Lara Schmosiman (00:11)
Hi everyone. Welcome back to coffee number five. Do you have your coffee? I do have mine. Steven, do you have your coffee? my goodness. So you guys, I’m so happy that you are here today and you’re listening to this podcast because I ⁓ have someone special for you today. Someone that I met in the industry and we became fast friends and I…
Steven J. Edelstein (00:17)
No coffee. It’s too late in the day for coffee. I’ll have coffee later. but big… Go on, continue. ⁓
You’re funny.
Lara Schmosiman (00:38)
He knows everyone and everyone knows him. But what I love about him is all the experience. it’s fascinating for me to talk to him because he really understands the industry and from the conception of products to e-commerce sales and everything in between. So we were talking a little bit before the show and I had to even say, Steven, stop for a second. Let’s record because I really want to share all this with you guys.
Steven J. Edelstein (00:50)
Mm-hmm.
Mm.
Mm-hmm
Thank you.
Lara Schmosiman (01:06)
So welcome, Steven. Thank you so much for being here.
Steven J. Edelstein (01:08)
Well,
thank you, Laura. This is a pleasure. It had been a long time coming and I’m very excited to ⁓ share some knowledge and hopefully ⁓ add some value to your audience’s daily dive.
Lara Schmosiman (01:13)
Absolutely.
I’m sure you will. You’ve been in the health, beauty, personal care, pharma, healthcare, and private equity sectors, which is a lot in 25 years to do. There are industries that they are except the private equity, all the other ones I really can see how they have, because I work in those industries too, that they have…
Steven J. Edelstein (01:29)
Mm-hmm.
Correct.
Lara Schmosiman (01:45)
touch points as we
Steven J. Edelstein (01:47)
Correct.
Lara Schmosiman (01:47)
evolve in this industry, can see that for example, in the beauty industry, we can not just talk about beauty anymore if you don’t have a wellness component or if you’re talking about ⁓ even health, ⁓ you need to have some beauty components. Everything is getting a little mix. So I really would love to have your point of view how all the…
Steven J. Edelstein (01:52)
Mm-hmm.
Correct.
100%. 100%.
Hmm.
Lara Schmosiman (02:10)
the industry because I’ve been around for a while too and they were more separated but in your point of view how they are getting together.
Steven J. Edelstein (02:17)
They are, they are. And I think a lot of it has to do with the science. You know, as we discussed earlier before we started the show, it all starts with the formulation. It all starts with the formularies. It starts with the people behind the product, the chemicals, how the product is put together. But most importantly, you have to have an understanding of what that product’s intention is. What is it supposed to do? How is it supposed to cure a problem? How is it supposed to solve a problem? If it’s a skin irritation or something dermatological,
How is it gonna affect the skin? And most importantly, how is it going to create a lifestyle by which people can develop a regimen and therefore feel good about themselves each and every day? And what I mean by that is you have to look at how is that product, how is that formulation gonna fit into the daily lives of the audience? And this is very important.
the demographic audience that you’re intending to sell your product to.
Lara Schmosiman (03:13)
I love that you say that because you don’t create a product scene without knowing who is your audience.
Steven J. Edelstein (03:15)
100%.
100%. The cultural
connection is absolutely critical.
Lara Schmosiman (03:26)
And it comes from the, even from the ingredients. That’s when I loved when ⁓ clients come to me when they’re working with the manufacturer too, because we can do a lot of with the data information that we have today. We can see what ⁓ ingredients are trending in certain demographics.
Steven J. Edelstein (03:45)
100%. I mean, we can go back in time and look at the issue of hydroquinone versus non-hydroquinone and how that affected the skin. And everything in those early days was about the before and after effects and showing what that product can do. However, side effects, i.e. redness, irritation, toxicity, etc., obviously was detrimental to the results and certainly to the effect
Lara Schmosiman (03:58)
Mm-hmm.
Steven J. Edelstein (04:11)
of the product. So I go back to that understanding the customer, understanding what that customer needs. Who are those people? Where do they use the product? How often will they use the product? Is it a continuity type program? In other words, is it a product that requires a regimen, a system, a daily or weekly use? And therefore, you develop a relationship. And simply, in my opinion, based on the work that I have personally done,
The connection with your consumer is absolutely paramount. The relationship with the consumer is paramount. Having a story is probably more important than anything else. And then keeping in contact with these people. Talk to them. Listen to them.
Lara Schmosiman (04:51)
Absolutely.
