Nerd Marketing
Building a CPG Brand: Insights from a $225 Million Exit
Jun 8, 2023
Craig Elbert, former CMO of Bonobos and Co-Founder, CEO at Care/of, discusses the $225 million exit of his company to Bayer. He emphasizes the importance of solving specific consumer problems, using Care/of as an example. Topics include scaling, recruitment, acquisition, customer centricity, LTV, and starting a CPG brand from scratch.
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Quick takeaways
- In order to exit a CPG brand for $225 million, it is crucial to address specific problems in a consumer-friendly way, such as simplifying the confusing vitamins and supplements market.
- Carav's success in building a CPG brand can be attributed to their strategic approach of gradual expansion, focusing on press and PR initially, and partnering with a startup studio for capital and guidance.
Deep dives
The Playbook for Exiting a CPG Brand
To exit a CPG brand for $225 million, it is important to focus on tackling problems in a specific category and creating a consumer-friendly experience. In the case of Carav, they addressed the confusing and habit-forming nature of the vitamins and supplements market by offering a consumer-friendly solution. They differentiated themselves by solving these problems and providing a unique value proposition to their target audience.
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