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Speaker 1: This commercial partnership, we do like each other, by the way.

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Speaker 1: We drove two hours in the car on the way here,

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Speaker 1: and we’re going to drive two hours on the way home,

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Speaker 1: I hope. But I think that partnership is.

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Speaker 2: We’re not done yet.

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Speaker 1: We’re not done yet? Well, that’s where the transparency is.

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Speaker 1: But it’s something that we have to continue. This is

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Speaker 1: probably a good debate amongst us, right?

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Speaker 3: Because shopper sits in Mike’s organization, and consumer sits in

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Speaker 3: the marketing organization. but our teams work together. And so

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Speaker 3: there’s a healthy amount of tension all the time, but

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Speaker 3: it lures and we debate a lot on budgets and

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Speaker 3: P & Ls that can’t support like the stronger investment.

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Speaker 3: Like how do we get smarter with the investment that

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Speaker 3: we do have?

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Speaker 4: Welcome to today’s episode of Brave Commerce.

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Speaker 3: I’m Rachel Tippegraph, the founder and CEO of Micmac.

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Speaker 5: I’m Sarah Hofstetter, president of Profitero.

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Speaker 3: And this is a show that talks about what’s relevant

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Speaker 3: in e-commerce for the world’s biggest brands.

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Speaker 6: Welcome to Brave Commerce.

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Speaker 4: So today’s episode, we have a special treat bringing you

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Speaker 4: one of the best sessions that we had at Brave

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Speaker 4: Commerce Live. And the reason I say it’s one of

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Speaker 4: the best, it’s because it’s one of my favorite companies

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Speaker 4: in the whole world. Full disclosure, I’m on their board

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Speaker 4: of directors. But we are so happy to share a

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Speaker 4: live recording that took place in May in New York

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Speaker 4: City featuring Jan DeLukin, the CMO at Campbell Snacks, and

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Speaker 4: Mike Pearson. the head of sales at Campbell Snacks. And

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Speaker 4: I think one of the things that we hear so

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Speaker 4: often on the show is about the interrelationship between sales

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Speaker 4: and marketing. And here you see the dynamics live between

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Speaker 4: Janda and Mike as they battle, what does it.

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Speaker 5: Mean to bring new products to market?

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Speaker 4: And what are the puts and takes that need to

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Speaker 4: happen for these organizations to be able to effectively use

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Speaker 4: every tool in their toolkit with the amount of precision

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Speaker 4: that is needed and the cross-departmental collaboration, the messiness that is.

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Speaker 5: Omnichannel and the like.

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Speaker 4: But I don’t want to give away too many of

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Speaker 4: the secrets because our guests have the best stories to tell.

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Speaker 5: So on that note, over to Janta and Mike.

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Speaker 4: The folks that I have up on the podium with

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Speaker 4: me now are from Campbell’s. And what you may not know, though,

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Speaker 4: is that the Campbell’s Snacks division has a lot of

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Speaker 4: brands that you may not realize are actually part of Campbell’s.

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Speaker 4: So I am going to survey some random people to

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Speaker 4: say a brand that they know that is within the

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Speaker 4: Campbell’s Snacks portfolio. Rachel, would you like to guess one?

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Speaker 2: Goldfish. Goldfish.

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Speaker 4: Goldfish is part of the Campbell’s Snacks portfolio. Christina, what

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Speaker 4: is something else that is in the Campbell’s Snacks portfolio?

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Speaker 4: Pepperidge Farm, yum. Michelle, what else is in the Campbell’s

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Speaker 4: Snacks portfolio? Cape Cod chips. Anyone else want to venture? Jamie,

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Speaker 4: what you got? Prego is a Campbell’s brand. If you

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Speaker 4: want to consider it a snack.

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Speaker 1: We could.

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Speaker 2: You go, girl.

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Speaker 5: Sorry, I meant snack. The difference is Snyder’s of Hanover pretzels.

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Speaker 4: Snyder’s of Hanover pretzels. Thank you to Sean from Utz.

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Speaker 1: Is that a great competitor?

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Speaker 3: Takes one to know one.

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Speaker 2: We’ve got kettle chips. We’ve got late July.

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Speaker 4: We’ve got land snack, land crackers. Lots of brands that

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Speaker 4: are within the Campbell’s portfolio, each iconic in their own right.

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Speaker 4: Lots of fun stuff. And so the way that Campbell’s

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Speaker 4: is organized, there are two divisions. There’s the meals and beverages.

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Speaker 4: The meals would include things like soup and sauces and

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Speaker 4: the eight.

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Speaker 2: There’s a whole bunch.

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Speaker 4: And then the snacks division is pretty damn robust. And

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Speaker 4: so they operate as two different divisions, each with their

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Speaker 4: own sales and marketing lead. And today, we are blessed

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Speaker 4: to have the sales and marketing leads here today, Janda

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Speaker 4: and Mike.

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Speaker 2: Yay.

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Speaker 4: So I thought that, especially in light of the conversation

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Speaker 4: that we have been having over the course of the

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Speaker 4: morning on a lot of the hot topics, one of

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Speaker 4: these big themes is Who owns it anyway? And so

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Speaker 4: no better than to go to the tippy top and

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Speaker 4: talk about it super duper candidly in front of all

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Speaker 4: of you and your competitors.

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Speaker 2: And they said yes. And that’s because I’m on the board.

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Speaker 1: This wasn’t in the script.

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Speaker 2: So they couldn’t say no. I mean, that’s right, right?

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Speaker 1: It’s partially true.

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Speaker 2: Yeah, it’s partially true. Yeah. Janta and I go way back.

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Speaker 2: Way back. Way back.

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Speaker 3: How many years? It’s been probably… 10, 15, 15. Something

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Speaker 3: like that, yeah. So I used to work at Mondelez,

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Speaker 3: ran Oreo when Sarah was leading our digital and social agency.

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Speaker 3: So we had a great partnership and did some cool

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Speaker 3: things together.

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Speaker 5: Different cookie.

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Speaker 1: You guys are old.

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Speaker 2: I’m sorry, what?

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Speaker 1: I started when I was 15.

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Speaker 2: What are you talking about?

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Speaker 6: Speechless.

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Speaker 3: But really not speechless knowing you.

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Speaker 6: No, no, no.

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Speaker 2: This is what’s going to come.

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Speaker 4: Just so you know, this is what’s going to come

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Speaker 4: when he already starts making fun of my age.

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Speaker 2: I’m the youngest board member, too.

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Speaker 1: Fair point.

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Speaker 4: What we’re going to be talking about is basically who

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Speaker 4: owns it anyway.

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Speaker 2: Where does it sit? How does the magic happen?

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Speaker 4: And so we decided that for the purposes of bringing

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Speaker 4: it to life, one of the hardest things to do

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Speaker 4: these days is launch a new product. And when it

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Speaker 4: comes to launching a new product, you really have to

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Speaker 4: think about like, how did you do it for decades?

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Speaker 4: And then how do you do it today? So Goldfish

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Speaker 4: recently came out with crisps, which one of these lovely

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Speaker 4: individuals will tell you more about because it’s not kosher

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Speaker 4: and I can’t eat it, but I’m not bitter, but

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Speaker 4: we’re going to talk about how a bill becomes a

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Speaker 4: law and how organizations rally around new product development as

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Speaker 4: a red thread for us to talk more about it.

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Speaker 2: What are you guys saying? Good idea. Who has not

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Speaker 2: yet tried goldfish crisps?

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Speaker 3: All right.

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Speaker 4: You get a crisp, you get a crisp, everybody gets

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Speaker 4: a crisp. I appreciate the audience participation. So when we

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Speaker 4: think about adding crisps as part of the portfolio strategy,

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Speaker 4: how did you guys even, like, how did the conversation start?