Yes, but let’s talk about cost for a second because cost when you creating any brand is really important. You know who you’re going for. You need to understand at what segment of the market you’re going to be selling and your price point. So when you recommend to price your product, like after the formulation, before the formulation, what’s your rule of pricing?
Steven J. Edelstein (05:00)
Please, of course.
correct.
Correct. Correct.
Mm-hmm.
My rule of pricing is to understand, again, who that audience is first and foremost. Understanding what their financial propensity is. So know what kinds of products they typically buy and what they are most susceptible to. Obviously, we could break it down to mass drug, we could look at mass-dige, we could look at prestige, and we could look at luxury. But they’re all based on different price points.
Lara Schmosiman (05:33)
Mm-hmm.
Mm-hmm.
Steven J. Edelstein (05:48)
Historically, the rule of thumb for me, and again, other people might argue with me, is I like to understand how I can reduce my cost of goods to the most reasonable level, but also make sure that I have at least a five, six, seven time multiple to what I’m eventually gonna sell my product for, i.e. MSRP. Now, with, go ahead, yeah.
Lara Schmosiman (05:49)
Absolutely.
Yeah. So let me tell you a story
of someone that I talked not that long ago. They came to me that they want to market the product. They have one skill, which for me, one skill is risky. It’s difficult. It’s very difficult. So they will have to sell this at MSRP, $200 for one tube of very amazing ingredients product.
Steven J. Edelstein (06:12)
Please.
Okay, great.
Very risky, 100%.
Yep. Yep.
But.
Lara Schmosiman (06:32)
The
branding wasn’t there to sell it for $200. However, they will never be able to go retail to have margins. The only way that they can make a margin because the numbers weren’t there if it will sell DTC, not even Amazon. They wouldn’t make margins.
Steven J. Edelstein (06:35)
Mm-hmm.
No.
No, but understand something. You make a very good point and you talked, you kind of briefly touched on this earlier. Although the industry is still very fragmented, what’s most interesting and you hit on a very interesting point with products with AOVs transaction cost 150, mobile lines even go lower, 100, 125, 150, et cetera. What’s most interesting is that you can actually make it work now in retail.
particularly at the Neiman Nordstrom level of business, because the audience has become so hyper-focused on those particular venues, they are susceptible, they are used to, susceptible is not the right word, they are used to that level of transaction, that level of price.
Lara Schmosiman (07:36)
section is there but if their cost was $150 an unit, that was an issue.
Steven J. Edelstein (07:41)
Oh, they can’t. But you can’t make any money.
Oh no, you’re 100 % correct. 100 % correct. Can’t make any money, no margin, and by the way, it’s probably not even worth even starting the exercise because you’re already upside down to begin with.
Lara Schmosiman (07:55)
Exactly. mean, and those ingredients, there was no way to be in a business. Really, were not at all. So you really need to know who you’re and the target audience that this product was intended for, will never pay that price or the branding wasn’t a luxury brand.
Steven J. Edelstein (08:08)
Right.
Absolutely 100 %
you can have the fanciest secondary packaging the fanciest primary packaging you can have the best ingredients the best communication at the end of the day if the consumer is not believing it and they don’t see the value in the product It’ll never go anywhere Never go
Lara Schmosiman (08:30)
Yeah, so another
part that I really found very interesting in the process of creating product is the supply chain. It’s really complicated if you really want to do it well. I feel like there are a lot of people out there that they’re trying to make it simple. ⁓ But is the product there or we just creating more of the same?
Steven J. Edelstein (08:34)
Right.
Mm-hmm.
I think you have to be…
It’s a very good question and it’s a difficult question to answer because every obviously every brand and every every supply chain If you will is going to be a bit unique and a bit different However, what I like to look at is what’s called lowest common denominator So I like to go to the lowest point the easiest point of entry and most importantly in terms of you know We talked about the supply chain as a general rule which is so generic anyway at this point because it encompasses so many different steps in the process but most importantly what you want to make sure of is that you have
Lara Schmosiman (09:03)
Mm-hmm.
Mm-hmm.
Steven J. Edelstein (09:23)
a good configuration of your product in terms of how you’re gonna sell it and what that’s gonna present to the consumer, how they’re gonna see it, and then most importantly, you have to look at the economies of scale. Simply put, centralizing as much as possible, increasing your volume, and making sure that you have outlets that are gonna support your MOQs. That’s the way I look at things. If you can do that, and you convince buyers to buy into your concept and they have enough product that they can create
Insistent replenishment points now you have a business
Lara Schmosiman (09:54)
There is a question there because I see a lot of young businesses trying to go too fast into retail.
