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Introducing Our Newest Show: Social Currency with Sammi Cohen

By Money News Network

In this episode of Money Rehab with Nicole Lapin, former Outdoor Voices founder Ty Haney shares insights about building effective brand communities and managing the challenges of being a female founder during the "girl boss" era. She discusses how combining in-person events with digital engagement helped create strong customer connections, and reflects on navigating media scrutiny while learning important lessons about company ownership and venture capital.

The conversation explores Haney's current ventures, including her clean energy drink brand Joggy and her platform TYB. Through TYB, Haney aims to transform traditional brand loyalty programs by implementing gamified engagement systems that reward various forms of customer interaction. Her vision includes creating a unified ecosystem where users' status and rewards work across multiple brands, changing how companies build and maintain customer relationships.

Introducing Our Newest Show: Social Currency with Sammi Cohen

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Introducing Our Newest Show: Social Currency with Sammi Cohen

1-Page Summary

Building Brand Community and Engagement

Haney's approach to brand community building combines in-person connections with digital amplification. At Outdoor Voices, she implemented this strategy through activities like dog walking clubs and yoga events, which participants then shared online. Through her new platform TYB, Haney helps brands measure and incentivize community engagement by gathering zero-party data and integrating it with existing systems like Shopify and Klaviyo. She emphasizes that successful brand communities need clear missions, activation rituals, connection channels, and systematic incentivization.

Challenges and Lessons of a High-Profile Female Founder

Haney reflects on the intense media scrutiny faced by female founders during the "girl boss" era, describing how journalists often sought negative perspectives from former employees to create sensationalized takedown stories. She notes that the current environment has become more neutral, with female founders being recognized primarily for their business acumen rather than their gender. From her experience with Outdoor Voices, Haney learned crucial lessons about retaining company ownership and avoiding excessive venture capital dilution.

Haney's Approach To Building Joggy and Tyb

Drawing from her Outdoor Voices experience, Haney developed Joggy, a clean energy drink brand using plant-based ingredients like organic caffeine from the Guayasa plant. The brand serves as a test case for TYB, her platform that revolutionizes brand loyalty through gamified engagement. TYB transforms traditional loyalty programs by rewarding various forms of brand interaction, from user-generated content to friend referrals. Haney envisions TYB as the foundation for a "Recreation Universe" where users' status and rewards are valid across multiple brands, creating a unified ecosystem for brand engagement.

1-Page Summary

Additional Materials

Clarifications

  • Klaviyo is a technology company based in Boston, Massachusetts, that offers a marketing automation platform primarily used for email and SMS marketing. It is popular among e-commerce sellers, especially those using the Shopify platform, to enhance their marketing efforts and engage with customers effectively. Klaviyo enables businesses to create targeted marketing campaigns, automate customer communication, and analyze performance metrics to optimize their marketing strategies. The platform's features help businesses personalize their marketing messages, segment their audience, and drive conversions through data-driven insights.
  • Activation rituals in the context of building brand communities typically refer to specific actions or ceremonies designed to engage community members and deepen their connection to the brand. These rituals can include activities like welcome events, challenges, or traditions that encourage participation and foster a sense of belonging among community members. By incorporating activation rituals, brands aim to create memorable experiences that drive ongoing engagement and loyalty within their community.
  • Excessive venture capital dilution occurs when a company raises multiple rounds of funding by selling off significant ownership stakes, leading to the original founders and early investors owning a smaller percentage of the company. This can happen when a company continually seeks funding without considering the long-term impact on ownership percentages. It can dilute the control and potential financial rewards of the initial stakeholders as new investors acquire larger portions of the company. Balancing the need for capital with maintaining ownership percentages is crucial for founders to retain control and value in their company.

