SaaS Interviews with CEOs, Startups, Founders
Get a Deal With Walmart Using These Strategies
09 Jan 2016
Chapter 1: What is the main topic discussed in this episode?
This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base. You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have. I'm now at $20,000 per top. Five and six million. He is hell-bent on global domination. We just broke our 100,000 unit sold mark.
And I'm your host, Nathan Latka. In the last episode, you learned from David Hancock with Morgan James Publishing, the story behind Brendan Burchard's $2.1 million book deal, and all the details around it. Okay, Top Tribe, our guest today is Noah Reschetta. He's a husband, dad, and an entrepreneur. He's also the founder and CEO of iStabilizer.com. And I can tell you, Noah is also a friend.
I've spent a lot of time with him. He is one of those guys that is super humble, stays under the radar. He's a lot like Franklin Cole, who we interviewed in episode number 18. He's doing well over $40 million in revenue with his seven-figure career. clients.
And the reason guys, Top Trap, I want to have Noah on with you is because he's going to walk us through how he's built a physical product company into really a mammoth with a ton of momentum. So Noah, are you ready to take us to the top?
I am. Let's do it.
Let's do it. And I am just, I am glad you are alive and with us. You were running from the ash cloud in a, from a volcano explosion in Bali when we tried to schedule our last interview. It sounds like you are alive and well, where are you now?
I'm back home and just outside of Park City, Utah.
Park, beautiful country out there, Park City. So Noah, tell everyone, what is the focus of iStabilizer? What exactly are you selling?
Well, to put it simply, we focus on selling photo and video accessories for smartphones and tablets. But in reality, what we're doing is we're selling the tools that give people the ability to turn their ordinary smartphone camera work into extraordinary works of art.
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Chapter 2: What is the focus of iStabilizer and what products do they sell?
And that's how it happened. It was literally like, oh, okay.
And how long did that whole process take from when they saw you first at CSS and their eyes got big to the deal was done with Dr. Ba and you were trying to figure out how to make 8,000 units?
It was six or seven months. Because what they do is they're out scouting for products to fill their whatever quarter. I don't remember if they do it by quarter or if it's half a year, but they have it slotted out pretty far in advance to find the product that they're going to order. So we knew with enough anticipation that on this day, we're going to need your products.
Did you crap your pants when you got the call and you said, oh my gosh, how am I going to make 8,000 units? I did. I mean, I think the very first thing I did, I called live a live podcast that you crapped your pants.
Figuratively.
So how'd it work? How'd you do that?
You know, I had to call a friend who, um, a longtime friend of mine, who's, uh, kind of like an angel investor. And so I called him and said, Hey, here's the deal. I don't, I can't do this by myself. So, He luckily was able to, he's acted as a bank for me because early on in this process, banks don't really work well with small businesses until you're big. But to get big, you need them.
So luckily I had a friend and he's been like my bank and he was able to lend me the money I needed to manufacture. And then I've just paid him back just like I would a loan at the bank. So that's why it all worked.
Interesting. So it sounds like Walmart makes up a significant, would you say over 50% of your revenue?
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Chapter 3: How did Noah come up with the idea for his first product?
Interesting. Well, again, we've had some folks launch and scale physical products on the show before, like Nick Newper in episode four, who sold 350 electric bras from his dorm room and had to figure out how to manufacture all these when sorority girls bought them in droves.
This is a little bit different, much better story than Noah, because it's about your son, Ryko, and growing it, and you did it organically. So walk me through the numbers. If anyone else is listening right now, thinking about how do I launch a physical product? What do margins look like? What's the pricing look like? Walk me through a sale at AT&T last year.
And let's stick with the SKU, that's the tripod. So it sounds like, is it still retailing at AT&T for 20 bucks and it costs you a dollar?
No, the tripod is a different SKU. That one retails for $24.95 and it costs us $4 to manufacture that.
And that's the one that AT&T is really selling?
No, they actually have a different SKU of ours that's the selfie stick pole.
Oh, let's go to the selfie stick. I'm interested. Walk me through those metrics. So AT&T is selling the selfie stick pole. What's that cost you to make?
That one costs us $5.80, and it retails for $34.95.
Okay, so of the $34.95, again, you pay $5 to the company that actually makes it. What happens to the rest of the money of the $34? $34.
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