Steven J. Edelstein (10:02)
Stupid, stupid, stupid, stupid, stupid. And no offense to retail, no offense. That’s the last place I go. Of course they do, of course they do.
Lara Schmosiman (10:05)
No, not at all. As a brand, I need to know when you are ready. Everyone wants to be in Sephora. Everyone wants to be in Omstapp. But is that
the right place for your brand?
Steven J. Edelstein (10:16)
I’m gonna tell you right up front, I don’t think so. And I’m gonna tell you, people ignore things like Blue Mercury, for instance. They ignore the more boutiquey, more, okay, you need I say bougie environments. I know you do. And I’m gonna tell you right now, the old Fred Siegel’s, instance. The whites, the zitemurs. You understand, see, there you go. So my point is, those are the venues
Lara Schmosiman (10:22)
Mm-hmm.
I love that personally.
⁓ how I miss old Franz Segal.
Steven J. Edelstein (10:43)
that should come back to support your exact question or comment about going to retail. Going to retail in a whites, going to retail obviously back in the day in a Fred Siegel was a very productive opportunity for a brand because it got eyes on it. It was a personal sell. The people that work within the environment understood they were educated on the product. They did a good job. Now,
Lara Schmosiman (11:09)
Yes.
Steven J. Edelstein (11:10)
You have groups like Walgreens that have ambassador programs that are the biggest failures in the world. Because the reality is the underlying reason for you to be there is to sell product. Yes, not to educate the consumer.
Lara Schmosiman (11:22)
No, know. Yeah, exactly. And also, I mean, I feel like it’s a lot of the brands need to do a huge heavy lift in order to create traction in every dealer.
Steven J. Edelstein (11:30)
Mm-hmm.
100 % and more and more retailers again, we can go on and talk about retail forever The problem is trade marketing sport is very expensive Retailers don’t want to spend the money to promote the brand they want to they they they they they claim that they want to be agnostic the simple reality is just they just don’t want to spend the money and Most importantly retail is getting very expensive and again I’m not against retail in the right environment with the right price with the right products
Lara Schmosiman (11:45)
Mm-hmm.
Steven J. Edelstein (12:00)
phenomenal selling environment. The problem is you better have the capital to support it because now you’ve got things like slotting fees perpetual across the industry, cetera, et cetera, et cetera. It adds up, it gets very expensive. And again, unless you’ve got the necessary capital to support it or you have a brand that has built enough equity to drive foot traffic and eyeballs, fantastic. But that’s about
Lara Schmosiman (12:12)
Absolutely.
Yeah, but
then it gives you also more power to negotiate with the retail.
Steven J. Edelstein (12:30)
100 % but guess what that’s about that’s about 7 % of the audience Some percent of the brands have that cache the others are all struggling and I’ve been on the list I’m not gonna name names But they’re they’re all and these are emerging brands that have done all kinds of things in social media And they get to retail and they fall flat flat That’s a kiss of death see ya
Lara Schmosiman (12:34)
Yeah.
I know. And if you fail in retail, you’re done. Yeah. So
we are trade shows buddies. We meet at trade shows, we walk trade shows together. So how do you see the world of innovation lately in trade shows? I see a lot of, and also want to separate, talk to trade shows a little bit that where brands need to be showing and we don’t need to give names of
Steven J. Edelstein (12:57)
Yes we are.
Yeah.
No, no, no,
right.
Lara Schmosiman (13:17)
But I believe that many times for young brands or made us, you need to think a little bit more outside the box. not on, I think, I, and I think that is, for example, not everyone should go to a beauty convention. If you find that like, for example, you’re an, we have this situation with the client that we find out that there was a surfers that were interested in these products. So we went to a surf.
Steven J. Edelstein (13:23)
You think? I think. I know. I agree.
No.
Lara Schmosiman (13:46)
community and trade shows and we were so different.
Steven J. Edelstein (13:50)
Well, you make a very good point. on that note, there’s another brand in the athletic market that was developed by a former women’s professional tennis player, is Bichelle unnamed, and they are promoting their brand at WTA events, Women’s Tennis Association events. I think it’s.
Lara Schmosiman (13:56)
Mm-hmm.
Okay.
Exactly. don’t feel like
everyone is trying to be in the same places. They are cannibalizing themselves.
