Apr 28, 2022
This episode is brought to you by Ordergroove.
Ed Donnelly started AmourCBD without a price point or even a budget in mind. The brand's founder says his only thought was to make the best and safest product possible.
"I had the belief that if I made the absolute best and communicated the safety and the quality and tried to price it as best, I would get a certain group of customers - the intelligent buyer or the safe buyer - (and) they will buy it without hesitation," Ed says.
The result is a simple website with just five products and news and testimonials.
"The opportunity for the cream is tremendous, and we have barely started to scratch the surface," he says. "So I'm not letting people run off to develop a patch ... I'm not running off to put CBD in shampoo or pet formulations ... I'm not launching them because I want the cream to be successful. It's that important. People needed that badly."
Ed advises fellow entrepreneurs to form strong, personal relationships with suppliers as critical of an overall strategy.
"I had a personal relationship with them, and they knew how important their company was to me and that we weren't going to leave them for a penny or two or a buck or two," he says. "Those were the people who, when times get tough, I could pick up the phone and call them and ask them to partner with me."
Another tip he offers: To have a viable business, make sure you're taking care of your employees. When costs rise, don't pass it along to the consumer incrementally.
Ed's final piece of wisdom: Context and perspective.
"I don't have any problems in business. I have challenges, but there are no problems," he says. Ed explains he's had two real problems: Sept. 11, when his brother - a fireman - was killed at the World Trade Center. And his granddaughter's health journey.
"Those were problems," Ed says. "Amour is an opportunity."
In Part 2, Ed talks about:
* His strategy concerning the costs of the product at its
inception.
* A tour of the brand's website.
* The critical importance of the brand's cream product.
* Advice for other entrepreneurs considering starting up
brands.
* His strategy on passing on the cost of rising prices to
consumers.
* His perspective on putting things in context.
* Why his granddaughter's health struggles remain an inspiration
for him personally and professionally.
Join Ramon Vela and Ed Donnelly as they break down the inside story on The Story of a Brand.
For more on AmourCBD, visit: https://amourcbd.com/
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