Shawn Nelson
speaker
664 appearances
1 recordings
1 series
first heard Feb 2025
last heard Feb 2025
Shawn Nelson’s voice in public audio — every appearance, attributed to the second.
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Appearances
The Conscious Capitalists · How Shawn Nelson Built LoveSac by Thinking Differently · 3 Feb 2025
podcast
And it was kind of risky, but you know, we were intrigued and we understood that
And some of you, my operating partners at the time, understood this model, but it was just so foreign to the typical retail model that we were competing with and that we had modeled ourselves after.
But as we began to do those things and see success and fruits of those exercises...
Um, we lean into it further and it led us to, you know, so this business model that I described today, it wasn't something that happened overnight.
It wasn't just some grand pivot that was executed and period of months, but it did lead us to a grand pivot where at one point we jettisoned like 90% of our SKUs.
Because like in a classic way, of course, that 10% was making 90% of the actual sales.
And then 90%, the rugs and bowls and lamps and baskets and decorative accessories and light fixtures and everything else you could conceivably buy in a lovesack store circa 2014.
We're just taking up space and taking up room in our inventory, taking up room in our minds, in our ledgers, in every realm.
And we just jettisoned it in pursuit of this, let's focus on sectionals and take a direct consumer marketing approach, investing in advertising.
We had never done TV advertising.
That was scary.
We had to write some six-figure, eventually seven-figure checks.
to really test our way into TV advertising and measure the results as well as all the digital advertising that went along with it that we were sort of always doing, but doing it in a different way now, emulating these DTC and CPG business models.
And so, you know, that was very painful and risky and scary, but that's how you get into a new realm, right?
You tiptoe, then you walk, then you run.
And today, you know, we are spending
$100 million plus on advertising and marketing.
And now we can really contemplate things like Super Bowl ads and things like that.
And even though we probably still have the discipline not to do that, it's a long process to pivot a business like that and find a model that's appropriate for your business.
And look, if you go back to first principles, we probably could have done that from the beginning.
Showing 261–280 of 664 · page 14 of 34
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