Steven J. Edelstein (14:14)
They are, they are. They have
genericized everything. The problem is, as I started out in the beginning of our conversation, you have to find your niche. You have to find your niche. In my opinion, and people in the audience could disagree with me all day long, in my opinion, scientifically formulated products, understanding who your audience is, niche orientation, know exactly what the propensity to buy is,
Lara Schmosiman (14:23)
Mm-hmm.
Mm-hmm. Mm-hmm.
Steven J. Edelstein (14:39)
and understand what your economics are. You understand all those things together, you’ve got a fighting chance.
Lara Schmosiman (14:43)
and also understand
where your consumer is hanging out.
Steven J. Edelstein (14:48)
Well, that’s the other thing. And by the way, we don’t know that because in today’s world, now, again, depending on the age group we’re also talking to, that’s another thing we have to do.
Lara Schmosiman (14:56)
No, mean,
we have a lot of platforms and data and I can do a lot of research. I mean, you guys know that I talk about the blue ocean and the red ocean. There is no reason to be competing and killing each other in a red ocean when there is this blue ocean and you have to find this space where you can ⁓ really shine. And it doesn’t mean that it’s going to be easier or faster.
Steven J. Edelstein (15:06)
Right?
No.
Lara Schmosiman (15:21)
You’re just
not fighting for a spot. The difference is that you don’t create a brand to fight for a spot. You create a brand for creating your own space.
Steven J. Edelstein (15:31)
100%, the world of generic, need I say, laterally focused products, I wouldn’t say is dead, but it’s not desirable. Today’s world is about intelligence. Today’s beauty world is about active ingredients that do what they’re supposed to do. Okay? And one step further, the brand itself, in terms of its presence, its story,
Lara Schmosiman (15:40)
Mm-hmm.
Absolutely. ⁓
Steven J. Edelstein (15:57)
Its messaging has to all revolve around an emotional event.
Lara Schmosiman (16:02)
So let’s go back to the trade shows. We were talking about trade shows, there are beauty trade shows, but also you have trade trade shows, like aesthetics shows, cosmetology shows, spas. I mean, there are a lot of different shows. I always say, what direction you want to go as a brand?
Steven J. Edelstein (16:06)
Yeah, please. Sorry, we deviated.
Mm-hmm.
Right.
Lara Schmosiman (16:22)
If you are a professional brand, you shouldn’t be having the same brand as a consumer. So either you make a different packaging or something, but you shouldn’t be selling the same product because you’re going to have problems with someone. Someone is not going to be happy there.
Steven J. Edelstein (16:33)
You are 100 % correct.
Right,
the problem that people run into is when they’re manufacturing their products, obviously the most attractive way to manufacture product is at a higher volume. Therefore, you get price breaks. So from an economic standpoint, the logic is there. However, to your point, if you’re in the spa and the salon industry, and you’re also in the direct consumer industry, and you’re in the retail industry, your packaging, your delivery systems, and your product
Lara Schmosiman (16:51)
Mm-hmm.
Steven J. Edelstein (17:08)
may look a little different for each segment of those audiences because they’re looking for different things.
Lara Schmosiman (17:10)
Yeah.
But also there is a different communication that you need to have because if you’re talking about with a spa, they know a little more maybe that the consumer is a different communication. You cannot approach to everyone exactly the same.
Steven J. Edelstein (17:17)
100 %
That’s exactly right. And by the way, it’s a very different transaction too.
Lara Schmosiman (17:32)
Yes, and commissions and et cetera and costs. So you need to be aware of that and have set up the architecture set up for every space.
Steven J. Edelstein (17:34)
Correct. Correct. Correct.
Well, my suggestion always, when you start laying out the architecture of your business, you need to think about these particular areas of focus, and you need to set up separate corporate structures for those entities. So IE, salon and spa would be a separate LLC versus your general direct consumer omni-channel business, which is a separate environment. You can commingle, you can centralize your accounting. Again, I don’t want to get too deep into finances.
But the simple truth is you have to understand how to attribute revenue to a certain type of business.
Lara Schmosiman (18:16)
Yeah, you need to
understand. mean, I don’t know about separating companies, all that, but I see, I do know that you need to understand what’s bringing the revenue and not one part is paying for the other one.
Steven J. Edelstein (18:27)
You do,
but you have to also manage your expenses based on the audience that you’re catering to. And therefore, again, the accounting will be easier if you segment it, but there are certain things, as you know, as a marketer, that you’re going to roll up as a centralized expense, which you can then, yeah, continue, sorry.
Lara Schmosiman (18:38)
Mm-hmm.