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Speaker 4: Somebody in innovation says, hey, we figured out how to

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Speaker 4: turn this into something more awesome than it already is

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Speaker 4: because goldfish is so awesome.

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Speaker 2: We think there’s a market opportunity. What happens?

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Speaker 3: So it all starts with strategy. So on Goldfish, most

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Speaker 3: of you probably know Goldfish as a kid’s cracker. And

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Speaker 3: we grew the Goldfish business for like 10 years, 15

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Speaker 3: years being a kid’s cracker. And probably about three years ago,

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Speaker 3: we decided, based on some insights that we had, that

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Speaker 3: nearly 50% of Goldfish consumption was happening with adults.

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Speaker 6: Whoa.

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Speaker 2: Any of you in there?

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Speaker 6: All right. All right. All right.

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Speaker 2: And the awesome.

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Speaker 1: Watch out, Sean. Watch out.

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Speaker 3: And so we discovered this and said, this is amazing. Like,

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Speaker 3: what a tremendous opportunity. We haven’t been talking to adults

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Speaker 3: in our communication. We hadn’t been reaching out to them.

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Speaker 3: And so that led us to this new growth opportunity

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Speaker 3: of how we were going to continue to grow goldfish

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Speaker 3: beyond just a kid’s cracker. to an all-family snack. So again,

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Speaker 3: pivot from cracker to snack, which led us to really

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Speaker 3: open up a whole new opportunity for growth on the business.

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Speaker 3: That led us to limited editions, for example, that we’d

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Speaker 3: never done before. In the past, we did a lot

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Speaker 3: of amazing partnerships with Disney. So you think Disney Princesses.

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Speaker 3: We did Nemo. which is very much in the kid

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Speaker 3: kind of realm. With this new strategy, we started doing

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Speaker 3: limited editions partnering with Frank’s Red Hot Sauce. So we

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Speaker 3: knew that more adult flavor profile, so we started doing

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Speaker 3: things a little bit differently. Our campaigns were different. We

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Speaker 3: started talking about the way adults eat goldfish is different

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Speaker 3: than how kids eat goldfish. How do adults eat goldfish?

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Speaker 1: By the handful. By the handful.

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Speaker 5: By the handful.

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Speaker 3: So kids will play with it. It is a very

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Speaker 3: playful snack, but by the handful. And so new campaign.

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Speaker 3: Then led us to new innovation as well. Back to

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Speaker 3: Goldfish crisps. So we knew people loved the cracker, but

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Speaker 3: we saw an opportunity to take inspiration from another category, chips.

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Speaker 3: So how do you take the best of Goldfish, which

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Speaker 3: is this really fun, playful shape, and do our take

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Speaker 3: on a potato chip? And so that led us to

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Speaker 3: partnering with R & D to say, this is our vision.

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Speaker 3: This is how we want to create this innovation. How

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Speaker 3: do we actually make it? What’s the recipe? How do

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Speaker 3: we make it in our supply chain, in our bakeries?

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Speaker 3: What’s the right pack format? And then ultimately, how do

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Speaker 3: you launch it? Which is part of what the reason

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Speaker 3: we’re here today to talk about how do you launch

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Speaker 3: an innovation in a really compelling way when it’s really

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Speaker 3: complicated out there to get people to try something new.

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Speaker 2: Want to take it from there?

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Speaker 1: First of all, it’s a compliment to work with one

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Speaker 1: of the best marketers in the business. So the strategy

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Speaker 1: of the brand, what Janda has been able to do

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Speaker 1: with her team to democratize usage occasion beyond what it

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Speaker 1: was formed to do, has given us the ability in

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Speaker 1: sales to think differently on how to bring this brand

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Speaker 1: to life. So once we knew where the vision was going,

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Speaker 1: starting with the strategy, as Janda laid out, then it

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Speaker 1: starts with high, high levels of trust in the partnership.

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Speaker 1: So I think, I hope, what we do a good

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Speaker 1: job doing is we don’t really work with these firewalls.

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Speaker 1: When it comes to execution and getting things done, it’s

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Speaker 1: always in service to the strategy, the brand. Then we

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Speaker 1: bring our commercial teams together. And I think this is

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Speaker 1: one of the breakthroughs that we had for Goldfish. Chris,

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Speaker 1: launch is very up the funnel. We brought my leadership team.

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Speaker 1: and Janda’s leadership team together in one room. And we

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Speaker 1: war-roomed and whiteboarded how we wanted to have a best-in-class

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Speaker 1: launch with this innovation. And so she knows this because

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Speaker 1: she sits on the board and she sees the scorecards.

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Speaker 1: But I could go as far to say it’s been

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Speaker 1: the best launch we’ve had in our company’s history in

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Speaker 1: the division because of the partnerships. That’s a big part

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Speaker 1: of our special sauce. It’s very easy to get into

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Speaker 1: your silos and work in your functions. But at the

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Speaker 1: end of the day, if you’re all motivated by the

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Speaker 1: same thing and you have the same scorecard and the

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Speaker 1: same KPIs, you can ship 35,000 displays of goldfish crisp

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Speaker 1: before it even resets. And that’s what we were able

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Speaker 1: to do.

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Speaker 4: Take us into the room where it happened. You throw

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Speaker 4: a bunch of people into a room.

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Speaker 2: Then what?

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Speaker 1: Sales and marketing folks in one room?

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Speaker 2: Yeah.

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Speaker 1: I think most people in here probably know what happens

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Speaker 1: in those meetings, but I’ll let her take a shot

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Speaker 1: at it.

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Speaker 3: So Mike and I actually got together and said, how

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Speaker 3: do we make this the biggest?

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Speaker 4: By the way, we’re totally making this up. They just

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Speaker 4: met for the first time today.

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Speaker 1: That’s not true.

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Speaker 3: Can’t you tell? So we got in a room together.

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Speaker 3: Mike and I had talked about how do we make

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Speaker 3: this the biggest launch, and we said, let’s create a

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Speaker 3: commercial forum. So we view ourselves as the commercial team.

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Speaker 3: And so, as Mike said, the leadership teams together and saying,

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Speaker 3: how do we make this the biggest launch in Campbell’s history? Basically,

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Speaker 3: there was a lot of pushback. There was a lot

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Speaker 3: of debate. We can’t do this. We can’t launch this

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Speaker 3: in this time period. We can’t do this. So there

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Speaker 3: was a lot, and we let the team debate it

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Speaker 3: and say of how they couldn’t do it. And then

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Speaker 3: we reframed it to say, I get all the challenges.

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Speaker 3: How might we do it? How might we do it differently,

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Speaker 3: launching in-store, online, all at the same time, which was

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Speaker 3: a really big feat for us. The other thing is

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Speaker 3: I actually asked, we have folks that ran the launch,

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Speaker 3: and I asked the question, what made this the most

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Speaker 3: successful launch? And I think it goes back to this

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Speaker 3: commercial forum, but it also went to, it was a

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Speaker 3: junior military officer. who had just started with us and

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Speaker 3: been with the organization about 12 months. And I asked him,

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Speaker 3: because he was working on the launch, four months after

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Speaker 3: the launch, what made this the most successful launch? He said,

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Speaker 3: the single biggest thing was we all had common purpose.

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Speaker 3: We all knew this was the priority for the organization.

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Speaker 3: We were all in it together. It didn’t matter what

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Speaker 3: seat I was in. We all were working together on it.

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Speaker 3: There were like no egos with this. It was how

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Speaker 3: might we pull all of this off together. And while

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Speaker 3: it seems really obvious, I just thought it was really

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Speaker 3: insightful for him to be able to share that one

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Speaker 3: single thing. It’s not who’s in sales or marketing. It’s

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Speaker 3: really we have a common goal, and then how do

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Speaker 3: we work towards it?

