How to Own Your Market: Tips From FUBU's Daymond John
FUBU founder Daymond John realized his clothing line "owned the market" when, after 11 years of being in business, the company had $350 million in sales and 50 international stores.
FUBU found its first customers, however, in places John never would have guessed: Seattle and Japan.
"It was the guys who loved grunge and it was the Japanese kids who loved hip-hop," John said during a conversation with Young Entrepreneur Council founder Scott Gerber.
So how do you find customers in unlikely places?
"Start to be aware of the other markets that are tapping into your goods. You always have to understand who your customer is, and don't shy away because you have this tunnel vision of who you think your customer is," he said.
John cited the fact that at one point, nearly 80 percent of Timberland's revenue came from inner city kids who did not fit the hiker and construction worker demographic the company associated with its products.
"They didn't adopt that market. I went home and I created another brand that did pay attention to that market," he said. "Always understand where your market is [and] who your market is."
For more tips on how to own your market, watch the video below.
Daymond John: Secrets From a Master Brand Builder
Inc.'s Scott Gerber goes one-on-one with FUBU creator Daymond John on building an effective pitch, a killer brand and a profitable business.