Counterarguments

  • While in-person events can be powerful for community building, they may not be scalable or accessible to all potential community members, especially those in different geographic locations.
  • Digital amplification of events can create a perception of engagement that may not translate into deep, meaningful community connections.
  • Measuring community engagement through zero-party data is valuable, but it may not capture the full depth and quality of engagement.
  • Integrating with existing systems like Shopify and Klaviyo is useful, but it may also create dependencies on these platforms and limit flexibility.
  • Clear missions and activation rituals are important, but they must be adaptable to the changing needs and interests of the community.
  • Systematic incentivization can drive engagement, but it may also attract participants who are more interested in rewards than in the brand itself.
  • The media environment may have become more neutral towards female founders, but systemic biases and challenges for women in business likely persist.
  • Learning about company ownership and venture capital is important, but each business situation is unique, and what works for one founder may not work for another.
  • Plant-based ingredients in energy drinks like Joggy are appealing to some consumers, but others may question their efficacy or prefer traditional ingredients.
  • Gamified engagement can increase brand loyalty, but there is a risk of it being perceived as gimmicky or manipulative if not executed with authenticity.
  • The concept of a "Recreation Universe" is innovative, but it may face challenges in terms of user privacy, data security, and interoperability between different brands and platforms.

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Introducing Our Newest Show: Social Currency with Sammi Cohen

Building Brand Community and Engagement

Haney’s approach to building brand community centers around in-person connections, systematic incentivization, and measurable engagement, aiming to transform community into a concrete channel for growth.

Haney's Approach To Creating Strong, Measurable Brand Communities

Haney focuses on creating strong brand communities by prioritizing in-person connections, amplifying through digital channels, and using clear missions, activation rituals, connection channels, and incentivization systems.

Haney Prioritized In-person Connections Through Events, Amplifying Community Engagement Digitally

Outdoor Voices, under Haney's direction, took their mission to encourage movement for fun to the next level by focusing on in-person activations such as dog walking clubs, biker clubs, and yoga events in the park. These events connected people who shared their experiences online, fostering organic community growth. The company’s strategy also included team activities that aligned with their brand values, like playing basketball every Friday. This authenticity was recognized in the New York Times, showcasing the brand's impact and commitment.

Tyb Lets Brands Own and Incentivize Relationships With Passionate Fans, Making Community a Measurable Growth Channel

Haney underscores the importance of measurable community engagement. With the TYB platform, brands can gather zero party data, preferences, insights, and actions, integrating it with systems like Shopify and Klaviyo to enrich email personalization and marketing. This not only provides analytics but allows brands to compare the engagement and worth of community members with those who are not. For instance, Rare Beauty on Tyb incentivizes user engagement, making community growth measurable by offering micro-rewards ...

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Building Brand Community and Engagement

Additional Materials

Counterarguments

  • In-person connections may not be scalable or accessible to all potential community members, especially in a global or digital-first market.
  • Digital amplification of community engagement can sometimes lead to a focus on quantity over quality of interactions.
  • Relying on in-person events may exclude individuals who are unable to attend due to geographic, physical, or financial constraints.
  • The effectiveness of team activities like playing basketball every Friday may not translate to all types of brands or communities.
  • The TYB platform's focus on measurable engagement could lead to an overemphasis on metrics at the expense of genuine relationship-building.
  • Gathering zero-party data can be beneficial, but there are privacy concerns and potential for misuse of personal information.
  • Incentivizing user engagement with micro-rewards might lead to extrinsic motivation, which could diminish intrinsic motivation and long-term brand loyalty.
  • A strong community is important, but it is not the only factor in building lasting brands; product quality, ...

Actionables

  • You can deepen your connection to local businesses by starting a loyalty card that rewards participation in community events. For instance, if you frequent a local coffee shop, propose a system where attending a community book club or cleanup day earns a stamp, and a full card gets a free coffee. This encourages community involvement and supports local businesses.
  • Create a personal ritual that aligns with your values and invite friends to join you regularly. This could be as simple as a monthly hike to clean up a trail or a potluck where everyone brings a dish made from locally sourced ingredients. The ritual becomes a way to strengthen your bonds with friends while living out your values.
  • Offer to help a local organization or club by creating a simple point system for volunteers, ...