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Speaker 1: Just one thing to build on that. I think what’s

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Speaker 1: really important, going back to the room that day, I

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Speaker 1: remember Janda and I were sitting at the end of

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Speaker 1: the table next to each other, and we’re watching the

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Speaker 1: family debate how to do this. And it was like, wow,

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Speaker 1: this is working. Because part of it for us was

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Speaker 1: we weren’t sure if this was going to work.

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Speaker 5: It was.

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Speaker 1: But what was very clear… Well, maybe I wasn’t. But

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Speaker 1: what was very clear was that we were both maniacally

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Speaker 1: aligned on the objectives. Speed to shelf, time frame. I’m

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Speaker 1: not going to tell you what those were, but those

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Speaker 1: were our KPIs. So the non-negotiables were very clear. And

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Speaker 1: I think sometimes you have the cross-functional teams working together.

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Speaker 1: They’re looking at the leaders to see if you’re splintered.

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Speaker 1: They’re looking to see if there’s fracture in the alignment.

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Speaker 1: And that was one thing that we were not going

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Speaker 1: to compromise. So I don’t think they would have known

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Speaker 1: who was running sales or marketing in that room that day.

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Speaker 1: because we were so united that at points of the meeting,

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Speaker 1: we literally left and were like, you guys go figure

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Speaker 1: it out. And it’s amazing when you actually step out

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Speaker 1: of the room and then you come back in, they

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Speaker 1: were already solving all of the gaps without us even

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Speaker 1: having to intervene. And so from there, we put the

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Speaker 1: execution model in place and the rest was history.

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Speaker 4: How did you go to retailers with it as a

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Speaker 4: United Front? You had the concept, you knew where you

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Speaker 4: needed to get, but when it comes to the song

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Speaker 4: and dance with the buyers, There are a couple of

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Speaker 4: problem statements that you’re trying to get over.

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Speaker 2: Obviously, you’re creating kind of a new category.

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Speaker 4: It’s a little bit, it’s a snack like a chip,

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Speaker 4: so it’s kind of like potato chips. You’ve got aisle issues,

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Speaker 4: and then you’ve got search issues, just in terms of

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Speaker 4: brand discovery. When you went into, I don’t know, some

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Speaker 4: retailer that happens to be based in Northwest Arkansas, for example.

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Speaker 2: How would you go about.

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Speaker 4: Thinking through how you do this differently than you’ve done

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Speaker 4: it in the past. And you do not have to

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Speaker 4: use that one as an example, but just your mindset

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Speaker 4: and like, how did you think about it differently? Maybe

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Speaker 4: even not just because it was a new product launch,

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Speaker 4: not just because it was a new category, but the

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Speaker 4: reason we picked this as the red thread was because

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Speaker 4: it has lots of permutations, but also if it were pre-COVID,

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Speaker 4: how is it different from pre-COVID that you think about

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Speaker 4: your go-to-market strategy with the retailer?

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Speaker 3: Let’s tag team.

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Speaker 6: All right.

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Speaker 3: I think the first thing is because Goldfish is shelved

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Speaker 3: in the cracker aisle, being able to bring an innovation

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Speaker 3: that helps the retailer understand how we’re going to grow

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Speaker 3: the cracker category was really important. We were talking about

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Speaker 3: this is our take on chips. We were going to

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Speaker 3: be shelved in the aisle. So from a category perspective

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Speaker 3: and the retailer perspective, we’re going to help grow the category.

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Speaker 2: So I think that was.

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Speaker 3: One of the foundational things just in the start of

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Speaker 3: the conversation. We weren’t going to go in the chip aisle.

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Speaker 3: That’s not our core competency. What we were going to

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Speaker 3: do is we were going to leverage display and discoverability

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Speaker 3: because this food delivered on the promise that we had

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Speaker 3: put out there. So I think that was the starting

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Speaker 3: point of it.

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Speaker 1: Yeah, just so to build on that, I think the credibility,

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Speaker 1: first of all, we wouldn’t have gotten the retailers to

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Speaker 1: buy in if we hadn’t put the foundation of the

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Speaker 1: credibility to expand the occasions and do what the brand

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Speaker 1: can now do. So I think it was a necessary

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Speaker 1: momentum of the business that enabled us to be able

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Speaker 1: to have these conversations. I think everyone in the room

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Speaker 1: knows that the maturation of digital commerce, e-commerce across the

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Speaker 1: retailers in the US is very fragmented. So while you

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Speaker 1: have a one size 1980s fits all shotgun launch of

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Speaker 1: your innovation, now you have different tools in your toolbox

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Speaker 1: that you can leverage to be able to get better

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Speaker 1: execution at some retailers, but maybe not all of them.

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Speaker 1: So we happened to pick some retailers that we knew

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Speaker 1: we were gonna go big on, but we had discipline.

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Speaker 1: So if we were going to go big, this is

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Speaker 1: what we were gonna require from our retail partners to

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Speaker 1: be able to do both physically And digitally. And as

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Speaker 1: you know, some retailers can do both of those things

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Speaker 1: better than some others. Without giving you our whole route

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Speaker 1: to market and go to market strategy, you can probably

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Speaker 1: connect the dots. But holistically, you find a pace setter.

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Speaker 1: We set the pace. Other retailers want to jump on board.

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Speaker 1: And now what’s happening? Now everyone is saying, how do

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Speaker 1: I do that? You can give me X amount of

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Speaker 1: pallets and X amount of displays and we can talk.

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Speaker 1: So you create demand for your innovation from a retailer

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Speaker 1: perspective in addition to the consumer pool.

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Speaker 4: You got them to get excited about the potential of

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Speaker 4: growing the category. That, I think, would resonate no matter

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Speaker 4: what brand you are in the room. If you can

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Speaker 4: explain to a retailer what it’s going to do to

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Speaker 4: grow their category, they’re going to get it. What kinds

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Speaker 4: of components were you hoping to get from them to

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Speaker 4: help you better support that?

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Speaker 2: And how did you align on that?

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Speaker 1: We had a lot of debate, even the physical POS

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Speaker 1: that goes in a store. We wanted to make sure

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Speaker 1: that the narrative and the copy on the brand was

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Speaker 1: was vertically integrated from if you watch it on TV

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Speaker 1: to your phone to a store. We wanted that experience

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Speaker 1: to be seamless. So believe it or not, there were

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Speaker 1: some iterations of physical POS that didn’t initially drive the

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Speaker 1: level of connectivity that Janda and the brand teams were

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Speaker 1: looking for. So we did have to pivot. But the

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Speaker 1: retailers have been bought in. I think at this point,

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Speaker 1: what the brand teams have been able to do with

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Speaker 1: this brand, we’ve gotten a lot more license from retail

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Speaker 1: partners to explore new territories with this brand. That’s the

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Speaker 1: most fun part of I can’t tell you what’s coming,

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Speaker 1: but you can imagine if she’s got this vision from

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Speaker 1: where it was to where it is, there’s visions for

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Speaker 1: where it can go. And that story will continue. So

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Speaker 1: the receptivity has been huge, Sarah. But how we executed it,

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Speaker 1: working with digital teams, physical teams, and making sure there

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Speaker 1: was vertical alignment on how we hit the market, that

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Speaker 1: drove the demand significantly. Our trial and repeat numbers, you

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Speaker 1: can probably talk to that, were extremely high.

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Speaker 3: Above our expectations. Yeah, I mean, we’ve already, it’s four

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Speaker 3: months into the launch and we’ve already delivered our plan

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Speaker 3: on this for the year and we’ve got three more

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Speaker 3: months to go. So it’s off to a really strong start.

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Speaker 3: The one other thing I would add on how we

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Speaker 3: sold it in was understanding for innovation, you have to

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Speaker 3: get people to try it and be aware of it.

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Speaker 3: And so one of the things we did is we

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Speaker 3: created display. So pallets in the store, custom for each customer.

