Advice Line with Lyndon Cormack of Herschel Supply Co.

Summary

How I Built This with Guy Raz – Episode Summary: "Advice Line with Lyndon Cormack of Herschel Supply Co."

Release Date: February 27, 2025

In this engaging episode of "How I Built This with Guy Raz," host Guy Raz welcomes back Lyndon Cormack, co-founder of the renowned Vancouver-based apparel brand Herschel Supply Co. Together, they delve into the Advice Line, a segment designed to assist budding entrepreneurs in navigating their business challenges. Throughout the episode, Lyndon shares invaluable insights drawn from his entrepreneurial journey, offering tailored advice to three dynamic business founders.

Introduction: Setting the Stage

The episode commences with Guy Raz introducing Lyndon Cormack and recapping Herschel's inception story. Lyndon and his brother Jamie launched Herschel Supply Co. in 2009 without prior manufacturing experience, leading to a series of trials and errors. Their perseverance transformed Herschel into a multi-million dollar brand recognized for its stylish, retro-inspired travel gear.

Caller 1: Lauren Beefis of Memory Lane Gym

Caller Profile:

Name: Lauren Beefis
Location: Grand Rapids, Michigan
Business: Founder of Memory Lane Gym, specializing in creating bespoke commemorative books that preserve family legacies.

Key Discussion Points:

Business Genesis: Lauren shares her personal motivation rooted in a small family and limited opportunities to preserve family stories. Her background as a newspaper reporter exposed her to untold heroic tales, inspiring her to create Memory Lane Gym.

[08:32] Lauren Beefis: "There aren't a lot of people to keep our family story alive. That kind of was the beginning of it."
Operational Challenges: Lauren highlights the high cost of production, with bespoke books starting at $25,000, and the slow scaling process due to the personalized nature of her services.
Marketing Dilemmas: Seeking effective strategies to convey the brand's luxury and emotional value to attract high-net-worth clients.

Lyndon's Advice:

Position as a Luxury Brand: Lyndon emphasizes the importance of branding Memory Lane Gym as a premium service, akin to established luxury brands, to justify the high price point.

[13:48] Lyndon Cormack: "I think you should look at yourself as a luxury brand and then take your favorite luxury brands or ones that you aspire to look at and really figure out what they do well."
Utilize Public Relations: He suggests hiring a publicist to secure media coverage in high-end magazines and local news outlets, enhancing brand visibility and credibility.
Targeted Marketing Efforts: Focus on niche markets where affluent families are likely to engage, leveraging referrals and strategic partnerships to expand reach.

Caller 2: John Thurling of Floordrobe

Caller Profile:

Name: John Thurling
Location: London, UK (currently in Johannesburg, South Africa)
Business: Founder of Floordrobe, an innovative solution for managing clothes clutter in small living spaces.

Key Discussion Points:

Product Innovation: John introduces Floordrobe as a space-efficient ladder with specialized hooks designed to prevent clothing from stretching, catering to individuals who prefer not to commit to laundry cycles immediately.

[24:10] John Thurling: "It's like a ladder with hooks. The first is a normal hook, and the second is a miniature coat hanger that doesn't crease your shirt."
Market Validation: Successfully raised £18,000 on Kickstarter against a £4,000 goal, indicating strong initial interest.
Scaling Challenges: Struggles with converting online interest into sales and the inherent difficulty of marketing a highly personal product.

Lyndon's Advice:

Leverage Retail Partnerships: Suggests partnering with boutique hotels and local stores on a consignment basis to allow potential customers to experience the product firsthand without the commitment of online purchases.

[31:06] Lyndon Cormack: "Maybe you should consider working with boutique hotels or gift stores on consignment so people can see how it works."
Enhance Visual Marketing: Recommends using aesthetically pleasing environments for product photoshoots to highlight Floordrobe's functionality and design, appealing to design-conscious consumers.
Content Creation and Influencer Collaborations: Encourages creating compelling content for platforms like Pinterest and engaging influencers to demonstrate the product’s value in real-life settings.

Caller 3: Virginia Lynn Peterson of Swoop

Caller Profile:

Name: Virginia Lynn Peterson
Location: Anchorage, Alaska
Business: Founder of Swoop, a lifestyle brand specializing in bras designed for nurses, addressing the discomfort of long shifts.

Key Discussion Points:

Product Differentiation: Virginia explains Swoop's unique design with front rings and sliders, made from soft modal material, offering a balance between support and comfort without wires.

