The Freetrail Podcast with Dylan Bowman Trail Running Industry News & Business Opportunities - Seth LaReau of Trail Waves
Jan 30, 2026
Seth LaReau, a trail runner and finance pro who publishes the Trail Waves newsletter, digs into the business side of trail running. He discusses market saturation, brand differentiation, media and monetization challenges, Strava’s future, coaching as a growth opportunity, and reviving marquee races. Short, sharp takes on where the sport’s money and culture are heading.
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Serve A Specific Slice Of Demand
- Brands succeed by serving distinct parts of the demand curve rather than trying to be everything to everyone.
- Differentiation (who you target and how) lets niche brands carve profitable space even in crowded categories.
Blue Ocean Over Head-To-Head Battles
- A "blue ocean" is created by differentiating enough to address underserved users instead of competing directly with incumbents.
- Successful examples reframe the product and build an adjacent market rather than copy incumbents.
Brand Is What You Stand For
- Brand clarity boils down to what you stand for and who you serve, not vague marketing fluff.
- When product categories converge, brand becomes the primary way customers choose between similar offerings.