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Speaker 3: and then making sure people could find it online. And

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Speaker 3: one of the things we leaned into our Omnichannel partners

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Speaker 3: is really understanding how do you make sure that you’re

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Speaker 3: showing up on the digital shelf in the right way.

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Speaker 3: And so sampling for food is something that’s like really important.

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Speaker 3: These little sample packs that we have were created based

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Speaker 3: on what the Omni team shared with us. We went

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Speaker 3: to our supply chain team. We need to create these

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Speaker 3: little products. so that we can drive sampling online to

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Speaker 3: boost ratings and reviews to get above the line on

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Speaker 3: the page so that people could actually find it. We

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Speaker 3: got great reviews and ratings, 4.6, and it just boosted

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Speaker 3: our overall kind of shelf health. So it was the combination.

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Speaker 3: It wasn’t one or the other. It was the and

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Speaker 3: that we did in terms of lifting.

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Speaker 1: I guess a statistic I could share is our online

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Speaker 1: penetration of this brand at a particular retailer is probably two,

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Speaker 1: two and a half times our overall online penetration.

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Speaker 2: That’s pretty impressive.

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Speaker 4: So if you think about, let’s take out the crisps

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Speaker 4: launch from the red thread for a moment. Because one

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Speaker 4: of the challenges when you’ve got so many new bright

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Speaker 4: shiny objects that you get to play with, there’s a

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Speaker 4: lot of levers that you can pull. Like you said,

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Speaker 4: you were talking about how do you get the sampling

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Speaker 4: out and how do you make the internal machinations work,

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Speaker 4: which is freaking hard. I think everybody here knows how

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Speaker 4: freaking hard that is. When you start thinking about the

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Speaker 4: external things, you guys are obviously You’re responsible for iconic brands.

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Speaker 4: There are vendors that are coming to you with like

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Speaker 4: all these new things, media companies coming to you with

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Speaker 4: all these new things.

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Speaker 2: How do you filter what’s worth it to.

426
00:20:13,660 –> 00:20:16,260
Speaker 4: You to take a meeting and how can you fix

427
00:20:16,300 –> 00:20:19,590
Speaker 4: your own signal to noise ratio with all the changing

428
00:20:19,619 –> 00:20:20,590
Speaker 4: things that are happening?

429
00:20:21,109 –> 00:20:23,810
Speaker 3: It’s really exciting, to be honest, and it is hard

430
00:20:24,130 –> 00:20:26,150
Speaker 3: because there are so many things that are out there

431
00:20:26,190 –> 00:20:28,810
Speaker 3: in terms of platforms and technology. I think the thing

432
00:20:28,850 –> 00:20:31,310
Speaker 3: that we try to do, which is also hard, but

433
00:20:31,410 –> 00:20:35,240
Speaker 3: is to just be very disciplined and focused. So what

434
00:20:35,520 –> 00:20:39,240
Speaker 3: are we trying to solve? And always asking ourselves that question.

435
00:20:39,359 –> 00:20:40,939
Speaker 3: And then what are we trying to solve? And then

436
00:20:40,960 –> 00:20:44,040
Speaker 3: what is the right technology and or platform that’s going

437
00:20:44,060 –> 00:20:48,389
Speaker 3: to help us solve that particular problem or opportunity? And

438
00:20:48,430 –> 00:20:50,950
Speaker 3: then we look at the cost factor. You have to

439
00:20:50,970 –> 00:20:52,750
Speaker 3: look at cost. How much is it going to cost?

440
00:20:52,790 –> 00:20:55,669
Speaker 3: Is it going to deliver the return? And then the cost,

441
00:20:55,770 –> 00:20:58,670
Speaker 3: sometimes we don’t think about as much, but we try

442
00:20:58,710 –> 00:21:01,910
Speaker 3: to do this, is the cost to the organization. Meaning,

443
00:21:02,580 –> 00:21:06,740
Speaker 3: do we have the right structure and talent and capability

444
00:21:06,940 –> 00:21:11,040
Speaker 3: to leverage this new technology and platform? And being very

445
00:21:11,100 –> 00:21:13,300
Speaker 3: disciplined about that as well. But it all goes back

446
00:21:13,340 –> 00:21:15,780
Speaker 3: to what are we trying to solve? And is this

447
00:21:15,820 –> 00:21:18,400
Speaker 3: the right technology or platform to do it? Don’t know, Mike,

448
00:21:18,440 –> 00:21:19,280
Speaker 3: if you have other thoughts.

449
00:21:19,380 –> 00:21:21,920
Speaker 1: I think that’s 100% right. I do think too, Sarah,

450
00:21:21,940 –> 00:21:24,870
Speaker 1: there’s sometimes there’s a time to lead. a time to follow,

451
00:21:25,109 –> 00:21:28,430
Speaker 1: and sometimes something in between. And depending on the brands

452
00:21:28,470 –> 00:21:30,369
Speaker 1: and what we’re trying to do, not all brands are

453
00:21:30,390 –> 00:21:33,730
Speaker 1: created equal within our portfolio. So if we have brands

454
00:21:33,750 –> 00:21:36,429
Speaker 1: that are going to respond differently to price versus some

455
00:21:36,470 –> 00:21:39,590
Speaker 1: other things, these are commercial decisions and choices that we

456
00:21:39,609 –> 00:21:42,949
Speaker 1: have to look at. Yeah, my inbox and LinkedIn and

457
00:21:43,290 –> 00:21:45,290
Speaker 1: how they’re getting my work email address, I don’t know.

458
00:21:45,330 –> 00:21:50,409
Speaker 1: I get more emails for services and data, and it’s overwhelming.

459
00:21:50,890 –> 00:21:52,720
Speaker 1: So what I try to do is just get through

460
00:21:52,740 –> 00:21:55,240
Speaker 1: the clutter and Delete them. If it’s important enough, it

461
00:21:55,280 –> 00:21:57,640
Speaker 1: finds its way back in there, believe me. And over time,

462
00:21:57,800 –> 00:22:00,660
Speaker 1: you go through a lot of meetings like this. You

463
00:22:00,700 –> 00:22:03,950
Speaker 1: learn constantly, and you test. And if you test, you

464
00:22:03,970 –> 00:22:06,129
Speaker 1: keep fueling that. I think the challenge we all have

465
00:22:06,890 –> 00:22:10,370
Speaker 1: is the overall edible consumption is going to grow low

466
00:22:10,430 –> 00:22:14,510
Speaker 1: single digits from now until 2028. That’s the projections. So

467
00:22:14,530 –> 00:22:17,190
Speaker 1: the consumer dynamics are shifting, but we’re not getting people

468
00:22:17,260 –> 00:22:20,300
Speaker 1: eating more food. So how you move the money in

469
00:22:20,320 –> 00:22:22,320
Speaker 1: the P & Ls to be able to unlock learning

470
00:22:22,359 –> 00:22:25,080
Speaker 1: and capability is still a challenge we have to work

471
00:22:25,100 –> 00:22:25,639
Speaker 1: through together.

472
00:22:26,100 –> 00:22:29,580
Speaker 4: How do you think about not just within your, you know,

473
00:22:29,740 –> 00:22:32,520
Speaker 4: what’s coming into your inbox, which now I’m like, so.

474
00:22:33,580 –> 00:22:35,220
Speaker 2: I was going to say, you don’t delete my emails.

475
00:22:35,240 –> 00:22:36,180
Speaker 2: You actually write back.

476
00:22:36,330 –> 00:22:39,030
Speaker 1: Says Red Sarah Hofstetter, board of director.

477
00:22:41,830 –> 00:22:43,850
Speaker 2: You know, there are other chief commercial officers that write

478
00:22:43,869 –> 00:22:45,570
Speaker 2: back to me, too. Just saying.

