243. The $100K Risk That Made $1 Million + Caught Costco’s Attention

Cubicle to CEO

Ellen Yin

Entrepreneurship, Business, Marketing

5.0 • 580 Ratings

🗓️ 22 April 2024

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Are you misallocating your company’s resources on a product that’s stunting your growth? Today’s case study investigates this dilemma. Michelle Razavi, CEO and co-founder of the gut-friendly food company, Elavi, recently faced this roadblock head on. After successfully launching the company in 2020 with collagen protein bars, she made the tough decision to cut this entire product line - giving up $100,000 in guaranteed revenue in the process - in favor of going all-in on their new (and more promising) product line of dessert cashew butter spreads. Mere months later, Elavi’s dessert butters were picked up by retailing giant Costco, AND they’re now on track to generate $1M this year! It's not easy to let go of something you poured your heart into, but what if doing so could open the door to a new, million-dollar opportunity? Michelle walks us through how she came to this decision, the pitching strategy that got Costco’s attention, and why this pivot 10Xed their revenue. View the transcript for this episode at: https://otter.ai/u/CfwABqgKFSAv4mxpNEJG4sUUnh8?utm_source=copy_url Connect with Michelle: www.elavi.co IG: @heyelavi IG: @michellerazavi Listen to our SXSW episode: https://link.chtbl.com/TjDOGQao Iconic business leaders all have their own unique genius. Take this quick 10 question quiz to uncover your specific CEO style advantage: https://ellenyin.com/quiz If you enjoyed today's episode, please: Post a screenshot & key takeaway on your IG story and tag me @missellenyin & @cubicletoceo so we can repost you. Leave a positive review or rating at www.ratethispodcast.com/cubicletoceo Subscribe for new episodes every Monday. Join our C-Suite membership to get bonus episodes! Check out everything our members get at https://ellenyin.com/csuite Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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1:00.4	You're listening to Keep a Coopolda CEO, episode 243. Are you misallocating your company's
1:06.2	resources on a product that's stunting your growth? Today's case study investigates this dilemma.
1:12.3	Michelle Razavi, CEO and co-founder of the gut-friendly food company, Alavi, recently faced
1:17.9	this roadblock head-on. After successfully launching the company in 2020 with collagen protein
1:23.3	bars, she made the tough decision to cut this entire product line, giving up $100,000 in
1:29.7	guaranteed revenue in the process, in favor of going all in on their new and more promising
1:35.0	product line of dessert cashew butter spreads. Mere months later, Alavi's dessert butters were
1:41.3	picked up by retailing giant Costco, and now they're on track to
1:45.2	generate $1 million this year. It's not easy to let go of something you poured your heart into,
1:50.6	but what if doing so could open the door to a new million dollar opportunity? Michelle
1:56.4	walks us through how she came to this decision, the pitching strategy that got Costco's attention,
2:01.6	and why this pivot 10xed their revenue.
	...

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