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Introducing Our Newest Show: Social Currency with Sammi Cohen

Challenges and Lessons of a High-Profile Female Founder

Tyler Haney reflects on the intense media scrutiny faced by female founders and the lessons learned from her experience with Outdoor Voices, emphasizing the importance of retaining company ownership and focusing on profitable businesses.

"Rise and Backlash of 'Girl Boss' Culture"

Haney and Female Founders Face Intense Media Scrutiny

Tyler Haney talks about being caught up in a wave of painfulness and losing her company, referring to a trend where female founders were subjected to intense media scrutiny and takedowns. The public's perception of the "girl boss" shifted drastically by the end of the 2010s, leading to critical and potentially sensationalized coverage. Female founders, once seen as icons, faced enormous pressure and became targets for criticism when things went wrong. Haney reflects on how the founder's journey is deeply personal and rooted in obsession, making the scrutiny even more difficult.

Journalists Sought Critical Perspectives From Former Employees, Leading To Sensationalized "Takedown" Stories on Prominent Female Founders

Haney was surprised by the level of media scrutiny and the public's reaction to articles like those from The Cut and BuzzFeed. She mentions that journalists would interview ex-employees, especially those who had been fired or let go, to create these sensationalized stories. Haney recalls offering a positive content franchise to The Cut, which turned into another negative story, making her wary of engaging with journalists and viewing herself as the source of truth.

Haney: Environment Neutral, Female Founders Focus On Profitable Businesses Without "Girl Boss" Baggage

Haney expresses hope that the environment for female founders has become less sensitive to takedown stories and more focused on creating profitable businesses rather than the "Girl Boss" label. She appreciates the current neutral environment where female founders are recognized as founders first, without the stigma.

Lessons Haney Learned From Her Outdoor Voices Experience

Haney Prioritizes Retaining Company Ownership Over Excessive Venture Capital Dilution

Tyler Haney mentions ...

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Challenges and Lessons of a High-Profile Female Founder

Additional Materials

Clarifications

  • Tyler Haney's experience with Outdoor Voices involved facing challenges due to excessive venture capital dilution, which led to a loss of control over the company. She learned the importance of retaining company ownership to avoid similar situations in the future. Despite the difficulties and disagreements with key figures, Haney views the experience as a valuable lesson that contributed to her growth as an entrepreneur. The loss of control taught her crucial lessons about company ownership and fundraising strategies.
  • Journalists often seek out critical perspectives from former employees to create sensationalized stories about prominent female founders. These stories can contribute to a negative public perception and intense media scrutiny, impacting the founder's reputation and company image. The use of such narratives can lead to a shift in how these founders are perceived by the public and can generate significant attention and controversy. This media scrutiny can sometimes overshadow the founder's achievements and contributions to the business world.
  • Venture capital dilution occurs when a company raises successive rounds of funding, leading to the ownership percentage of the initial founders and early investors decreasing. This reduc ...

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Introducing Our Newest Show: Social Currency with Sammi Cohen

Haney's Approach To Building Joggy and Tyb

Tyler Haney applies valuable lessons from her time at Outdoor Voices to establish Joggy, focusing on plant-based ingredients, and cultivates Tyb as a pioneering platform for revolutionizing brand loyalty by making customer engagement a measurable growth tool.

Joggy Was Created to Meet Haney's Need for a Clean Energy Drink, Tapping Into Demand for Better-For-you Cpg Products

Haney, after consuming significant amounts of Red Bull at Outdoor Voices, recognized a need for a clean energy alternative. This realization led her to collaborate with scientists to develop premium plant-based energy sources for Joggy. She underscores the significant trend toward better-for-you products and identifies the clean energy category's growth and the absence of clear market leaders, pointing to both a financial opportunity and consumer demand.

