The Unexpected Strategy That Doubled Swag.com’s Sales During a Pandemic

Tune in to Episode 308 of the DealQuest Podcast, where I'm joined by Jeremy Parker, co-founder and CEO of Swag.com. From aspiring filmmaker to successful entrepreneur, Jeremy shares his remarkable journey and the valuable lessons he's learned along the way.

Discover how Jeremy leveraged strategic partnerships, avoided the pitfalls of over-funding, and prioritized company culture to drive success. If you're an entrepreneur or business leader looking for actionable insights on building a thriving business, navigating challenges, or forging powerful partnerships, this episode is not to be missed. Jeremy's practical advice, drawn from his own experiences, will inspire you to pivot and thrive - just like he did with Swag.com's remarkable pandemic sales surge.

PARTNER UP FOR SUCCESS

When starting or growing your business, consider teaming up with co-founders or partners who bring different but complementary skills to the table. For example, if one partner excels in financial management while another has a knack for creative marketing, combining these strengths can significantly benefit your business. Additionally, partners often come with their own networks and connections, which can open doors to new opportunities, funding sources, and valuable industry contacts. By leveraging each partner's unique expertise and resources, you create a stronger, more well-rounded team that can tackle challenges more effectively.

TARGET THE RIGHT AUDIENCE

Identifying and focusing on the right audience can make a big difference. For Swag.com, Jeremy realized that office managers, who had previously been overlooked, were a key audience. Office managers had the power to influence the purchase of promotional products for their companies, providing a valuable entry point. By concentrating on this group, Swag.com was able to gain visibility and access to other decision-makers within companies. Assess your market and find the audience that will have the most impact on your business.

ADOPT A MINIMUM VIABLE PRODUCT (MVP) APPROACH

Don’t wait until your product is perfect before launching it. Jeremy’s failed social networking app, Vouch, taught him that spending too much time perfecting every detail before releasing it to the public wasn’t effective. Instead, start with a basic version of your product or service, and then refine it based on real user feedback. This method, known as the MVP approach, allows you to test your ideas quickly and make adjustments based on what works and what doesn’t. By focusing on a simple version first, you save time and resources, and you can ensure that the final product better meets the needs of your customers.

EVALUATE YOUR CAPITAL NEEDS CAREFULLY

Before embarking on a fundraising journey, carefully assess whether it’s truly necessary for your business. Sometimes, the drive to raise capital can stem from a desire for external validation or personal ego rather than actual business needs. Make sure that any fundraising efforts align with your strategic goals and genuinely contribute to your growth. If you can achieve your objectives without additional funding, it might be better to focus on that approach rather than seeking capital just for the sake of it.

Once you've determined that raising capital is the right path for your business, it's crucial to develop a comprehensive and strategic plan for how you'll use those funds. Focus on how the funds will help you achieve concrete goals, such as expanding your product line, entering new markets, or reaching important milestones. A well-defined plan for using the capital can make your fundraising efforts more effective and appealing to potential investors, who want to see how their investment will directly contribute to the business’s success.

MAXIMIZE RESOURCES, MINIMIZE WASTE

Be conscious of how you allocate your resources. Practicing frugality means spending wisely and making the most of what you have. Optimize every aspect of your business operations to ensure efficiency, even if it requires short-term sacrifices. This disciplined approach helps you make informed decisions, reduce costs, and build a more sustainable business model. While it might be tempting to splurge when funds are plentiful, maintaining a frugal mindset can lead to more strategic decisions and better long-term results.

When cash is tight, consider using creative financing solutions to acquire valuable resources. For instance, licensing agreements or equity swaps can provide access to crucial tools, services, or domain names without requiring large upfront payments. This approach allows you to secure important assets while conserving cash. By thinking outside the box, you can find innovative ways to support your business’s needs without compromising your financial stability.