Global Wired Advisors - Want to sell? Know Your SKU Economics.
The Story of a Brand Show
Ramon Vela
4.9 • 147 Ratings
🗓️ 9 May 2022
⏱️ 35 minutes
🧾️ Download transcript
Summary
This episode is brought to you by Sendlane.
When looking at brands to work with, Global Wired Advisors managing partner Chris Shipferling says he prefers to work with those who understand their numbers.
"That's a best practice," Chris says. "You know, make sure you understand what's driving the profitability by understanding SKU economics."
Chris says that it's essential for brands looking for investors or investment bankers to know their options.
In Part 2, Chris talks about:
* The pros and cons of in-house manufacturing.
* The need for brands to understand skew economics.
* The difference between working with individual investors and an investment bank.
* What's the onboarding process like with his firm.
Join Ramon Vela and Chris Shipferling as they break down the inside story on The Story of a Brand.
For more on Global Wire Advisors, visit: https://www.globalwiredadvisors.com/
Subscribe and Listen to the podcast on all major apps. Simply search for “The Story of a Brand,” or click here to listen on your favorite podcast player: Listen now.
*
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Transcript
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| 0:00.0 | Are there any best practices that you like to see from brands? |
| 0:07.0 | Yeah. |
| 0:07.9 | Wow. |
| 0:09.2 | Gosh, that's a heavy one, man. |
| 0:11.5 | Because again, I think it's all by function. |
| 0:13.8 | It's really difficult to sit there and give any, you can't really give any high level |
| 0:19.1 | best practices, right? |
| 0:20.6 | You got to really do it by |
| 0:21.8 | function so when you're talking about like say marketing um you know i'd like i like to see brands |
| 0:27.2 | who understand their numbers that's a best practice you know make sure you actually understand |
| 0:33.0 | what's driving the profitability not for your business by skew. |
| 0:39.0 | Like understanding skew economics, that's a best practice to me. |
| 0:43.3 | Because you can then at that point really start doing some serious rationalization |
| 0:47.7 | around what's really driving my profitability, what's really driving my revenue and what is, right, when I've got skew economics. |
| 0:56.1 | And then for instance, if you've got something that's driving lots of volume, but is not driving |
| 1:00.0 | a ton of profitability, well, then you can start making better decisions. Do I need to have a |
| 1:05.0 | conversation with my supplier because now I've got economies of scale and potentially pull out, |
| 1:10.0 | you know, a couple basis points when it comes to the, when it comes to costing here. |
| 1:15.1 | Or, man, I thought my price was always too low and I think it is. |
| 1:22.5 | I think I need to raise my pricing because I'm not making a whole lot of money, but I'm selling to a lot of people. |
| 1:29.1 | So on this particular skew, let's test the elasticity of it. Let's see where we can go with this |
| 1:35.2 | particular price and see what the consumer is willing to pay. Let's see where their value line really |
... |
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