Absolutely. No, I was just thinking about brands and how sometimes they try to do it all and they get completely deluded in the messaging because they don’t know what they’re talking about.
Steven J. Edelstein (18:59)
100 % all the time,
all the time. I tell founders every single conversation I have and I’m sure you do the same thing. First thing you do, if you’re gonna get into this business, you better have a great story. You better have an emotional element to it. You better have a problem solution and you better have a product that people really wanna see and they want. Well, it works, I’m gonna say, problem solution.
Lara Schmosiman (19:19)
and a product that it works.
Because
I’m never going to get tired of saying this because when you have a collection of products, it’s not a brand. A brand is a longevity. It’s how many times it’s not a ROAS. It’s how many times people are willing to buy that product again and again.
Steven J. Edelstein (19:31)
Correct.
There you go, and that goes back to my continuity comment about consistent use, 30, 60, 90 day cycles where the consumer’s looking forward to getting the product on an ongoing basis, et cetera, et cetera. And that’s where profitability comes in a lot faster. But again, it’s not for every product, but for some products, makes a lot of sense.
Lara Schmosiman (19:56)
I’ve.
Yes. So one of the things that I do all the time is social listening because that’s part of being a marketer. And I go and I do my fly in the world in certain communities. And I see that still there is certain knowledge in medical industries ⁓ and spy industries, just to white label products.
Steven J. Edelstein (20:21)
Mm-hmm. Sure they do.
Lara Schmosiman (20:24)
What’s your take on that and the white labeling solutions?
Steven J. Edelstein (20:28)
I think they’re giving another option to the consumer. I think that’s the bottom line.
Lara Schmosiman (20:31)
But those options, I mean, you’re basically going and getting the same that everyone else. There is no innovation. And I have to say, one of the things that really disappoint me in the last couple of years, I would say, that I’m not seeing a lot of innovation. I’ve seen a lot of repeat formulas out there with different packaging.
Steven J. Edelstein (20:36)
You are getting the same, 100%.
⁓ 100%. Sure
you are. And that has to do with the, you know, the bigger houses, you know, that have not have been really resting on their brand laurels. They’re not getting innovative. They’re not bringing up products that are interesting. You know, for instance, there was a whole segment a number years ago where powder formulation became very popular. Notice how quickly that faded. It faded because the companies that are at the top of the list.
Lara Schmosiman (21:12)
Mm-hmm.
Steven J. Edelstein (21:17)
They couldn’t sell it to a mass audience. They’re not, again, they are not as in tune with very specific, again, niche orientation. Now, you take a product like, and I hate to bring it up, like a Fetch, for instance, okay, knows its audience. Number seven, knows its audience. They can do that. The Estee Lauder’s, the Lancome’s, the L’Oreal’s, the Neutrogena’s of the world, flat. There’s no innovation.
Lara Schmosiman (21:29)
Mm-hmm.
Steven J. Edelstein (21:41)
They like to say they have innovation. They’re advertising sites innovation and science. But at the end of the day, they’re selling to a very, forgive me for saying this, vanilla audience.
Lara Schmosiman (21:53)
or not educated as others, but I do.
Steven J. Edelstein (21:55)
I don’t think
- think they’ve read, that’s my opinion. They’ll probably chase me with a machete, but.
Lara Schmosiman (21:59)
No, no, I agree with you. mean,
was talking to someone in the beauty industry who was telling me, I love a very bland product and that is how they are for years and years and years. And I was really, but I mean, if you like, mean, obviously there is people that are loyal to that and that’s okay.
Steven J. Edelstein (22:12)
Alright!
Right, 100%.
And I’m not gonna disagree with that because everybody has their own preference. And obviously that’s why you develop a rapport, that’s why you develop a relationship with the brand and with the consumer. But to your point, in order for the industry as a general rule to advance and to grow, there has to be some disruption. And that’s really.
Lara Schmosiman (22:37)
So what do you think is,
so if you have to, we’re in back to the future right now, and if we imagine even five years, so 10 years from now, what are we going to be in this industry? What’s going to happen?
Steven J. Edelstein (22:42)
Yeah?
Oh, I think that there’s going to be a lot of new innovation with delivery systems. think things like airless pumps are going to get thrown out the window into the garbage because they’re all horrible. Generally speaking, they’re not good. think they’re going to be mean, I mean, delivery systems are going to be simplified. They’re going to be they’re going to be much easier to use and and less education and less instruction to what needs to be done. I think it’s going to go. I think the I think the products again.
