Akua Okunseinde on Building a Brand in a Rapidly Evolving Market

Show Notes: In this podcast episode, the founder of Karité, a skincare company, shares her unique journey from Wall Street to entrepreneurship, emphasizing her Ghanaian roots and the use of shea butter in her products. She discusses the traditional extraction process of shea butter and its community impact in Ghana. The guest outlines the complex process of developing skincare products and the dedication to quality and authenticity that has driven the growth and scaling of Karité as a family business. She also addresses the challenges of bootstrapping, retail distribution, and adapting to the changing landscape of customer acquisition. The episode concludes with future plans for product development and supporting women farmers in Ghana. About Akua Okunseinde: Akua Okunseinde is the Co-founder and Chief Marketing Offer of Karité, a skincare brand founded by herself and her two sisters, one of whom is a board-certified, celebrity dermatologist, Dr. Naana Boakye. Karité's hero ingredient, unrefined shea butter, is sourced from women farmers in Ghana, where the sisters are from. Karité products are currently sold on their website (www.mykarite.com) as well as retail stores such as The Detox Market, Thirteen Lune and Amazon. Prior to Karité, Akua worked in sales and marketing roles at Google, American Express and Bank of America in New York and London. She received her BA in Economics and Political Science from Tufts University, and her MBA in Marketing and Entrepreneurship from Columbia Business School. In her spare time, she loves spending time with her family, planning her next vacation, and finding the best restaurants to check out with her husband and friends. Timestamps: Unconventional Career Path (00:00:10) Founder's transition from tech to skincare. Uncommon career shift and goal to empower homeland. Origins of Shea Butter (00:03:57) Discussion on shea butter's origins, extraction process, and significance to Ghana's economy. Shea Butter Usage and Process (00:06:33) Unrefined vs. refined shea butter, its usage in cosmetics and food, and manufacturing process. Creating Skincare Products (00:08:23) Challenges and lengthy process of product development, including ingredient testing and formulation. Applications of Shea Butter (00:10:24) Moisturizing properties, use for dry skin and eczema, and self-care applications. Indie Beauty Brand Trend (00:12:51) Rise of indie brands with deep connections to founders' experiences and traditions. Growth and Scaling of the Business (00:14:46) Discussion on company's growth, scaling, and business management strategies. Bootstrapping and Family Business (00:15:03) Discussion on the decision to remain a bootstrapped family business and the challenges of taking outside investment. Growth and Retail Expansion (00:16:40) The challenges and considerations of scaling retail distribution and acquiring new customers while maintaining financial readiness. Retail Partnerships and Lessons Learned (00:17:40) The significance of retail partnerships, the process of selecting and evaluating retail partners, and the lessons learned in retail operations. Retail as Marketing Channel (00:21:44) The importance of retail as a marketing channel and the impact of retail presence on brand visibility and customer discovery. Shifting Acquisition Strategies (00:22:54) The challenges and shifts in customer acquisition strategies, including the impact of rising online advertising costs and the exploration of alternative platforms. Challenges of Online Advertising (00:23:06) The difficulties and complexities of online advertising, including the need for constant testing and adaptation to changing algorithms. Changing Landscape of Advertising (00:25:44) This podcast is produced by the team at Dillie: a marketing agency with a niche focus on beauty and personal care brands. https://dilliecreative.com/