479
00:22:46,109 –> 00:22:49,250
Speaker 4: When we think about alignment of interests, One thing that

480
00:22:49,290 –> 00:22:54,030
Speaker 4: the retailers have over, let’s just say, other media players

481
00:22:54,150 –> 00:22:56,150
Speaker 4: is they are the point of conversion. There’s a much

482
00:22:56,210 –> 00:22:59,350
Speaker 4: more commercial alignment of that. So when they’ve got data

483
00:22:59,390 –> 00:23:01,580
Speaker 4: that they can, let’s say, offer you or sell you

484
00:23:01,970 –> 00:23:04,220
Speaker 4: versus other players that can offer you and sell you

485
00:23:04,300 –> 00:23:07,260
Speaker 4: different data, how do the two of you align on

486
00:23:07,300 –> 00:23:10,100
Speaker 4: that as, you know, Jandy, you’ve got to be thinking

487
00:23:10,160 –> 00:23:12,920
Speaker 4: about both obviously the customer, but a lot of your

488
00:23:12,960 –> 00:23:16,080
Speaker 4: day is thinking about the consumer and their path towards

489
00:23:16,119 –> 00:23:19,420
Speaker 4: that whole thing. as those options of where and how

490
00:23:19,440 –> 00:23:22,140
Speaker 4: to get that data come into play, how do you

491
00:23:22,180 –> 00:23:24,240
Speaker 4: guys even align on, hey, is this a good use

492
00:23:24,290 –> 00:23:26,490
Speaker 4: of our, what’s the multiplier effect?

493
00:23:26,990 –> 00:23:30,270
Speaker 2: Sorry, I completely ignored the script. Forgive me. I’m so sorry.

494
00:23:30,490 –> 00:23:31,290
Speaker 3: We prepared for that.

495
00:23:32,810 –> 00:23:34,350
Speaker 1: It was a long question. I have to try to

496
00:23:34,430 –> 00:23:35,020
Speaker 1: digest it.

497
00:23:35,070 –> 00:23:35,990
Speaker 2: Sorry.

498
00:23:36,990 –> 00:23:37,290
Speaker 3: So.

499
00:23:38,070 –> 00:23:39,790
Speaker 4: How do the other two of you align on, like.

500
00:23:39,810 –> 00:23:41,040
Speaker 1: Great question.

501
00:23:41,150 –> 00:23:41,629
Speaker 2: Great question.

502
00:23:41,730 –> 00:23:44,899
Speaker 1: Great question. Okay. So, no, it’s a very, very good question.

503
00:23:44,960 –> 00:23:49,399
Speaker 1: I think, first and foremost… building transparency with your retail

504
00:23:49,440 –> 00:23:53,489
Speaker 1: partners on all the costs that it’s entailing to do

505
00:23:53,530 –> 00:23:58,470
Speaker 1: business today, whether it’s data monetization, retail media, traditional shopper

506
00:23:58,490 –> 00:24:04,450
Speaker 1: marketing efforts, supply chain efficiency programs, logistics efficiency programs. There’s

507
00:24:04,590 –> 00:24:07,090
Speaker 1: so many different value streams now that are taking place

508
00:24:07,150 –> 00:24:10,310
Speaker 1: across retailers that the most important thing I think we

509
00:24:10,330 –> 00:24:12,629
Speaker 1: need to do is bring that level of transparency so

510
00:24:12,670 –> 00:24:16,010
Speaker 1: that we know where all the money is Number one.

511
00:24:16,090 –> 00:24:18,470
Speaker 1: And you assume that they do. They don’t. So bringing

512
00:24:18,510 –> 00:24:21,169
Speaker 1: that transparency to me is very important. Then before we

513
00:24:21,190 –> 00:24:23,750
Speaker 1: start talking about new money, we say it’s the money

514
00:24:23,790 –> 00:24:26,810
Speaker 1: we’re spending across all of these different value streams driving

515
00:24:26,850 –> 00:24:29,100
Speaker 1: a return for both of us. This is your money.

516
00:24:29,540 –> 00:24:30,730
Speaker 1: It’s our money, too. Is it working?

517
00:24:30,780 –> 00:24:31,100
Speaker 4: It’s not.

518
00:24:31,150 –> 00:24:33,859
Speaker 1: We have the right to decide because everyone jumps to

519
00:24:33,920 –> 00:24:35,760
Speaker 1: new money before you even understand how the old money

520
00:24:35,800 –> 00:24:37,860
Speaker 1: is being spent. I think when it comes to data

521
00:24:38,320 –> 00:24:40,359
Speaker 1: and partnership with brand, we’ve got work to do. I mean,

522
00:24:40,400 –> 00:24:42,139
Speaker 1: so instead of saying we got this one figured out,

523
00:24:42,160 –> 00:24:44,679
Speaker 1: we don’t. We buy a lot of data today. We

524
00:24:44,720 –> 00:24:46,889
Speaker 1: have a lot of data from retailers. I go as

525
00:24:46,950 –> 00:24:48,510
Speaker 1: far to say I think we can do a better

526
00:24:48,590 –> 00:24:51,210
Speaker 1: job of synchronizing that data and harmonizing it all the

527
00:24:51,230 –> 00:24:54,189
Speaker 1: way up through the commercial functions. A lot of our

528
00:24:54,250 –> 00:24:58,080
Speaker 1: sales folks still mine traditional retail data in our category

529
00:24:58,140 –> 00:25:01,300
Speaker 1: management functions, but we’re starting to flirt around path to

530
00:25:01,340 –> 00:25:04,619
Speaker 1: purchase and modalities and how the lines are getting more gray,

531
00:25:04,660 –> 00:25:06,700
Speaker 1: and maybe we should start to think differently about that.

532
00:25:07,320 –> 00:25:11,169
Speaker 1: But when it comes to specific targeting using retail media customization,

533
00:25:12,000 –> 00:25:13,680
Speaker 1: I think that’s where we have to just get a

534
00:25:13,700 –> 00:25:16,220
Speaker 1: lot more intimate with the teams on how we democratize

535
00:25:16,260 –> 00:25:18,260
Speaker 1: this data. And we’ve got work to do there. I

536
00:25:18,320 –> 00:25:19,510
Speaker 1: don’t think we’ve got it figured out.

537
00:25:19,619 –> 00:25:20,310
Speaker 3: And we disagree.

538
00:25:20,330 –> 00:25:21,430
Speaker 2: A lot.

539
00:25:21,790 –> 00:25:26,010
Speaker 3: And it’s okay. Because we want to work to grow

540
00:25:26,050 –> 00:25:29,590
Speaker 3: the business and make it easier and more seamless for consumers.

541
00:25:30,490 –> 00:25:32,129
Speaker 3: And we’re still trying to figure it out.

542
00:25:32,910 –> 00:25:35,550
Speaker 4: First of all, the vulnerability is totally a strength. Because

543
00:25:35,570 –> 00:25:38,440
Speaker 4: if you can’t actually acknowledge that this stuff is hard

544
00:25:38,760 –> 00:25:39,460
Speaker 4: and that it.

545
00:25:39,780 –> 00:25:40,220
Speaker 2: And frankly.

546
00:25:40,770 –> 00:25:42,989
Speaker 4: I guess my bigger question is, when is it the

547
00:25:43,050 –> 00:25:46,109
Speaker 4: time to decide, you know what, we need to rethink this?

548
00:25:46,470 –> 00:25:50,730
Speaker 4: Like that was working really well for now, after this meeting.

549
00:25:51,700 –> 00:25:53,780
Speaker 3: We’ve got a car ride together, so we’re gonna have

550
00:25:53,800 –> 00:25:54,580
Speaker 3: some of that conversation.

