Building Customer Loyalty With Joe Preston: President & CEO, New Balance | #ThePlaybook 451

The Playbook With David Meltzer

David Meltzer, Entrepreneur.com

Entrepreneurship, Business, Careers

4.6 • 1.9K Ratings

🗓️ 19 August 2021

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of #ThePlaybook, Joe Preston, President & CEO of New Balance, shares his thoughts on: [2:07] - How introducing the first $100 running shoe helped to put New Balance on the map [4:35] - The adaptations that New Balance made due to the pandemic and why they now “control their own destiny” [6:39] - How big brands can use data and analytics in order to better understand their customer. [9:37] - Why encouraging your team to take an entrepreneurial approach will help to unlock their potential Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	on this episode of the Playbook. I have Joe Preston, president and CEO of New Balance,
0:06.0	which actually was a product I sold before I even graduated law school,
0:10.8	been a fan for decades. And we're going to talk about how do you take a company from $100,000
0:16.1	in revenue to soon to be over $10 billion. Join me for all of this and more on the Playbook.
0:30.0	I'm Joe Preston, president and CEO of New Balance, which has evolved over the years. Joe, welcome to the Playbook.
0:52.0	Hi, David. Thanks for having me. Pleasure to be here.
0:56.0	I have to share a story with you because I think you will know the loyalty I have to your brand
1:01.3	and how long I've been loyal to the brand. When I was in law school, very hungry for money,
1:08.2	by the way, I would look for any way to make money. And I had a summer externship in San Diego
1:15.2	at a real estate law firm and it started at 9 a.m. Well, there was a company called Roadrunner Sports
1:21.0	that was just starting out and they needed salespeople on East Coast time. So I could start at 4 a.m.
1:28.3	work five hours, rush down to the law firm 10 minutes away and have a full day. And so I learned
1:34.8	all about running shoes. I learned about the material and all types of different things. And it
1:42.4	was amazing because that was my first exposure truly to New Balance. And what they were at that time
1:50.0	and who they marketed to and how exceptional they were as running shoes. And so to see the
1:56.5	brand evolve into the masses from kind of a what I had learned at that time. And this I'm old.
2:02.9	So years and years ago, it was meant for the more mature runner, maybe a heavier runner,
2:08.3	very stable shoe, very, very well built and performance shoe. But as the Nike's were coming
2:16.0	into the world and the A6 kind of had their niche, I saw a great future for New Balance and it's
2:22.0	so nice to see where you're going, Joe, just starting with I just saw New Balance has their first
2:27.1	digital flagship show store even. So I thought we'd start about your own vision with this evolution
2:35.0	of New Balance and the appeal it has to the masses. Well, first of all, Roadrunner was a trailblazer
	...

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