Leveraging Influencers and Your Top Talent with Luke Peters, Former Newair CEO

Right About Now with Ryan Alford

Published: Tue Dec 10 2024

In this episode of Right About Now, host Ryan Alford sits down with Luke Peters, former CEO of Newair, a leading brand in portable refrigeration. Together, they delve into the intricacies of entrepreneurship, sharing invaluable lessons on achieving business success. Luke recounts his early days of spotting market opportunities through Yahoo search trends back in 2001 and how these insights fueled NewAir's growth into a flourishing enterprise. Listeners will gain practical strategies, including the necessity of maintaining robust profit margins, the art of hiring the right talent, and the power of influencer marketing. Luke also highlights the critical role of differentiation, emotional branding, and ongoing market research in staying competitive. This episode offers a wealth of actionable advice for entrepreneurs looking to carve out a unique space in the business world.

Summary

Right About Now with Ryan Alford: Leveraging Influencers and Your Top Talent with Luke Peters

Podcast Information:

Title: Right About Now with Ryan Alford
Host/Author: The Radcast Network
Episode: Leveraging Influencers and Your Top Talent with Luke Peters, Former NewAir CEO
Release Date: December 10, 2024

Introduction

In this episode of Right About Now with Ryan Alford, host Ryan Alford sits down with Luke Peters, the former CEO of NewAir and now an executive CEO coach and mentor. The conversation delves into Luke's journey in building a multimillion-dollar company, the pivotal strategies that fueled NewAir’s success, and his transition into coaching other business leaders. The episode is a blend of insightful business strategies, personal anecdotes, and practical advice for entrepreneurs and marketers alike.

Luke Peters' Journey with NewAir

Luke Peters begins by sharing the origins of NewAir, detailing how a simple observation on Yahoo about the high search volume for portable air conditioners sparked the idea for the business.

Luke Peters [00:37]: "At the time, Yahoo showed that there was a lot of searches for portable air conditioners. That's literally how I got into this business."

From these humble beginnings in 2001, NewAir quickly became profitable by capitalizing on direct-to-consumer (D2C) sales, leveraging affordable paid ads, and focusing on search engine optimization (SEO). Luke highlights the importance of adaptability, especially when bigger players like Home Depot and Walmart entered the market around 2012, leading to increased competition and higher advertising costs.

Luke Peters [05:14]: "We just totally changed the whole business and focused everything around brand. Creating the best brand, the coolest brand, the most trusted."

Marketing Strategies and Brand Building

A significant portion of the discussion centers on the shift from D2C to brand-centric marketing. Luke emphasizes the necessity of building a trusted and relatable brand to compete with larger corporations. This strategic pivot involved enhancing customer service, refining messaging, and establishing a strong brand identity in the compact appliance market.

Luke Peters [05:32]: "Our motto was the most trusted brand in compact appliance. So we're all after trust, customer service, all of those things."

Ryan and Luke discuss the challenges of maintaining profitability in a one-sale business model and the importance of margin focus to ensure long-term sustainability.

Luke Peters [14:12]: "Make money from day one. Because the pro. The thing is that can actually, basically what it's telling you is your brand is not valuable enough to the market."

Influencer Marketing and Online Presence

Luke shares NewAir’s early adoption of influencer marketing, which was pioneering for appliance brands at the time. By partnering with micro-influencers to showcase products through unboxing videos and authentic reviews, NewAir effectively built trust and expanded its reach without relying solely on paid advertisements.

Luke Peters [26:43]: "We had a cool influencer marketing strategy, right? Because they're like, okay, I want to get a cigar humidor. What do I need to think about?"

He highlights the effectiveness of organic influencer collaborations over traditional ads, noting that seeing a trusted influencer use a product can significantly enhance brand credibility and consumer trust.

Luke Peters [26:43]: "I think it builds the most trust. If you saw someone you follow and they opened up a product, I think you'd kind of like, trust that more than if you just see some paid ad."

Hiring and Leadership Lessons

Transitioning into leadership, Luke discusses the critical aspects of hiring the right talent. He underscores the importance of hiring individuals who have already succeeded in their roles, ensuring they bring proven skills and experience to the company.

Luke Peters [15:28]: "Have they done successfully the job you're asking them to do. So too many times... I want someone who's already done it."

Luke also emphasizes creating a great workplace culture to attract top talent, suggesting that companies strive to become recognized as excellent places to work. He introduces the concept of "Top Grading," a rigorous hiring process that involves thorough reference checks to verify a candidate's track record and reliability.

Luke Peters [18:24]: "Top Grading, which is a great book. And this is pretty simple... your odds are improved."

CEO Coaching and Common Challenges

As a CEO coach, Luke shares insights into the common challenges faced by business leaders. He focuses on helping CEOs identify whether they are tackling the right problems, improving product positioning, enhancing margins, and building teams aligned with company goals.

Luke Peters [30:10]: "Are they working on the right problem? Believe it or not, like, that's a big one."

He also discusses the importance of preparing for business exits, advising CEOs to start planning early to maximize their company's value at the time of sale.

Luke Peters [30:10]: "They want to exit, but they're not ready to exit, or they don't realize this is, like, bad news when they hear it."

Anecdotes and Personal Stories

The conversation takes a lighter turn as Luke shares amusing and challenging experiences from his time at NewAir. He recounts dealing with difficult employees and navigating legal challenges, illustrating the unpredictable nature of running a business.

Luke Peters [35:33]: "When you have two employees at a Christmas party, get friendly with each other. Yeah. That can make it awkward the next day when they show up for work."

These stories not only add a personal touch to the episode but also highlight the resilience required to lead a successful company.

Conclusion

In wrapping up the episode, Ryan commends Luke for his approachable and practical demeanor, emphasizing the value he brings to aspiring entrepreneurs and business leaders through his coaching. Luke invites listeners to connect with him on LinkedIn and explore his coaching services through Apexceo Co.

Luke Peters [39:57]: "Follow me there and then check out Apexceo Co. I do a free coaching call."

The episode concludes with Ryan encouraging listeners to visit RyanIsRight.com for more resources and to subscribe to the Radcast Network’s YouTube channel for additional content.

Notable Quotes:

Luke Peters [00:37]: "At the time, Yahoo showed that there was a lot of searches for portable air conditioners. That's literally how I got into this business."
Ryan Alford [14:12]: "Talking with Luke Peters, former CEO of NewAir and now executive CEO, coach and mentor. I'll call you a mentor. I already feel like you're mentoring me a little bit here, Luke."
Luke Peters [15:28]: "Have they done successfully the job you're asking them to do... I want someone who's already done it."
Luke Peters [26:43]: "If you saw someone you follow and they opened up a product, I think you'd kind of, like, trust that more than if you just see some paid ad."
Luke Peters [30:10]: "Are they working on the right problem? Believe it or not, like, that's a big one."

This episode serves as a goldmine of practical advice for entrepreneurs aiming to scale their businesses, build strong brands, and effectively lead their teams. Luke Peters' experiences and strategies provide invaluable lessons for navigating the complexities of business growth and leadership.