551
00:25:54,660 –> 00:25:57,940
Speaker 1: I think these conversations are gonna naturally start to have

552
00:25:57,980 –> 00:26:00,580
Speaker 1: to take place, because after all the inflation that the

553
00:26:00,619 –> 00:26:06,240
Speaker 1: industry’s experienced, combined with wages and other input costs staying elevated,

554
00:26:06,859 –> 00:26:08,760
Speaker 1: no one’s P & Ls are happy right now, right?

555
00:26:09,859 –> 00:26:12,119
Speaker 1: We’re never satisfied to begin with. That’s one thing we

556
00:26:12,160 –> 00:26:14,480
Speaker 1: definitely commercially align on. We always want to be better.

557
00:26:14,940 –> 00:26:16,350
Speaker 1: I think we do a great job. I think we

558
00:26:16,390 –> 00:26:18,409
Speaker 1: can all be better. Our retailers, P & Ls, are

559
00:26:18,430 –> 00:26:20,830
Speaker 1: hurting right now. Their labor costs, their input costs are high.

560
00:26:21,210 –> 00:26:22,890
Speaker 1: There was a lot of trade spend removed from all

561
00:26:22,910 –> 00:26:25,550
Speaker 1: of our industries two years ago. Now that’s getting injected

562
00:26:25,609 –> 00:26:27,389
Speaker 1: back in. As good as that is to drive growth,

563
00:26:27,450 –> 00:26:31,070
Speaker 1: it doesn’t help retailer margins. I think now more than ever,

564
00:26:31,109 –> 00:26:35,950
Speaker 1: this transparency of investment costs across our businesses, it has

565
00:26:35,990 –> 00:26:38,430
Speaker 1: to happen. We have to have it because there isn’t

566
00:26:38,470 –> 00:26:40,730
Speaker 1: any more money for all of us to go find

567
00:26:40,770 –> 00:26:43,790
Speaker 1: to invest in these different types of strategies.

568
00:26:44,170 –> 00:26:45,350
Speaker 2: Let me ask a loaded question.

569
00:26:45,590 –> 00:26:49,409
Speaker 4: Where does the line exist between consumer and shopper marketing?

570
00:26:52,480 –> 00:26:55,619
Speaker 1: It’s a great question. I mean, I’ll give you the

571
00:26:55,619 –> 00:26:58,560
Speaker 1: 1985 answer, and then maybe Janet can modernize it. I

572
00:26:58,680 –> 00:27:02,939
Speaker 1: certainly hope so. Look, the old school way was the

573
00:27:03,300 –> 00:27:08,139
Speaker 1: old traditional path to purchase was who is she? Using gender,

574
00:27:08,240 –> 00:27:10,939
Speaker 1: by the way, purposefully. Where does she live? What’s her

575
00:27:10,980 –> 00:27:14,100
Speaker 1: household income? Is she married? Where does she shop? What

576
00:27:14,119 –> 00:27:15,790
Speaker 1: does she buy when she goes there? And how often

577
00:27:15,810 –> 00:27:18,770
Speaker 1: does she make the trip? And then your strategies were

578
00:27:18,830 –> 00:27:22,150
Speaker 1: built around trying to intercept that path to purchase. Today,

579
00:27:22,190 –> 00:27:25,760
Speaker 1: it’s who are they? Are they married? How do they shop?

580
00:27:25,780 –> 00:27:28,179
Speaker 1: The word how was never in the traditional path to purchase.

581
00:27:28,200 –> 00:27:29,699
Speaker 1: It was linear. It was a grocery store. That’s where

582
00:27:29,740 –> 00:27:31,659
Speaker 1: you went. You went to a grocery store or somewhere else.

583
00:27:32,450 –> 00:27:35,510
Speaker 1: The how has spawned the path to purchase into so

584
00:27:35,550 –> 00:27:39,610
Speaker 1: many different strategies that I think the lines now have

585
00:27:39,650 –> 00:27:41,730
Speaker 1: to intersect. I don’t think it’s as black and white

586
00:27:41,810 –> 00:27:44,409
Speaker 1: as the consumer who’s eating it might be different than

587
00:27:44,430 –> 00:27:47,220
Speaker 1: the person buying it. That was the old 1985 answer.

588
00:27:47,240 –> 00:27:51,020
Speaker 4: Well, that was the pet food, right? The person who’s

589
00:27:51,060 –> 00:27:53,120
Speaker 4: buying it is definitely not the person who’s eating.

590
00:27:53,000 –> 00:27:57,240
Speaker 1: It, right? So today it’s different. Today you can specifically

591
00:27:57,340 –> 00:28:00,460
Speaker 1: target the people that eat your food and get them

592
00:28:00,520 –> 00:28:04,449
Speaker 1: to buy your food And I think about the acceleration

593
00:28:04,490 –> 00:28:07,900
Speaker 1: of e-commerce, it’s a lot like fishing with sonar. You know,

594
00:28:07,920 –> 00:28:09,699
Speaker 1: the old school was you put the best bait you

595
00:28:09,720 –> 00:28:11,720
Speaker 1: could on your line, you throw it in the ocean,

596
00:28:11,740 –> 00:28:14,119
Speaker 1: you hope to God you get the right fish. Today,

597
00:28:14,140 –> 00:28:15,920
Speaker 1: we got sonar. We know where the fish are, we

598
00:28:16,640 –> 00:28:18,699
Speaker 1: know what kind of bait they like, we know how

599
00:28:18,720 –> 00:28:20,500
Speaker 1: deep the ocean is, and we know exactly where to

600
00:28:20,540 –> 00:28:23,939
Speaker 1: cast the line. So that’s what’s changed for me and

601
00:28:24,000 –> 00:28:27,350
Speaker 1: the ability for her and us to partner to specifically

602
00:28:27,710 –> 00:28:31,310
Speaker 1: conquest people we want target the right consumers, use data

603
00:28:31,330 –> 00:28:33,530
Speaker 1: in the right way. That’s what’s changed. So I think

604
00:28:34,090 –> 00:28:36,770
Speaker 1: this commercial partnership, we do like each other, by the way.

605
00:28:36,810 –> 00:28:38,230
Speaker 1: We drove two hours in the car on the way here,

606
00:28:38,250 –> 00:28:39,350
Speaker 1: and we’re going to drive two hours on the way home,

607
00:28:39,410 –> 00:28:41,489
Speaker 1: I hope. But I think that partnership is.

608
00:28:41,510 –> 00:28:42,340
Speaker 2: We’re not done yet.

609
00:28:42,380 –> 00:28:44,479
Speaker 1: We’re not done yet? Well, that’s where the transparency is.

610
00:28:44,580 –> 00:28:46,540
Speaker 1: But it’s something that we have to continue. This is

611
00:28:46,580 –> 00:28:48,260
Speaker 1: probably a good debate amongst us, right?

612
00:28:48,440 –> 00:28:53,400
Speaker 3: Because Shopper sits in Mike’s organization, and Consumer sits in

613
00:28:53,440 –> 00:28:56,800
Speaker 3: the marketing organization. but our teams work together. And so

614
00:28:56,820 –> 00:28:59,959
Speaker 3: there’s a healthy amount of tension all the time, but

615
00:29:00,020 –> 00:29:03,400
Speaker 3: it blurs and we debate a lot on budgets and

616
00:29:03,460 –> 00:29:07,010
Speaker 3: P & Ls that can’t support like the stronger investment.

617
00:29:07,070 –> 00:29:09,330
Speaker 3: Like how do we get smarter with the investment that

618
00:29:09,350 –> 00:29:09,810
Speaker 3: we do have?

619
00:29:10,210 –> 00:29:12,810
Speaker 4: You’ve got your power brands, your goldfishes of the world,

620
00:29:12,890 –> 00:29:15,250
Speaker 4: and then you’ve got the ones that don’t necessarily get

621
00:29:15,350 –> 00:29:17,070
Speaker 4: as much love and support. I’m not going to say

622
00:29:17,110 –> 00:29:19,490
Speaker 4: what they are because we don’t talk about them. I’m

623
00:29:19,510 –> 00:29:20,800
Speaker 4: not going to tell you which ones they are because

624
00:29:20,820 –> 00:29:21,280
Speaker 4: they can go complex.