[39:25] Virginia Lynn Peterson: "Our bras are wire-free, lined with super soft modal, and designed to be more supportive than a bralette without being as tight as a sports bra."
Sales Channels: Currently operates with a balanced sales strategy—one-third direct-to-consumer via the website, one-third through in-person markets, and one-third wholesale in local stores like REI and Hotel Alyeska.
Expansion Obstacles: Despite strong local sales, expanding wholesale outside Alaska has been challenging, with limited success from cold outreach methods.

Lyndon's Advice:

Refocus Marketing Efforts: Identifies nursing as a substantial market with over 3.4 million female nurses in the U.S., suggesting targeted marketing within this demographic.

[43:36] Lyndon Cormack: "Even if it's 1% or 10% of the 3.4 million female nurses, that's a significant market."
Explore Nursing Associations: Recommends partnering with nursing organizations for advertising and exposure, leveraging their platforms to reach the intended audience effectively.
Trade Show Investment: Acknowledges the high cost but underscores the value of attending trade shows for wholesale expansion, where direct interactions with buyers can lead to meaningful partnerships.

[47:59] Lyndon Cormack: "I think it's worthwhile making the investment and doing that kind of travel because you're looking to expand outside of Alaska."

Lyndon Cormack’s Closing Insights

Towards the episode's conclusion, Lyndon reflects on his own entrepreneurial journey with Herschel Supply Co., emphasizing the value of embracing failures as learning experiences that build character and resilience.

[49:49] Lyndon Cormack: "Embracing failures and struggles are something that I would probably tell that version of myself as we were starting, that it's part of the journey and it's going to make us better in the end."

Key Takeaways

Brand Storytelling is Crucial: Crafting an authentic and compelling brand story helps differentiate a business in crowded markets.
Luxury Branding for High-End Products: Positioning products as luxury items can justify higher price points and attract affluent customers.
Strategic Partnerships Enhance Visibility: Collaborating with established brands or niche markets, such as boutique hotels or nursing associations, can amplify brand presence and drive sales.
Visual and Content Marketing Matter: High-quality visuals and engaging content are essential for products that rely on aesthetics and functionality.
Persistence in Scaling: Building a business requires sustained effort, adaptability, and the willingness to learn from setbacks.

Notable Quotes

Lauren Beefis on Business Motivation:

[08:32] "There aren't a lot of people to keep our family story alive. That kind of was the beginning of it."
Lyndon Cormack on Luxury Branding:

[13:48] "I think you should look at yourself as a luxury brand and then take your favorite luxury brands or ones that you aspire to look at and really figure out what they do well."
John Thurling on Product Solution:

[24:10] "It's like a ladder with hooks. The first is a normal hook, and the second is a miniature coat hanger that doesn't crease your shirt."
Lyndon Cormack on Embracing Failures:

[49:49] "Embracing failures and struggles are something that I would probably tell that version of myself as we were starting, that it's part of the journey and it's going to make us better in the end."

This episode offers a treasure trove of entrepreneurial wisdom, highlighting the importance of storytelling, strategic marketing, and resilience. Whether you're a startup founder or an established business owner, the insights shared by Lyndon Cormack provide actionable strategies to overcome challenges and propel your business toward success.

Summary

How I Built This with Guy Raz – Episode Summary: "Advice Line with Lyndon Cormack of Herschel Supply Co."

Release Date: February 27, 2025

Introduction: Setting the Stage

Caller 1: Lauren Beefis of Memory Lane Gym

Caller Profile:

Name: Lauren Beefis
Location: Grand Rapids, Michigan
Business: Founder of Memory Lane Gym, specializing in creating bespoke commemorative books that preserve family legacies.

Key Discussion Points:

Business Genesis: Lauren shares her personal motivation rooted in a small family and limited opportunities to preserve family stories. Her background as a newspaper reporter exposed her to untold heroic tales, inspiring her to create Memory Lane Gym.

[08:32] Lauren Beefis: "There aren't a lot of people to keep our family story alive. That kind of was the beginning of it."
Operational Challenges: Lauren highlights the high cost of production, with bespoke books starting at $25,000, and the slow scaling process due to the personalized nature of her services.
Marketing Dilemmas: Seeking effective strategies to convey the brand's luxury and emotional value to attract high-net-worth clients.

Lyndon's Advice:

Position as a Luxury Brand: Lyndon emphasizes the importance of branding Memory Lane Gym as a premium service, akin to established luxury brands, to justify the high price point.

[13:48] Lyndon Cormack: "I think you should look at yourself as a luxury brand and then take your favorite luxury brands or ones that you aspire to look at and really figure out what they do well."
Utilize Public Relations: He suggests hiring a publicist to secure media coverage in high-end magazines and local news outlets, enhancing brand visibility and credibility.
Targeted Marketing Efforts: Focus on niche markets where affluent families are likely to engage, leveraging referrals and strategic partnerships to expand reach.

