Norma Kamali's Top Advice for Founders

Opening: Aligning your products with popular dietary trends can attract health-conscious consumers. Quote:

"Bone broth is hot... People love bone broth."

Takeaway:

• Incorporate trending dietary options into your menu or products.
• Meet consumer demand for health benefits like collagen and protein.
• Stay updated on nutritional trends to keep offerings relevant.

Opening: Utilizing your existing customer base can drive authentic growth without heavy marketing spend. Quote:

"I think what has made us very successful is a lot of moms have power, man. Moms will share with their social media groups and that's kind of how we took off."

Takeaway:

• Recognize the influence of your core customer demographic.
• Encourage word-of-mouth and community referrals.
• Invest in customer experience to foster brand advocates.

Opening: Maintaining a positive outlook is essential for navigating the challenges of entrepreneurship. Quote:

"I have a new start. I have a new chance to try it again... and not sort of hang in the dreary feeling of the day before."

Takeaway:

• Embrace each day as a new opportunity to overcome challenges.
• A positive mindset can fuel resilience and creativity.
• Focus on growth and learning from past experiences.

Opening: Expanding into wholesale requires careful consideration to maintain control over your brand and margins. Quote:

"Be very careful about entering the wholesale distribution network... You're in their hands, they are also buying other brands who compete with you. And you lose the control you have right now."

Takeaway:

• Understand the challenges and demands of wholesale partnerships.
• Consider the impact on profit margins and control over your product.
• Explore growing your direct channels before entering wholesale.

Opening: Knowing when and how to bring in outside investors is crucial for business growth. Quote:

"I think the next step is usually the tough one because you have to make big decisions. Where are you going to get additional funding? I think there are choices you have."

Takeaway:

• Evaluate the right timing for seeking external funding based on your business needs.
• Consider alternative funding sources like friends, family, or customers before equity investors.
• Be cautious about giving up control and ensure potential investors align with your vision.

Opening: Focusing on a specific niche can help your brand resonate more deeply with your customers. Quote:

"It turns out that, you know, moms or women that have curves, women that have different body types, we do need something that holds us in a little bit better, that kind of accentuates our curves."

Takeaway:

• Identify and understand the specific needs of your target audience.
• Create products tailored to address those unique requirements.
• Build a community around shared experiences to enhance brand loyalty.

Opening: Offering your product in a new, convenient way can capture customer interest and differentiate you in the market. Quote:

"What if there was like a pureed soup, like a sippin' soup that you serve in like a to-go coffee cup with your logo on it and you kind of market it as a grab and go."

Takeaway:

• Innovate in how your product is presented and consumed.
• Make your product convenient and accessible to fit into customers' lifestyles.
• Leverage branding opportunities in your product's delivery method.

Opening: Changing how customers perceive your product can help you reach new markets and increase sales. Quote:

"So my question is, how do we continue to acquire new customers? And how do you break through... when they think of going to lunch, they think of Mexican, they think of hamburgers, they think of a salad, they don't think of soup."

Takeaway:

• Identify barriers in customer perceptions that prevent them from choosing your product.
• Create strategies to reposition your product in the minds of consumers.
• Innovate and offer new ways to experience your product to attract attention.

Opening: Effective storytelling can generate excitement around your brand and attract both customers and investors. Quote:

"I now think, oh, this is interesting. It's a very authentic British brand that has the character of history and quality just by that reference... knowing that history and the reference definitely raises interest."

Takeaway:

• Align your brand with authentic stories that resonate with your audience.
• Highlight unique aspects like heritage or location to differentiate your brand.
• Use storytelling to create a compelling narrative that attracts attention.

Opening: Communicating a compelling brand story is essential to attract investors and differentiate in the market. Quote:

"Well, I think the first question I have is what makes you different other than your ambition to use your reputation and your history and value... So, what is different about your product or your approach to marketing your product that would make me want to invest in your potential success?"

Takeaway:

• Clearly define what sets your brand apart from competitors.
• Convey your unique selling proposition succinctly to capture investor interest.
• Leverage your authentic story and brand heritage to create a strong identity.