Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with Marty Spargo, co-founder of Aussie DIY energy drink REIZE.
In 128 words or less, explain your business idea.
REIZE is a direct to consumer eCommerce brand with global ambitions. Our product is a powdered energy drink that can be mixed any way you like. It’s specially formulated for optimal boost, and we home deliver it to our customers for a fraction of the price of the big brands. Our prices are seriously cheap! We’re all about great energy drinks, home delivered.
We are the world’s first energy drink subscription service, but people can also buy one-time only if they don’t want to receive monthly deliveries.
What strategies are you using to grow and finance your idea?
We’re growing solidly online, with better than 20% growth month on month for almost a full year now. This growth is coming from Facebook, Google, SEO and word of mouth as more people hear about what we do. We focus on the customer and think that if we can deliver amazing service and a great product the rest will take care of itself.
Looking to the future, we’re interested in raising capital to turbo-charge our growth.
What’s the biggest challenge facing your business?
Cashflow. Our ambitions for growth are bigger than our increasing monthly revenue. There’s so many things that we want to do in the future, but with limited cash you have to pick and choose what you invest in at any one time.
How do you differentiate your business from your competitors?
We are very different to our competitors. Our product is a powder, meaning that you can mix it however you like. Our customers buy online directly from us and save serious cash, and we are the world’s first energy drink subscription service – something that we’re really proud of.
Perhaps the biggest difference though is our customer service and the relationships that we have with our customers. We make an effort to get to know our customers and lots of them have become friends.
What one phone, tablet or PC application could you not live without?
Trello! With so many things going on simultaneously it’s impossible to keep track of everything without a good project management tool like Trello.
What’s the best piece of business advice you’ve ever received?
When it comes to startups good is great, but perfect is too much. I’ve heard this said several different ways, but it’s something that I agree with wholeheartedly.
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