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Lifeway Foods CEO Julie Smolyansky discusses how the company was able to thrive during the economic downturn.
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A lot of businesses were hit hard during -- recession but we found a company that actually -- a recession into an opportunity.
By hiring laid off talent and by locking in some cheaper advertising budgets and at all paid off joining me now.
Is -- -- CEO of wise way foods Julie congratulations I'd love stalker is where you.
Is sort of refused to admit that there is a recession go on in fact you.
You you take -- you find opportunities within that and of course one of those opportunities is a good talent pool right.
That's right yeah I am a forever -- -- And we really you know look at the trend records than our current tax our sales figures and we -- that there was -- slowdown.
For life leaf foods and -- sales.
And we started to increase our hi airing and and we were really lucky because a lot of people that normally would never -- to -- way.
And that they're really only be looking at fortune 500 or fortune 1000 companies where open to working for us Muller more entrepreneurial company like life way.
And it really you know -- -- -- -- a fat and you know in addition to increasing our our talent Paul.
And we also we're able to take advantage of some really great deals in marketing and advertising.
When other people really weren't dealing I don't and I -- And I want to actually was that was at a matter of sort of locking -- -- advertising rates came down as a result of the recession.
Is that when you locked in some of these advertising deals.
Yeah that is exactly what happened that you know they where almost giving it away because nobody was doing at that the first thing that went on budgets with advertising and marketing and so we were able -- To really use that to our about a -- the other thing is -- that we are really early adapters and says social media and social networking.
We even had a MySpace page that's how early we -- are.
And so that that and that you know -- -- especially at that time with a fraction of the cost since that we were really able to build this Billy Ray evangelical community.
Within that space well in the.
You know it does it does go with the territory we we've -- talking to John MacKey not long go from whole foods and this whole focus on nature -- it is very tied into the -- -- a perfect opportunity for that.
Absolutely because those people are really engage in what they're eating they're really interested and learn learning about the food the ingredients the brands.
There's really like I think it's a really natural place for us to be with with consumers that are like minded.
And -- empower people to make healthier lifestyle and and health choice that I.
Well we're looking we are looking kind of forgive me Julie but we're looking at your product right here for those who don't know what it is the key for -- by -- and street see it's over.
There are certain things Julie that it's impossible to avoid dead though when you're in a recession one thing we've had as the Fed has been pumping more money to try to get us out of this slowdown.
Inflation of particularly commodities has gone up hasn't that hurt you.
Well -- price is actually this year where relatively the lull and we you know we have a little bit up quite price elasticity within that space we're.
97%.
Of bee keeper industry is is dominated by likely foods.
But we also know that consumers are trading down from -- -- visits to grocery store visits and when they do go to the grocery -- They want access to healthier foods and they want better for you quality foods so that has worked and our bit you know about a bad but when we now that.
You know a third of the US population.
Is obese and that we're really facing a major obesity and diabetes -- says.
And it's really resulting out of our lifestyle out of the food that we out of -- in activity.
And you know his -- -- Young -- we're seeing here are some products -- of some -- -- younger -- by the way we have to go Julie but I just have to focus on one other element that you had to deal with not only.
The recession but your dad died and you took over the company at the age of 27 I think you were one of the youngest CEOs -- -- at the time what was that.
While it -- I'm really.
Difficult thing to navigate and you know again just like in the risk fashion and and my dad died in 2002 and that's -- my brother and I took over the -- You know we we went through.
I had a really difficult time but we.
But that and and that every day failure is not an option and that we will -- -- And that's something that my dad always told us and and you know I I dealt with the recession just like I dealt with my father is that this -- you know my chin held high.
And -- there while tough times in that and -- adapted.
By innovating and changing up the product and and they you know creating a product that we're really necessary in the marketplace and that's something that any company can do in a time of -- -- is.
Change it up yet but you know create some products that people really wild and -- -- next.
You're you're an inspiration -- you really -- congratulations under our we appreciate you come by back ends -- again please.
Anytime -- really small Lansky from -- life way.