Caller 2: John Thurling of Floordrobe

Caller Profile:

Name: John Thurling
Location: London, UK (currently in Johannesburg, South Africa)
Business: Founder of Floordrobe, an innovative solution for managing clothes clutter in small living spaces.

Key Discussion Points:

Product Innovation: John introduces Floordrobe as a space-efficient ladder with specialized hooks designed to prevent clothing from stretching, catering to individuals who prefer not to commit to laundry cycles immediately.

[24:10] John Thurling: "It's like a ladder with hooks. The first is a normal hook, and the second is a miniature coat hanger that doesn't crease your shirt."
Market Validation: Successfully raised £18,000 on Kickstarter against a £4,000 goal, indicating strong initial interest.
Scaling Challenges: Struggles with converting online interest into sales and the inherent difficulty of marketing a highly personal product.

Lyndon's Advice:

Leverage Retail Partnerships: Suggests partnering with boutique hotels and local stores on a consignment basis to allow potential customers to experience the product firsthand without the commitment of online purchases.

[31:06] Lyndon Cormack: "Maybe you should consider working with boutique hotels or gift stores on consignment so people can see how it works."
Enhance Visual Marketing: Recommends using aesthetically pleasing environments for product photoshoots to highlight Floordrobe's functionality and design, appealing to design-conscious consumers.
Content Creation and Influencer Collaborations: Encourages creating compelling content for platforms like Pinterest and engaging influencers to demonstrate the product’s value in real-life settings.

Caller 3: Virginia Lynn Peterson of Swoop

Caller Profile:

Name: Virginia Lynn Peterson
Location: Anchorage, Alaska
Business: Founder of Swoop, a lifestyle brand specializing in bras designed for nurses, addressing the discomfort of long shifts.

Key Discussion Points:

Product Differentiation: Virginia explains Swoop's unique design with front rings and sliders, made from soft modal material, offering a balance between support and comfort without wires.

[39:25] Virginia Lynn Peterson: "Our bras are wire-free, lined with super soft modal, and designed to be more supportive than a bralette without being as tight as a sports bra."
Sales Channels: Currently operates with a balanced sales strategy—one-third direct-to-consumer via the website, one-third through in-person markets, and one-third wholesale in local stores like REI and Hotel Alyeska.
Expansion Obstacles: Despite strong local sales, expanding wholesale outside Alaska has been challenging, with limited success from cold outreach methods.

Lyndon's Advice:

Refocus Marketing Efforts: Identifies nursing as a substantial market with over 3.4 million female nurses in the U.S., suggesting targeted marketing within this demographic.

[43:36] Lyndon Cormack: "Even if it's 1% or 10% of the 3.4 million female nurses, that's a significant market."
Explore Nursing Associations: Recommends partnering with nursing organizations for advertising and exposure, leveraging their platforms to reach the intended audience effectively.
Trade Show Investment: Acknowledges the high cost but underscores the value of attending trade shows for wholesale expansion, where direct interactions with buyers can lead to meaningful partnerships.

[47:59] Lyndon Cormack: "I think it's worthwhile making the investment and doing that kind of travel because you're looking to expand outside of Alaska."

Lyndon Cormack’s Closing Insights

[49:49] Lyndon Cormack: "Embracing failures and struggles are something that I would probably tell that version of myself as we were starting, that it's part of the journey and it's going to make us better in the end."

Key Takeaways

Brand Storytelling is Crucial: Crafting an authentic and compelling brand story helps differentiate a business in crowded markets.
Luxury Branding for High-End Products: Positioning products as luxury items can justify higher price points and attract affluent customers.
Strategic Partnerships Enhance Visibility: Collaborating with established brands or niche markets, such as boutique hotels or nursing associations, can amplify brand presence and drive sales.
Visual and Content Marketing Matter: High-quality visuals and engaging content are essential for products that rely on aesthetics and functionality.
Persistence in Scaling: Building a business requires sustained effort, adaptability, and the willingness to learn from setbacks.

Notable Quotes

Lauren Beefis on Business Motivation:

[08:32] "There aren't a lot of people to keep our family story alive. That kind of was the beginning of it."
Lyndon Cormack on Luxury Branding:

[13:48] "I think you should look at yourself as a luxury brand and then take your favorite luxury brands or ones that you aspire to look at and really figure out what they do well."
John Thurling on Product Solution:

[24:10] "It's like a ladder with hooks. The first is a normal hook, and the second is a miniature coat hanger that doesn't crease your shirt."
Lyndon Cormack on Embracing Failures:

[49:49] "Embracing failures and struggles are something that I would probably tell that version of myself as we were starting, that it's part of the journey and it's going to make us better in the end."