Insight
Nassif: Never run two businesses simultaneously
“One was never, ever, ever do two businesses at once.”
Opinion
Nassif: Seventh Generation initially had sketchy cleaning performance
“On the bottom triangle, we have seventh generation. Right? They're earth-friendly. Performance at the time was kind of sketchy. I think that's changed.”
Opinion
Nassif: Having an older white male investor aided seed fundraising
“It helped to have an old white guy at the table asking other old white guys for money.”
Assertion Not checkable as stated
Nassif: Williams-Sonoma private-label deal financed Caldrea's entire existence
“And that was a significant revenue program for us. And it served as our financing for the rest of the, for the rest of the life of the company.”
Insight
Nassif: Founders must actively manage retail sales reps to stand out
“Never ever leave rep groups alone. Never. You've got to do ride alongs, you've got to do training, you've got to get them excited with incentives, because they're walking into a toy store with 10 to, you know, 20 brands, and why is your brand at the top of the…”
Insight
Nassif: Ignorance of expensive retail slotting fees saved early Mrs. Meyer's
“You know, I think ignorance in some ways is bliss. I knew so little about the promotional dollars required to sit on the shelf of a Target or a Walmart or a Kroger, and yet we went after it, and I think if I knew that, oh my gosh, those promotional dollars wer…”
Insight
Nassif: Cleaning products must be designed to act as countertop jewelry
“Jewelry, this has got to be jewelry on the counter. It should be able to, you should be able to have a bottle of hand soap and a bottle of dish soap proudly sit by your sink.”
Insight
Nassif: Shelf brand-blocking validates price points via a product halo effect
“We've got to be all together. Because then you validate your price point, and you kind of make a promise to the consumer that, hey, if the hand soap is awesome, the dish soap is going to be awesome. You know, it has this halo effect.”
Insight
Nassif: Agency businesses are hand-to-mouth because assets go down the elevator
“It was, I was calling a hand-to-mouth kind of business. You know, I always said, all your assets are going down the elevator every night, you know, all your talent.”
Disclosure
Nassif: Caldrea raised roughly $800,000 in its initial seed round
“We raised about 800,000 the first round from a whole variety of investors”
Assertion Not checkable as stated
Nassif: Caldrea traded one margin point to co-brand Williams-Sonoma bottles
“They just sold the white label. But on the bottle, it did say made by Caldria, right? Yes, because I gave them a margin point for that.”
Assertion Supported
Nassif: 80% of household cleaners are bought in grocery and discount stores
“Almost 80% of all household cleaning products are purchased in the grocery store and discount stores.”
Assertion Not checkable as stated
Nassif: Mainstream retail buyers scout Whole Foods to find new product trends
“Because all the Target buyers, other groceries buyers, what are they doing? They're snooping around whole foods and major markets and the Columbus circle, whole foods and the San Francisco there.”
Disclosure
Nassif pulled Mrs. Meyer's from 200-store Target pilot due to weak awareness
“We couldn't control the stores, the 200 store test. And so I had no market concentration. We had zero brand awareness. We were so premature with the brand, we didn't really know what we were doing, so I saw the numbers every week, and I decided, we gotta take …”
Assertion Not checkable as stated
Nassif: Mrs. Meyer's reached profitability at $15M-$20M revenue
“We were probably profitable around 15, twenty million. Once we got the margin, the cost of goods sold figured out for Mrs. Meyers.”
Assertion Not checkable as stated
Nassif: Mrs. Meyer's early Midwest rollout failed before succeeding on coasts
“That's why when we started Mrs. Meyers, we just went after market after market, and we just chipped away. We went to, we tried the Midwest, that was a disaster, so we just chipped away. New York, Atlanta, big major markets that would be so much more accepting.”
