Ken speaks with Lori Coulter, Co-Founder and CEO of Summersalt, on this Flight of The Retail Pilot - Leaders & Legends.

Lori Coulter is the Co-Founder and CEO of Summersalt, a generation-defining lifestyle brand known for its data-backed fit and designer quality products without the designer price tag. In 2020, she was named one of Inc. Magazine’s Top 100 Female Founders.

Lori and her Co-founder, Reshma Chattaram Chamberlin, launched Summersalt to change the conversation around swimwear and address a true market gap by creating designer swimwear without the designer price tag. Summersalt’s product is data-backed with 1.5 million measurements taken from 10,000 women’s body scans.

From day one, Summersalt knew it wouldn't stop at swimwear. The first challenge was to transform the swimwear shopping experience from being intimidating and vulnerable to fun and empowering. Quickly, Summersalt expanded to include adventure-friendly essentials that help make every aspect of a woman's wardrobe more joyful and comfortable—from sleepwear to intimates to activewear. Named one of the Top 100 Upstarts in the world by CNBC, The Lead’s Breakout Company of the Year, and Fast Company’s Brands That Matter in 2022, the brand has seen exceptional growth and consumer adoption, garnering praise from leading outlets including Vogue, Elle, CNN and Forbes.

Prior to launching Summersalt, Lori, a veteran start-up founder with deep expertise in design, supply chain and ecommerce, launched one of the first mass customization startups at the intersection of technology, fashion and data to incorporate body scanning and made-to-order manufacturing.

Lori holds a Master of Business Administration from Washington University in St. Louis and a Bachelor of Business Administration from Baylor University. She serves on the Board of Trustees at her alma mater Washington University in St. Louis and champions inclusive economic development and entrepreneurship as a member of the University’s Skandalaris Center National Council. Outside of Summersalt, Lori enjoys spending time with her husband and two sons, and exploring the world through her love of travel and adventure.

Key takeaways from this episode are:

1.    Customer-Centric Approach: Lori Coulter emphasizes the importance of understanding and meeting the needs of the consumer. From the early stages, they focused on creating swimwear that empowered women to feel confident and engage with life. Their emphasis on fit, inclusivity, and sustainability reflects their commitment to their customers' values and preferences.

2.    Direct-to-Consumer Success: Summersalt's success largely stems from its direct-to-consumer business model. By bypassing traditional retail channels and selling directly to customers online, they maintain a closer connection with their audience and have more control over their brand experience. This approach allowed them to optimize fit based on real-time feedback and manage returns effectively.

3.    Strategic Partnerships and Collaborations: Summersalt leverages strategic partnerships and collaborations to expand its reach and grow its brand. They've collaborated with major retailers and plan to continue doing so, utilizing physical retail spaces alongside their online presence to reach a wider audience.

4.    Adaptability and Resilience: The company demonstrated adaptability and resilience, particularly during challenging times such as the COVID-19 pandemic. Despite facing a significant drop in revenue, they managed to bounce back and even thrive by tapping into consumer demand for swimwear and leveraging their online presence.

5.    Holistic Marketing Strategy: Summersalt employs a comprehensive marketing strategy that encompasses various channels, including press, influencer partnerships, social media, direct mail, and physical retail. By creating a 360-degree brand experience, they ensure multiple touchpoints with their target audience, enhancing brand visibility and engagement.

6.    AI Integration in Marketing: Coulter highlights the significance of AI in marketing, emphasizing its role in anticipating consumer needs, creating timely content, and optimizing customer acquisition strategies. Companies that quickly adopt and leverage AI technologies are likely to emerge as clear winners in the competitive landscape.

7.    Success with Connected TV: Coulter discusses the success her company has experienced with connected TV advertising, citing efficiency gains and real-time data feedback as key benefits. Leveraging data signals from direct-to-consumer interactions, such as those obtained from connected TV, allows for more targeted and effective marketing efforts.

8.    Influencer Partnerships for Content Creation: Coulter emphasizes the importance of influencer partnerships in content creation, highlighting a Jet Setters program where influencers collaborate with the brand to create authentic and engaging content. Leveraging influencers helps amplify brand messaging and reach a wider audience.

9.    Stage-Appropriate Tech Stack: Coulter shares insights into building a tech stack that aligns with the stage of business growth, emphasizing the importance of prioritizing platforms based on consumer needs and operational efficiency. Continuously evaluating and adjusting the tech stack to eliminate redundancies and streamline operations is crucial for scalability.

10. Challenges in a Post-COVID Retail Landscape: Coulter identifies three major challenges facing her company in the post-COVID retail environment: understanding shifts in consumer behavior and the future of retail, navigating fundraising challenges in a venture capital landscape impacted by COVID, and refining merchandising strategies to adapt to changing consumer preferences and market dynamics. Flexibility, adaptation, and strategic planning are essential for overcoming these challenges and driving future growth.