Pocket Palette: Mastering Product Positioning, Testing & Distribution
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Show Overview:
The hosts sit down with Lynda Peralta, founder of Pocket Palette, as well as Terrand Smith, a retail professional and CEO of 37 Oaks Consulting, LLC. In this episode, we discuss building Pocket Palette as a beauty brand that is about being accessible for the “on-the-go-woman.” Lynda addresses the importance of the entrepreneur’s gut and listening to your own messaging. Terrand reminds us that positioning for any product is essential. Finally, we talk about sales from distribution channels, the importance of testing, and staying focused on the problem you’re trying to solve.
About GFGF:
The Get Found Get Funded podcast is at the intersection of entrepreneurship and social justice where we focus on entrepreneurship as a possible path to wealth creation — specifically for Black and Latinx communities.
Featured Guest(s):
Lynda Peralta
Lynda T. Correa Peralta, is a graduate of The University of Southern California and George Washington University. She is a Latina inventor, business owner and founder of The Pocket Palette.
Terrand Smith
Terrand Smith is the Founder and CEO of 37 Oaks Consulting, a Chicago-based commerce consulting firm that strengthens and revitalizes communities. In 2016, Terrand combined her corporate retail experience and expertise in brand development to launch 37 Oaks, a consulting firm that develops solutions around Local Commerce + Innovation + Economic Development. She uses two proprietary platforms within her business that aid local brands to EDUCATE (37 Oaks University) and APPLY (SOKONI), driving towards increased distribution, profitability, sustainability and scalability.Founder and CEO of 37 Oaks Commerce Consulting
Key Takeaways about The Pocket Palette And Product Positioning:
- Building relationships are crucial when starting and maintaining your own company
- Finding what is unique to you and seeing it as a positive will help your business standout and succeed
Timestamps:
00:59 Intro
04:00 The Pocket Palette’s Evolution
12:13 Product Positioning
16:51 Retail Strategy
23:34 Pricing
28:15 Building Relationships
34:51 Product Design
38:42 Public Relations
42:20 B2B Strategy
49:45 Outro
Items Mentioned in the Show:
Learn More About 37 Oaks Retail Consulting:
Learn More About The Pocket Palette:
Quotes from the Show:
- “We raised $56k in 15 countries. The 15 countries part is really what knocked me off my feet. I was like “Whoa, this isn't just a me in DC problem. This is something that people relate to.”
- “I think really this entrepreneurship thing has really been about testing my own instincts and trusting them.” (Lynda)
- “I can’t do everything and that's a lesson that I learned right away.” (Lynda)
- “Our salesmen ended up being actually our distributor partners.” (Lynda)
- “The most important thing is if you have your brand and you know how it's going to be positioned, then make sure that the retailer definitely fits that positioning” (Terrand Smith)
- “I do like to be featured specifically as a Latino owned business because I still want to remind people that one, it's a fact and also that we don't have to always be creating products that are specifically for other Latinos.”
- “Leverage distribution partners because they're going to do a lot of that leg work for you and that is going to help you get more reach without absorbing much of that labor to do so.” (Terrand Smith)