Tyler Haney replaces synthetic caffeine and fake sugars with natural ingredients like organic caffeine from the Guayasa plant, Almaty Max, and real juice, specifically citing L-theanine, lime juice, and water for Joggy. These selections are aimed at providing focused energy without the crash commonly associated with energy drinks.

Haney Used Outdoor Voices Lessons to Build Joggy, Focusing On Plant-Based Ingredients and an Active Lifestyle Mission

Drawing from her Outdoor Voices experience of building a community as a profitable channel, Haney integrates this knowledge into Joggy. With over 10,000 ambassadors engaging in product development and hosting events, she values community in fostering growth. Haney focuses on solving personal pain points with Joggy, reinforcing her dedication to product quality and market fit.

Joggy, an "Owned Brand," Helps Haney Test and Inform Tyb For Building Measurable Communities

Joggy initially served as a test case for TYB, with Haney emphasizing the importance of having an owned brand to gauge community interaction and to refine TYB's approach to fostering measurable brand communities.

Tyb Aims to Revolutionize Brand Loyalty By Making Engagement a Growth Tool

Haney is innovating brand loyalty through TYB by introducing a gamified and engagement-centric approach to customer interaction.

Platform Incentivizes and Measures Brand Fan Engagement, Creating a "Game-Like" Experience to Drive Customer Lifetime Value

TYB reimagines the traditional points-based loyalty system by focusing on active participation and rewarding behaviors that brands value, such as authentic user-generated content. The success of TYB is noted by its high monthly active user count, turning engagement into a tool for growth. The platform incentivizes and measures various fan activities like challenges and reviews, transforming brand loyalty into an interactive experience that extends across multiple brands.

Haney views TYB as the platform to incentivize and measure brand engagement, with echoing the potential to revolutionize how brands interact with their fans. Creating a “game-like” experience, she aims to drive customer lifetime value by offering users rewards for engagement beyond purchases, such as content creation and friend referrals, which grant them status recognized within the brand community.

She explains that TYB's design allows users from one brand community to carry over their status to other favorite brands within the "Recreation Universe," hence making user e ...

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Haney's Approach To Building Joggy and Tyb

Additional Materials

Counterarguments

  • While Joggy's focus on plant-based ingredients is commendable, it may face challenges in scalability and cost-effectiveness compared to synthetic alternatives, which could limit its accessibility to a broader market.
  • The emphasis on community building is a strong strategy, but it may not be sufficient on its own to ensure the success of a product if it does not meet other consumer expectations such as price, availability, and taste.
  • Using Joggy as a test case for TYB could introduce biases in the data and insights gathered, as the success of one brand does not necessarily translate to others, especially across different industries or target demographics.
  • The gamified approach of TYB to brand loyalty might not appeal to all consumers, particularly those who prefer simpler, more traditional loyalty programs or who are not motivated by such engagement strategies.
  • There is a risk that the "Recreation Universe" could become too complex or overwhelming for users, leading to disengagement if the system is not intuitive or if the rewards are not perceived as valuable.
  • TYB's model of incentivizing engagement beyond purchases is innovative, but it may not necessarily lead to increased revenue if the engagement does not convert into sales.
  • The success of TYB's monthly active user count is a positive indicator, but it does not guarantee long-term retention or profitability, a ...

Actionables

  • You can create a personal reward system to encourage healthy habits by assigning points to activities like exercise or choosing a plant-based meal, redeemable for treats or personal indulgences.
    • This mirrors the gamified experience of brand engagement by making your personal growth and health goals more fun and rewarding. For example, earn 10 points for a gym session, and once you reach 100 points, treat yourself to a movie night.
  • Start a small book club or interest group within your community to share knowledge and build a sense of belonging.
    • This takes a page from the emphasis on community building, where you and your friends can come together to discuss books or hobbies, creating a tight-knit group that supports each other's interests and growth.
  • Experiment with creating a mini 'Recreation Universe' by linking activi ...

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