Brand Builder

Episode 151 | How The Naked Market Creates Category Kings by Thinking Like a Tech Startup

By November 16, 2020 No Comments

Subscribe on Apple Podcasts | Subscribe on Stitcher | Subscribe on Spotify

 

This week we’ve got a guest who approaches brand building unlike anyone we’ve talked to yet. 

In fact, he’s less of a brand builder and more of a portfolio builder.

Our featured guest is Harrison Fugman, the CEO & co-founder of The Naked Market.

Our first question for Harrison was probably one you’re asking now: what exactly is The Naked Market?

According to their site it’s “an omni-channel food and beverage platform,” but I’d argue that the portfolio analogy is the easiest way to understand what Harrison and the team are doing. 

Rather than focus on one brand, they launch multiple brands with the goal of creating market leaders in a capital efficient manner.

As you’ll hear, the approach borrows a bit from the worlds of tech and finance. Data is definitely king, and “fail fast” is a foundational concept. Considering Harrison’s seven years with Credit Suisse, it all makes sense. 

At the risk of oversimplifying, The Naked Market approaches brand building like this: 

  • Step 1: Identify a category that’s ripe for disruption
  • Step 2: Create products to attack those categories
  • Step 3: Monitor the data to see if the brand is tracking the way it needs to
    • If yes, scale it
    • If no, shut it down

Harrison walks us through what that looks like in practice with TNM’s three flagship brands – Flock chicken chips, Avo Crazy, and Beach House bowls.

Harrison talks about the role of trends in this process (and the difference between true trends and fads), the potential downsides of this model and how they work to avoid them, and why the pandemic is the perfect time to double down on their strategy. 

Links

Join our Exclusive Facebook Group!

What’s your biggest takeaway from the episode? Join our invite-only, private Facebook group just for Brand Builder Community members, where you can connect with fellow entrepreneurs and founders, crowdsource ideas, share best practices (or lessons learned), and get your most important questions answered. Join now!

Facebook.com/groups/brandbuilderpod

Brand Builder is produced by Caroo.

Brand Builder archive

Leave a Reply

Share via
Copy link
Powered by Social Snap