Ted Teele left his job as CEO of one of the largest sales organizations in the gift and home décor industry for an opportunity he saw as new and different. He saw the growth and potential of social media and how that platform could be used in the industry. His idea formed a company called SnapRetail LLC, a 55-employee wholesale supplier of marketing solutions.
“We were looking around and we could see how social media was in an uptick,” says Teele, CEO. “We saw this big opportunity because in our market were these 100,000 independent retailers selling gift products and furniture and home accent products and they all know marketing was changing but they needed somebody to help get them there.”
Teele capitalized on discovering an opportunity in his industry and began to focus on helping independent retailers evolve and adapt to new marketing strategies.
Smart Business spoke to Teele about how to recognize and grow new opportunities.
How do you form partnerships?
When you are working on a partnership arrangement, it’s very important to be able to model the arrangement financially from the perspective of the partner; what is the benefit to them? The way you do that is you ask really good questions and understand what the partner needs.
You should come up with a list of at least five companies that you most want to partner with and then come up with a value proposition. The first meeting should be all about understanding them. You may have some ideas about the value you can provide and you should talk about them, but you’re probably not going to have a complete proposal. You don’t want to come to somebody with a complete proposal when it comes to partnerships because you don’t understand what they need. Once you understand what a partner needs then you can come back to them with some ideas on how you could help meet those needs. If you are able to show value, then they will look at you as an equal.
How do you find the right partnerships for your company?
You have to learn who would be the best partners and who would get value. The first thing is to identify who the companies are that you want to go after. You have to be important to them too. You have to find people that have similar goals. Part of it is just asking. Partnerships allow you to build a brand, extend yourself broader, and get more information.
What are some keys to finding new opportunities?
We’re living in a world that is changing very quickly. If you’re running a company and you’re looking around, whatever your specialty was 10 years ago is now vanilla. You have to create a new special sauce and that’s true for individuals and it’s true for companies. So many companies just hold on to their old business model and they hold on for dear life. You have to be willing to make transformational decisions. You have to be able to adapt to the changing world and you have to be solving a problem that needs to be solved.
How do you find the right people to help grow the company?
There are two parts of hiring any person. There’s the buying and the selling. The buying is finding somebody that is right for the job and selling is having that person want to work for your company. Some CEOs spend too much time on the selling and some CEOs spend too much time on the buying. You’ve got to find the proper balance.
You need to find people that have the right skills, know what they’re doing and don’t need to be told what to do. The second thing you need are people that fit the culture. They have plenty of options and you want them to want this option. You have to be relevant. If you’re not relevant you’re not going to be able to hire great people. People want to solve big problems.
HOW TO REACH: SnapRetail LLC, (877) 459-7627 or www.snapretail.com