625
00:29:21,300 –> 00:29:21,980
Speaker 2: They get support.

626
00:29:22,000 –> 00:29:23,780
Speaker 3: It’s just different kinds of support.

627
00:29:23,980 –> 00:29:24,620
Speaker 2: That’s very special.

628
00:29:24,640 –> 00:29:26,660
Speaker 3: Each brand gets a different kind of love.

629
00:29:27,100 –> 00:29:29,600
Speaker 4: So how do you think about the, what does an

630
00:29:29,720 –> 00:29:33,450
Speaker 4: always-on look like for a brand that doesn’t necessarily give

631
00:29:33,750 –> 00:29:35,970
Speaker 4: as much love and promotional support? How do you think

632
00:29:36,030 –> 00:29:37,570
Speaker 4: about that differently from ones that do?

633
00:29:37,590 –> 00:29:39,950
Speaker 3: Well, I think it’s first, you know, feed the one.

634
00:29:40,520 –> 00:29:43,080
Speaker 3: that are going to deliver the most growth and that

635
00:29:43,100 –> 00:29:44,900
Speaker 3: are the most responsive and that are ones that are

636
00:29:44,920 –> 00:29:48,390
Speaker 3: the most broadly available and distributed. So they get the

637
00:29:48,470 –> 00:29:52,810
Speaker 3: full kind of spectrum of support. And then they’re underneath that.

638
00:29:52,850 –> 00:29:54,890
Speaker 3: I mean, there’s probably three or four of those that

639
00:29:54,930 –> 00:29:57,190
Speaker 3: we have in our portfolio. And then the others are

640
00:29:57,790 –> 00:30:00,690
Speaker 3: They’re all very unique. And so some of them may

641
00:30:00,710 –> 00:30:03,390
Speaker 3: be more responsive to trade promotion, and then we may

642
00:30:03,430 –> 00:30:07,250
Speaker 3: want to invest more there. Some of them are regionally based.

643
00:30:07,370 –> 00:30:10,310
Speaker 3: So we don’t have big national kind of investment, but

644
00:30:10,350 –> 00:30:13,950
Speaker 3: we have targeted shopper support based on a region to

645
00:30:13,990 –> 00:30:18,080
Speaker 3: really support that business. Some of them are more price

646
00:30:18,140 –> 00:30:21,980
Speaker 3: pack driven as well. So how do we expand households

647
00:30:22,040 –> 00:30:25,340
Speaker 3: through different pack formats and different sizes for different budgets?

648
00:30:26,000 –> 00:30:29,180
Speaker 3: So it just depends on the business overall, but we

649
00:30:29,220 –> 00:30:31,360
Speaker 3: try to make sure first we feed the ones that

650
00:30:31,380 –> 00:30:34,000
Speaker 3: are going to help us deliver the most growth. Goldfish

651
00:30:34,040 –> 00:30:35,780
Speaker 3: is the one that’s at the top for us. It’s

652
00:30:35,820 –> 00:30:40,860
Speaker 3: a billion-dollar business, and it’s been delivering strong, almost double-digit

653
00:30:40,920 –> 00:30:44,420
Speaker 3: growth on a two-year basis. So we’re continuing to fuel it.

654
00:30:44,930 –> 00:30:48,490
Speaker 3: It’s large, it’s profitable, it’s widely distributed, and it’s a

655
00:30:48,510 –> 00:30:49,990
Speaker 3: really important part of our business.

656
00:30:50,510 –> 00:30:52,790
Speaker 4: So I’m going to get to our famous last question.

657
00:30:53,610 –> 00:30:55,130
Speaker 4: What is the bravest thing you’ve ever done?

658
00:30:55,660 –> 00:30:57,280
Speaker 3: OK, I’m going to give a little context. I’ll try

659
00:30:57,300 –> 00:30:58,900
Speaker 3: to be brief. But I grew up in a really

660
00:30:58,960 –> 00:31:02,060
Speaker 3: small town in southern Virginia. I have one stoplight, and

661
00:31:02,080 –> 00:31:05,700
Speaker 3: I lived outside of town. I was a history major undergrad,

662
00:31:05,780 –> 00:31:08,850
Speaker 3: liberal arts degree. I had never traveled outside of the

663
00:31:08,880 –> 00:31:12,590
Speaker 3: United States. And when I graduated from college, this wasn’t

664
00:31:12,650 –> 00:31:15,150
Speaker 3: brave at the time, but in retrospect, it was kind of.

665
00:31:15,870 –> 00:31:18,170
Speaker 3: I got on a plane and flew to South Korea

666
00:31:18,290 –> 00:31:21,190
Speaker 3: and lived there for a year teaching English. I didn’t

667
00:31:21,210 –> 00:31:23,450
Speaker 3: know anyone there. I didn’t know where I was going.

668
00:31:24,050 –> 00:31:26,590
Speaker 3: But I did it, and that was probably one of

669
00:31:26,650 –> 00:31:30,270
Speaker 3: the best experiences I ever had. I learned a lot

670
00:31:30,290 –> 00:31:32,850
Speaker 3: about myself, but I learned a lot about my own culture, too.

671
00:31:33,310 –> 00:31:35,090
Speaker 3: That was probably one of the bravest things I ever did.

672
00:31:35,470 –> 00:31:37,290
Speaker 2: That’s pretty brave. Pearson, what you got?

673
00:31:37,670 –> 00:31:39,470
Speaker 1: Besides sitting on a live panel with a member of

674
00:31:39,510 –> 00:31:46,480
Speaker 1: our board of directors… You’re so not cool. Listen, I

675
00:31:46,560 –> 00:31:49,580
Speaker 1: think probably the bravest thing I’ve ever done… I’m a

676
00:31:49,620 –> 00:31:52,000
Speaker 1: boomerang at Campbell’s, so I used to work at Pepperd

677
00:31:52,020 –> 00:31:55,620
Speaker 1: Farm up in Connecticut from 2013 to almost the end

678
00:31:55,640 –> 00:31:59,440
Speaker 1: of 2016. And I had what you would say an atypical,

679
00:31:59,660 –> 00:32:02,660
Speaker 1: hopefully predicted career path. Things were good. No reason to

680
00:32:02,700 –> 00:32:05,800
Speaker 1: change anything. Don’t break it. It’s not broken. And what

681
00:32:05,840 –> 00:32:07,560
Speaker 1: do I do? I resign, and I decide to go

682
00:32:07,600 –> 00:32:10,180
Speaker 1: start a snack food innovation company with three partners. It

683
00:32:10,220 –> 00:32:11,910
Speaker 1: was a true startup. So when I meet people who

684
00:32:11,970 –> 00:32:13,510
Speaker 1: are like, yeah, I work in a startup. We do

685
00:32:13,510 –> 00:32:15,740
Speaker 1: $ 50 million in sales. I’m like… That’s not a startup.

686
00:32:15,760 –> 00:32:19,710
Speaker 1: We do zero million in sales. So our startup is,

687
00:32:19,720 –> 00:32:21,020
Speaker 1: what do you name the company? How are we going

688
00:32:21,040 –> 00:32:23,100
Speaker 1: to get paid? And we’re designing palette patterns with duct

689
00:32:23,120 –> 00:32:25,480
Speaker 1: tape on the carpet. That was a startup. We’re weighing

690
00:32:25,590 –> 00:32:28,270
Speaker 1: food on weights and scales to fill out new item forms.

691
00:32:28,330 –> 00:32:31,170
Speaker 1: This was a real startup. That was probably the bravest thing.

