand her brand beyond Alaska and tap into the nursing community as a target market. The episode highlights the importance of aligning marketing strategies with the brand's unique story and target audience.
Key Points:
- Focus on storytelling to build a strong brand identity. Use macro stories that appeal to diverse demographics.
- Position luxury or niche products by associating with high-end brands or settings, such as boutique hotels.
- Consider hiring a publicist to reach target markets effectively, especially for luxury products.
- Attend trade shows to connect with potential buyers and expand market reach, despite the costs.
- Align marketing strategies with the brand's core values and target audience for better resonance.
Details:
1. 🎧 Wondery Plus, Airbnb & Ultra Running Shoes
1.1. Wondery Plus and Airbnb Promotion
1.2. Ultra Running Shoes Benefits
2. 📞 Introducing Guy Raz's Advice Line
2.1. Introduction to Guy Raz's Advice Line
2.2. Call to Action for Participation
3. 🧳 Building Herschel's Brand with Lyndon Cormack
- Herschel Supply Company, co-founded by Lyndon and Jamie Cormack in 2009, has grown into a multi-million dollar brand known for stylish travel gear with a retro feel.
- Neither founder had manufacturing experience, leading to initial challenges and learning through trial and error.
- The brand's storytelling is intentional, with a focus on conveying a story through product design and brand actions.
- Herschel's brand strategy includes being democratic, telling diverse stories that appeal to various demographics.
- Key commitments include quality, sustainability (bags made from recycled textiles), and a fun, non-serious brand image.
- Finding an authentic brand story is crucial, and once identified, companies should capitalize on it.
4. 📚 Memory Lane Jane: Crafting Luxury Keepsakes
- Brand visibility is crucial in a crowded market, requiring constant promotion to keep the brand front and center.
- Herschel emphasizes staying relevant by engaging with both long-time customers and new audiences, such as teenagers entering high school.
- The brand aims to age with its consumers, maintaining significance to those who have been customers since the brand's inception 15 years ago.
- Herschel positions itself as a co-star in consumers' life stories, emphasizing the importance of customer experience over just selling products.
- The company draws inspiration from customer stories, aiming to be part of significant life events like first jobs or overseas trips.
5. 👗 FloorDrobe: Innovative Clothing Storage Solution
- Memory Lane Jane collaborates with families and family-owned businesses to create bespoke commemorative books, preserving life stories and legacies in a personalized manner.
- The founder, Lauren Befus, initiated the business inspired by her small family and experiences as a newspaper reporter, specifically with untold stories of World War Two veterans.
- Creating a book involves extensive interviews, photo reviews, and outside research, typically taking nine months, although some projects from 2018-2019 are ongoing.
- Since its inception, the company has completed 35 books and currently has 15 projects underway.
- The base price for creating a book is $25,000, reflecting its bespoke nature and labor intensity.
- Lauren expanded her team to include a director of projects and communications and 12 contractors, such as designers, editors, and writers.
- The business is deliberately not designed for rapid scaling due to its labor-intensive nature, with a goal of selling 20 books next year.
- Marketing and client acquisition are primarily referral-based and through showcasing completed books, targeting high-net-worth, multi-generational families.
6. 👙 Swoop: Comfort-Driven Bras Designed by Nurses
6.1. Luxury Branding Strategies
6.2. Marketing and Media Opportunities
7. 🔄 Entrepreneurial Insights with Lyndon Cormack
7.1. Lyndon Cormack's Business Strategies
7.2. John Thurding's 'Floordrobe' Success
7.3. Virginia Lynn Peterson's 'Swoop' Brand Expansion
7.4. General Entrepreneurial Advice from Lyndon Cormack
8. 📧 Show Closing & Listener Engagement
- Listeners are encouraged to check out the original episode with Lyndon Cormack for more insights into Herschel Supply Company's journey.
- Guy Raz promotes his newsletter, available for free sign-up at GuyRoz.com, which offers insights from various entrepreneurs.
- Listeners are invited to send a one-minute message about their business challenges for a chance to be featured on the show.
- Contact information for sending voice memos or messages includes an email (hibt at id.wondery.com) and a phone number (1-800-433-1298).
- Listeners can access ad-free content by joining Wondery Plus or listening via Amazon Music for Prime members.
- HubSpot's new AI tools, Breeze, are highlighted for improving marketing efforts, claiming to increase leads by 110% in 12 months.