If we could get rid of the hesitation and the doubt that we have, we could quickly turn what seems like an impossibility into a possibility. Meet Robert Oliver, the former owner of a business that sold for several million dollars who finds himself heading another company that could be worth even more. Some people stumble into success, but Oliver knew from the time he started that this was what he wanted to happen.
Built On The Regret Minimization Framework
Oliver grew up intending to build himself an empire that didn’t start with a nine-to-five job. He discovered eCommerce guru Jeff Bezos’ guiding mantra, the Regret Minimization Framework, early on. Taking this message to heart, Oliver managed to become a multimillionaire within five years.
How The Regret Minimization Framework Operates
The simplest way to describe the framework is as a model that helps you to think of your life in reverse. Consider yourself at 80 years old and think about the decisions you made when you were younger to minimize your life regrets. Now, since you’re already younger, you make those decisions now and minimize your regrets later in life. Using this framework, Oliver built The Genius Brand on Amazon. It was a huge decision, but it came at just the right time.
Jumping On The Direct-to-Customer Train Early
Oliver’s decision came in the early 2010s. Direct-to-customer (DTC) sales were just on the scene, more of an experiment than anything else. Selling products on social media was an anomaly then, as opposed to the norm that it is today. Oliver realized he would have to find something that people wanted but that would also avoid the traditional huge brands that may price him out of the market.
Thanks to Amazon’s customer acquisition pipeline, he could acquire new buyers through Amazon at a fraction of the cost of other businesses. He still needed something that could make a splash and become sustainable. Eventually, Oliver settled on marketing non-traditional supplements – the kind that supplement giants like GNC wouldn’t or couldn’t sell.
Growth, Expansion, and Sale
Oliver’s first addition to the brand was a caffeine-free pre-workout that quickly got traction. Over the years, The Genius Brand expanded across different areas of wellness, paying attention to the high quality of products and customer service. Over a short space of time, he boosted his revenue to $30 million by the time a Georgia-based private equity firm acquired the business for six figures.
What Makes The Genius Brand So Unique?
Most businesses that deal with consumer packaged goods (CPG) have a well-defined growth and expansion cycle. They garner capital in an investment round and use that for research, development, and marketing for new products. They would have to prove to the public that their brand is worth buying to get shelf space for them in a retail outlet. If the brand sold, the retailer would buy more. The retailer would sell the remaining stock and part ways with the brand if it didn’t.
As a DTC brand, The Genius Brand operated a bit differently. Within the second month of its operation, it became profitable. Oliver puts this success down to understanding the algorithm and who’s searching for what. His estimates are that over 80,000 Prime members were searching for workout supplements at the time. All he had to do was get the brand in front of the right eyes.
Not As Easy As he Makes it Seem
While Oliver is vocal about how easy being a DTC business owner is, his success is not the norm because of how challenging running an Amazon-based DTC is. Amazon is happy to offer DTC services to businesses, but they will charge the owner for everything, from storage space to a per-item fee, which may range from 6% to 15% per item. Oliver had to go through the same considerations, but he believes that leveraging the algorithm gives people who want it enough of an edge to become successful.
“You have to be really into the algorithm,” he stressed. “Amazon actually tells you what maximizes their dollar spent per customer visit — it all comes down to conversions, reviews, how you engineer your titles, all these little details.” Thanks to Amazon’s support through Brand Pages, new marketing brands can use storytelling to pitch their customers and garner a following on the retail giant’s pages.
Taking It To The Next Level
What do you do when you’re a 23-year-old multi-millionaire? Some people would consider traveling the world or buying several exotic sports cars. Oliver found himself at a crossroads as to what he should do. He knew what he was good at and had the wealth to prove it. The next step was to show others to do what he did. But opening up a personal coaching business to aid brands in achieving the same level of success that he had achieved wasn’t enough. He was hungry to grow a new brand.
Enter Top Shelf Grind
One of the most popular drinks around the world is coffee. With his knowledge and success in the supplements market and a piqued interest in coffee, Oliver decided to combine both into the brand he calls Top Shelf Grind. It might seem counterproductive to enter a market with such giants as Maxwell House and Starbucks dominating the playing field, but once again, Oliver has a plan.
“My thesis is an upgraded form of coffee consumption,” he says. “It’s essentially a supercharged instant coffee bolstered by nootropic blends.” He also mentions that the recent trend in CPGs is to blur the line between supplements and food. He seeks to do this in his new brand, designed primarily for a niche of coffee drinkers. “A lot of our customers are type A,” he noted.
What’s the Future for Oliver?
Oliver still enjoys his role as a dad and has the time he needs to spend with his daughters and wife. His new coffee brand has already hit revenue levels of $355,000 as of January 2023. The company has put some effort into R&D, with new brand selections coming out within the year, projecting a profit range of as much as $5 million by year’s end. Oliver wants this brand to hit the $100 million mark before selling it. Based on what he’s done and continues to do, there’s a good chance he’ll succeed.