692
00:32:31,250 –> 00:32:34,030
Speaker 1: But when I came back to Campbell’s afterwards, I got

693
00:32:34,090 –> 00:32:36,830
Speaker 1: asked this question on, well, what did I learn? And

694
00:32:36,870 –> 00:32:38,630
Speaker 1: I think, like Janda said, she learned a lot about

695
00:32:38,650 –> 00:32:42,200
Speaker 1: our culture and For me, A, I learned tolerance. Where

696
00:32:42,260 –> 00:32:44,200
Speaker 1: is my risk tolerance? What am I really willing to

697
00:32:44,240 –> 00:32:46,680
Speaker 1: do and not willing to do? I learned about speed.

698
00:32:46,980 –> 00:32:48,520
Speaker 1: So if you sit in a commercial meeting, you can

699
00:32:48,560 –> 00:32:50,780
Speaker 1: call the BS on how fast you can bring a

700
00:32:50,800 –> 00:32:53,520
Speaker 1: product from concept to shelf. We can do it in

701
00:32:53,520 –> 00:32:55,820
Speaker 1: 90 days in my startup. I’m sure nobody in this

702
00:32:55,860 –> 00:32:57,400
Speaker 1: room can say they can do innovation in 90 days.

703
00:32:58,180 –> 00:33:01,260
Speaker 1: The other thing I learned was about asking for the

704
00:33:01,340 –> 00:33:04,320
Speaker 1: order again and being hungry. So when you are getting paid,

705
00:33:04,460 –> 00:33:06,740
Speaker 1: like most of us in this room, to sell something,

706
00:33:07,300 –> 00:33:11,120
Speaker 1: or transact something, and sales, the definition is an exchange

707
00:33:11,160 –> 00:33:14,680
Speaker 1: in value. My job, I had to sell to get paid.

708
00:33:15,380 –> 00:33:17,760
Speaker 1: It was a different muscle. So I had to roll

709
00:33:17,780 –> 00:33:20,200
Speaker 1: my chair up to a buyer’s desk. I’m like, hey,

710
00:33:20,220 –> 00:33:22,180
Speaker 1: I just worked at Peppered Farm in PepsiCo. I don’t

711
00:33:22,200 –> 00:33:24,420
Speaker 1: give a crap where you work. Who are you and

712
00:33:24,440 –> 00:33:26,000
Speaker 1: what’s your product? I’m like, oh my god, this is

713
00:33:26,020 –> 00:33:30,140
Speaker 1: what my salespeople do? This is amazing. But I was

714
00:33:30,330 –> 00:33:32,380
Speaker 1: begging for the order, because I knew if they put

715
00:33:32,420 –> 00:33:35,160
Speaker 1: the order in on Friday, And we shipped it in

716
00:33:35,330 –> 00:33:37,970
Speaker 1: seven days. And they paid the bill 15 days later.

717
00:33:38,010 –> 00:33:39,310
Speaker 1: I can go home and tell my wife we can

718
00:33:39,330 –> 00:33:41,530
Speaker 1: get paid on May 3. And the mortgage was due

719
00:33:41,550 –> 00:33:43,350
Speaker 1: May 15. And I had four children at the time.

720
00:33:44,170 –> 00:33:45,930
Speaker 1: So that was the bravest thing I ever did.

721
00:33:47,270 –> 00:33:49,550
Speaker 4: And clearly something that both of you have learned from.

722
00:33:49,610 –> 00:33:52,230
Speaker 4: So can we give a round of applause to these guys?

723
00:33:58,400 –> 00:34:01,400
Speaker 4: On a very personal note, like these guys have, I mean,

724
00:34:01,520 –> 00:34:03,200
Speaker 4: Jan and I have known since well before I was

725
00:34:03,280 –> 00:34:05,580
Speaker 4: on the board and Mike I’ve gotten to know since.

726
00:34:05,940 –> 00:34:08,319
Speaker 4: And I will say one of the best things is

727
00:34:08,469 –> 00:34:13,230
Speaker 4: the transparency that happens. And it is refreshing to have

728
00:34:13,290 –> 00:34:16,549
Speaker 4: candid conversations where we just say like, here are the

729
00:34:16,590 –> 00:34:18,190
Speaker 4: things that are working. Here are the things that are

730
00:34:18,230 –> 00:34:20,319
Speaker 4: not working. Here’s what we got to figure out. Like

731
00:34:20,380 –> 00:34:22,600
Speaker 4: who can help us figure that out? And it’s just

732
00:34:22,640 –> 00:34:26,340
Speaker 4: been an absolute pleasure. pleasure working with the two of

733
00:34:26,380 –> 00:34:29,110
Speaker 4: you and your teams. And it’s just, I’m so blessed.

734
00:34:29,190 –> 00:34:30,370
Speaker 4: So thank you.

735
00:34:31,210 –> 00:34:31,569
Speaker 2: All right.

736
00:34:33,989 –> 00:34:37,430
Speaker 4: Well, if you liked this episode, we have other dynamic

737
00:34:37,469 –> 00:34:41,620
Speaker 4: duos we think you should listen to. Most recently, coming

738
00:34:41,680 –> 00:34:45,060
Speaker 4: live to you from another very exciting venue, almost as

739
00:34:45,120 –> 00:34:47,700
Speaker 4: exciting as Brave Commerce Live, coming to you from Cannes,

740
00:34:47,840 –> 00:34:52,700
Speaker 4: Amy Benford and Diana Hausling from Colgate. Or you can

741
00:34:52,739 –> 00:34:55,250
Speaker 4: go back to the archives and listen to Kate Crowley

742
00:34:55,350 –> 00:34:58,590
Speaker 4: and Luke Sabir from Lego. And if you want a third,

743
00:34:58,610 –> 00:35:01,370
Speaker 4: because you just can’t get enough of Brave Commerce Live,

744
00:35:01,760 –> 00:35:04,910
Speaker 4: about Diego Palmieri and Neha Malik from Ms.

745
00:35:04,950 –> 00:35:05,279
Speaker 2: Can.

746
00:35:05,890 –> 00:35:09,050
Speaker 4: If you like this episode, please share, tell a friend,

747
00:35:09,130 –> 00:35:11,509
Speaker 4: leave us a review. Let us know what you think

748
00:35:11,590 –> 00:35:13,730
Speaker 4: on LinkedIn and we’ll see you again soon.

749
00:35:24,940 –> 00:35:25,550
Speaker 1: Thank you.

750
00:35:37,830 –> 00:35:41,790
Speaker 6: Hi, I’m Jackie Cooper, Global Chief Brand Officer at Edelman

751
00:35:41,830 –> 00:35:44,590
Speaker 6: and the host of Touch of Truth, a new podcast

752
00:35:44,650 –> 00:35:48,090
Speaker 6: launching on the Adweek Podcast Network. My dad gave me

753
00:35:48,110 –> 00:35:51,810
Speaker 6: this incredibly smart piece of advice. Meet everyone once. As

754
00:35:51,850 –> 00:35:54,150
Speaker 6: a result, I’ve met some of the most fascinating and

755
00:35:54,230 –> 00:35:57,340
Speaker 6: inspiring people on the planet. Now on Touch of Truth,

756
00:35:57,560 –> 00:36:00,830
Speaker 6: we’re coming centre stage and sharing the mic to experience

757
00:36:00,870 –> 00:36:03,739
Speaker 6: stories of truth, insights and visions for the future that

758
00:36:03,760 –> 00:36:06,230
Speaker 6: will challenge your way of thinking. Touch of Truth is

759
00:36:06,290 –> 00:36:09,819
Speaker 6: available wherever you listen to podcasts. New episodes come out

760
00:36:10,020 –> 00:36:12,090
Speaker 6: every Tuesday. I do hope to see you there.