Lara Schmosiman (23:02)
Mm-hmm.
Steven J. Edelstein (23:16)
If I had my choice and if I had my prediction in terms of, again, back to the future, I want those products to align with lifestyle. I want those products to align with the type of people that are using them. And most importantly, I want the industry to start getting a lot better at teaching people how to share that information. Because I think that’s still a big problem. I think the industry is so fragmented.
Lara Schmosiman (23:25)
Mm-hmm.
Steven J. Edelstein (23:42)
There are almost too many choices, and because there are too many choices, nobody really talks to each other about the product.
Lara Schmosiman (23:48)
So this is what happened to me and that at some point nothing was working for me what I was putting on my face and I started reading the instructions and ingredients and they were basically all the same. I really I would love to see in this industry that brands are going less mass and more really based on need because I’m as a white
Steven J. Edelstein (23:56)
Mm-hmm.
Correct.
Lara Schmosiman (24:12)
Ashkenazi woman, I have different skin issues than other people.
Steven J. Edelstein (24:17)
Correct,
correct. Which is ironic, isn’t it? Because if you go back five, six, seven, eight years, there was a lot of technology that was being built to be able to allow you to put those profile elements into the system, which would then simulate or actually provide you with the support of the product and how it’s gonna look and how it’s gonna feel. And it failed.
Lara Schmosiman (24:26)
Mm-hmm.
And I mean, there are so many ⁓ AI,
but there are so many AI technologies right now that not only put the information, but also scan your face. we still, but still the results and what you get is the same products that they can work for everyone. So I feel like technology wise, we grew so much, but the products are not segmentated to the audience, the niche audiences.
Steven J. Edelstein (24:49)
100 %
That’s right, that’s the problem.
They’re not
aligned with what the results are. So they’re genericizing the product itself and saying, okay, we know that there are 12 different skin types, just for example, whatever it is, 10, 12, let’s say 10, 10 different skin types. But guess what? We’re only gonna manufacture three products for three different skin types. And those three are gonna cover those 10, which is nonsense because it’s not true. But the problem is,
Lara Schmosiman (25:10)
Mm-hmm.
It’s not true. It’s not true.
Steven J. Edelstein (25:33)
that the economics, again, the cost of doing that is excessive. So let’s go back to your question about back to the future. All right? What’s gonna happen as we move forward is technology and hardware, things that output, that produce, are gonna become so much less expensive to be able to cater to very specific skin type, eye color.
Lara Schmosiman (25:41)
Mm-hmm.
Steven J. Edelstein (25:59)
lip color, etc.
Lara Schmosiman (26:01)
How do you feel like this is gonna affect the margins on the products because we will.
Steven J. Edelstein (26:05)
I think it’s going to actually be,
I think it’s going to be, well, for all I think it’s going be a positive effect. I think it’s going to increase margin because you’re going to be, remember, most of what goes on in this business and in business in general is all labor intensive. The reason why things cost money or more money than they should is because labor costs are too high. If you reduce, go on.
Lara Schmosiman (26:18)
Yep.
Yeah.
No, no, no, that I’m always comparing this with, you know, Groupon that people think they spend a lot of in Groupon and say, I’m going to acquire a customer, but the Groupon customer is a hopper. It’s not someone that… Exactly. So basically I feel like that’s the same thing we’re doing with the industry right now. People are…
Steven J. Edelstein (26:32)
Yeah.
Well of course it is because it’s a discount person, it’s somebody trying to save money.
Lara Schmosiman (26:49)
trying different products all the time and they are not building loyalty because there is nothing catered really to them.
Steven J. Edelstein (26:56)
because they’re not telling the story effectively. They’re not building continuity programs that promote cost savings and usage. They’re not educating the consumer on how the value and how the product is gonna change their lives. Again, remember I told you earlier, most products that do well in market have an emotional opportunity, okay?
Lara Schmosiman (27:19)
Absolutely. So,
Steven, before we go, have one more question for you. Maybe the most important one. How do you drink your coffee?
Steven J. Edelstein (27:25)
Go ahead, bring it on. I don’t know.
Very interesting. I drink my coffee with either light with milk. Sometimes I use half and half, no sugar.
Lara Schmosiman (27:36)
Okay, well, thank you for sharing that. And it was great to have you and thank you so much for sharing all this knowledge. And to you guys, I will see you next week with more Coffee No.
Steven J. Edelstein (27:37)
You’re very welcome.
I enjoyed it. I enjoyed it.
