Summary of Episode 547: In Retrospect - Building a $200M Selling Swimwear | Erin Deering
Introduction
In Episode 547 of The Foundr Podcast with Nathan Chan, Erin Deering, the co-founder of the globally acclaimed swimwear brand Triangle, shares her remarkable journey from a spontaneous idea on a Melbourne beach to building a $200 million brand worn by celebrities like Kendall Jenner and Hailey Bieber. Erin delves into identifying market gaps, leveraging influencer marketing, overcoming significant challenges, and navigating personal struggles associated with entrepreneurial success.
Founding Triangle: From Idea to Launch
Erin recounts the inception of Triangle in 2011 on a Melbourne beach. During a spontaneous conversation with her then-partner Craig Deering after struggling to find a suitable bikini for a second date, they identified a gap between surf brands and higher-priced options.
Erin Deering [02:13]: "Triangle was pretty much born that day."
Recognizing the need to fully commit, Erin and Craig made the bold decision to relocate to Hong Kong, positioning themselves closer to the supply chain and removing distractions to focus entirely on building their brand.
Erin Deering [04:16]: "We knew we couldn't go back. We had to commit fully to Triangle."
Overcoming Challenges: Intellectual Property and Manufacturing Hurdles
Early success was tempered by significant challenges, notably intellectual property (IP) theft. Erin shares a painful experience where their manufacturer in China not only copied their designs but also attempted to register their brand name locally.
Erin Deering [07:31]: "They copied us and tried to register our name in China. It was really stressful."
This ordeal taught her the importance of securing trademarks early on. Additionally, they faced operational setbacks, including the loss of their initial product stock due to the manufacturer's breach. Despite these hurdles, Erin and Craig remained resilient, focusing on innovation and finding new manufacturing partners.
Growth Through Influencer Marketing: Harnessing Authenticity
A pivotal moment in Triangle's growth was their strategic use of influencer marketing. Erin emphasizes the significance of genuine relationships over transactional partnerships.
Erin Deering [14:30]: "We were gifting without any expectation of a post in return. It was very genuine."
By sending their swimwear to influencers like Kendall Jenner through her friends, they sparked a viral movement that significantly boosted their presence in the United States. This authentic approach contrasted with the prevalent expectation of paid promotions, distinguishing Triangle in a crowded market.
Erin Deering [16:17]: "It was an authentic approach, and it really got us a lot of traction."
Lean Operations: Scaling with a Small Team
Despite achieving impressive revenues, Triangle maintained a lean operational structure. Erin and Craig managed most aspects of the business, supplemented by a small team handling essential functions like customer care.
Erin Deering [20:38]: "For the size of the business, the team is tiny."
By keeping overheads low and reinvesting profits into product development and marketing, they sustained rapid growth without the complexities of a large organizational structure.
Personal Struggles: Identity and Burnout
Erin opens up about the personal toll of entrepreneurial success. As Triangle grew, she struggled with identity and burnout, feeling disconnected from herself despite external achievements.
Erin Deering [31:43]: "I did not know who Erin was. I had lost my way through the business."
The intense focus on the brand consumed her, leading to feelings of isolation and dissatisfaction. This culminated in her decision to step away from Triangle in 2018 to rediscover herself and seek deeper fulfillment.
Erin Deering [31:59]: "If inside just isn't working, it just really doesn't matter."
Lessons and Advice for E-Commerce Founders
Erin imparts valuable lessons for aspiring entrepreneurs, emphasizing the importance of intention, customer relationship nurturing, and product excellence.
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Right Intention: Start with a clear, authentic purpose beyond mere profit.
Erin Deering [37:09]: "You’ve got to have the right intention when you’re starting a business."
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Customer Journey: Prioritize the customer experience to build loyalty and word-of-mouth.
Erin Deering [37:09]: "If your product's amazing, but you don't nurture your customer, they're not going to come back."
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Influencer Marketing: Approach influencer collaborations with authenticity and patience.
Erin Deering [40:54]: "Influencer marketing does work. It just takes time."
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Lean Operations: Maintain a manageable team and reinvest profits wisely to foster sustainable growth.
Erin Deering [27:44]: "The more we made, the more we put back into making more styles."
Future Plans: Empowering Women in Business
Post-Triangle, Erin is dedicated to mentoring and empowering women in business, leveraging her experiences to support others in overcoming similar challenges. She aims to create a supportive community where women feel less isolated and more empowered to pursue their entrepreneurial ambitions.
Erin Deering [36:05]: "I really want to tap into that and just make people feel better about what they're doing."
Conclusion
Erin Deering's story is a compelling testament to the resilience and adaptability required in entrepreneurship. From building Triangle into a swimwear powerhouse to navigating personal and professional challenges, her insights offer invaluable guidance for founders aiming to create impactful and sustainable businesses.
Notable Quotes with Timestamps
- Erin Deering [07:31]: "They copied us and tried to register our name in China. It was really stressful."
- Erin Deering [14:30]: "We were gifting without any expectation of a post in return. It was very genuine."
- Erin Deering [20:38]: "For the size of the business, the team is tiny."
- Erin Deering [31:43]: "I did not know who Erin was. I had lost my way through the business."
- Erin Deering [37:09]: "You’ve got to have the right intention when you’re starting a business."
- Erin Deering [36:05]: "I really want to tap into that and just make people feel better about what they're doing."
Key Takeaways
- Authenticity in Marketing: Building genuine relationships with influencers can lead to exponential brand growth.
- Lean Management: A small, focused team can efficiently manage a large-scale business when operations are streamlined.
- Personal Well-being: Balancing business growth with personal identity and fulfillment is crucial for long-term success.
- Customer-Centric Approach: Prioritizing customer experience fosters loyalty and sustainable growth.
Erin Deering’s journey with Triangle offers a blueprint for aspiring entrepreneurs, highlighting the importance of innovation, resilience, and maintaining one’s authenticity in the face of rapid growth and personal challenges.