Two Ecomm Experts Podcast – Season 2 – Episode 5
Topic: “Building Multiple 9-figure Omni-channel brands”
Special guest: Mike Fata
In the fifth episode of the second season of the Two Ecomm Experts podcast, we are welcoming Mike Fata, a Canadian entrepreneur and co-founder of Manitoba Harvest Hemp Foods, a business valued at over 9 figures.
Who is Mike Fata?
Mike Fata is a highly successful entrepreneur known for building a $100 million business, Manitoba Harvest Hemp Foods, which he co-founded in 1998. His entrepreneurial journey began with a pivotal decision to prioritize his health, which turned into a profitable business. Under his leadership as Chairman of the Board and CEO, Manitoba Harvest experienced remarkable growth, culminating in a strategic 9-figure sale in 2019. Fata, a seasoned entrepreneur, is an advisor, chairman, and investor in 10+ prosperous health companies. Beyond his roles in business, he channels his wealth of experience into mentoring businesses, actively contributing to their growth and success.
E-commerce to Retail Transition
Mike stressed the significance of meeting specific requirements set by retail chains when making the leap from e-commerce to retail. Approval hinges on the timely delivery of top-quality products, with consistency playing a pivotal role. On the sales front, Mike emphasized that retailers expect financial backing for marketing initiatives. This often involves reinvesting a percentage of sales into collaborative programs like flyers or catalogs. What stood out in Mike’s advice was the tailored approach needed based on the retailer’s size. Smaller chains in the hometown or city are a great starting point for 7-figure DTC brands, while larger players in the 8-figure range might find success with retail giants like Walmart.
Expanding Internationally
When it comes to expanding internationally, Mike Fata advocates for a well-thought-out strategy. His recommendation is to focus on building a robust local foundation before venturing into global markets. The emphasis is on executing locally and then amplifying digitally before contemplating international expansion. Mike highlighted the challenges inherent in global sales, particularly in areas like customer service and shipping. Establishing a strong local presence is the foundational step before progressively building an international approach. Mike’s approach centers around leveraging the successful strategies implemented locally and amplifying them digitally for a global audience.
Other topics discussed in the episode:
- Investors Perspective on E-commerce
- Funding options for startups
- Signs you need an investment
- Business growth misconceptions
- Requirements for your brand in retail
- How to hire for Sustainable Growth
Few words about our podcast
The host of the Two Ecomm Experts podcast is Viktor Stoilov – an advertising strategist, Founder & CEO of Markademics, and co-founder of a 7-figure e-commerce store.
The podcast’s goal is to create value through conversations with top notch e-commerce specialists from all over the world. Listen to them unpack the latest trends in the e-commerce world together with hot topics such as marketing, advertising, supply, and logistics. The podcast helps e-commerce brand owners take their business to the next level with this library of valuable conversations.
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