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Tapping into Category Growth with Eddie Yoon

Eddie Yoon is the founder of EDDIEWOULDGROW, a think tank and advisory firm on growth strategy. Prior to that he was a partner at The Cambridge Group where he worked for 18 years, a strategy consulting firm founded in 1975 that specializes in helping CEOs and senior leadership teams within Fortune 1000 corporations drive growth by understanding how to unlock new sources of consumer demand. In the last 5 years, he has helped double numerous businesses-cable media company, food brand, beverage company, pet food brand, consumer robotics, standby generators-from several hundred million to close to a billion dollars.

Key Takeaways:

[3:40] Regardless of if you are a large company or an up and coming one, many people enter into “growth” with the mindset that it’s a competition, but that strategy rarely has long-term success.

[5:19] Why only 1% of companies capture 80% of category growth.

[7:34] For category minded growth, a great exercise is to pose a question for yourself within your industry, for example in a market where there is a steady stream of people purchasing fried chicken, how do you double the amount of consumers purchasing fried chicken?

[8:13] There’s only three ways to grow your category: grow the number of people who consume your category, increase the number of units per person, or increase the price per unit.

[10:05] Ask yourself, what are you famous for? And never forget that’s what you are famous for and that you will never lose that distinction.

[14:47] Morbid or not, never underestimate the laziness of the American consumer. Making people’s lives easier to give you money is always a good thing.

[17:37] In order to grow, you must first identify and target where your category might “spike” and recognize the potential that it could fail if you make a miscalculation on where the demand actually is.

[21:37] Oftentimes, data scientists are unable to connect demand in ways that make logical sense. Typically, the answer does not like within the data, but within the consumer context.

[23:20] For every Super Consumer out there, there are two to three people who would like to be like them but don’t know how.

[26:34] People are not born Super Consumers. They evolve that way based on a series of life-triggering events.

[28:23] Find the origin stories of your Super Consumers, and target your growth based on those demographics.

[32:47] The magic of marketing is found in these outlier consumers. If you hear a reference to a place or for a service from three different, credible sources, you’re gonna go.

 

Mentioned in this Episode:

www.FranchiseEuphoria.com/Franchise5

josh@franchiseeuphoria.com

eddiewouldgrow.net

Eddie Yoon

Josh Brown

Josh Brown

Hi! I’m Josh Brown, franchise attorney and creator of the Franchise Euphoria podcast. I’m just your average guy who loves to golf, eat hibachi, and immerse myself in the ever-expanding franchise world.

My goal is to navigate entrepreneurs and all people interested in the current events of franchises through all the hottest topics and most popular tools for success. Going on four years now, Franchise Euphoria is hotter than ever and ready to help you plan and execute a pathway to success.

Josh Brown

Josh Brown

Hi! I’m Josh Brown, franchise attorney and creator of the Franchise Euphoria podcast. I’m just your average guy who loves to golf, eat hibachi, and immerse myself in the ever-expanding franchise world.

My goal is to navigate entrepreneurs and all people interested in the current events of franchises through all the hottest topics and most popular tools for success. Going on four years now, Franchise Euphoria is hotter than ever and ready to help you plan and execute a pathway to success.

pardee2003 from United States
11/16/2019
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Great and applicable information from professionals in the franchise world that are doing it every day. I’ve listened to 3 episodes: Gutter Brothers, Woofies, and Cycle Bar. Enjoyed all and looking forward to hearing more.
WTutor311 from United States
8/30/2019
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Highly recommend. Great guests. Filled with tons of helpful information.
Katie Joy B. from United States
7/16/2019
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Josh and his wide variety of knowledgeable guests are truly rockstars! They deliver quality (and free!) franchise knowledge and advice in each and every episode. The great advice they provide, combined with the engaging way they deliver it had me hooked from the very first listen. Thanks for putting out such a stellar show Josh - keep up the great work!
Jordan gross from United States
07/15/2019
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This podcast provides the advice necessary to start building, growing, and scaling your business TODAY! The host asks probing questions of his guests that add value to the listeners in an immediately implementable way!
VPugliese from United States
07/15/2019
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What do you get when you combine business savvy, legal expertice and a great personality? You get the ultimate podcast for franchise owners. Josh Brown brings it all togehter perfectly with Franchise Euphoria. Not only does he possess all of the skills and abiliites above, but he has great guests, asks awesome questions and created the ideal podcast for this niche. If you have a franchise, or are considering it, subscibe to this show and consume all of the content!
Mick James from United States
06/05/2019
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Started listening to Josh's podcast after the wife and I decided to buy a franchise and I quickly went through about 200 episodes on 1.5x & 2x, before signing on to purchase a franchise. Josh's info was an invaluable part of our decision to buy, and after listening to so many episodes, I felt like I knew and trusted him on a personal level, so it was a no-brainer to enlist his services when it came time to review the franchise agreement. Josh was super easy to talk to and very empathetic to our needs, and being first time business owners, we needed all the empathy we could get. Josh helped us negotiate a great deal with the franchisor and we were very happy with his services. Great podcast, great guy, great service to anyone involved in the franchise world!
Dean575 from United States
06/04/2019
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Very interesting discussion. I found the information valuable.
Summieysum from United States
05/06/2019
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I've just completed the legal process of franchising my business and have now begun selling franchises. Just found this podcast and it's an incredible resource! Great content and Josh is a very engaging host. Highly recommend for franchisors and franchisees.
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