While the CBD industry may not be a rich man’s game, Deep Patel definitely proves it’s a game Small Man game.
Even though he’s only 22 years old, he actually built and sold his first company: The Successful CBD Brand of Generation Z Entrepreneur The penguin Recently acquired by a leading CBD gummy brand Verma Farms. Evaluation # 1 CBD Brand of 2020 by Snoop Dogg’s Merry Jane, Which has been named one of the best CBD oils by major health publications like Healthline And the Medical News Today, And praised it BuzzFeed And the Rolling rock, Penguin is one of the fastest growing and most recognized brands on the market.
What’s remarkable is that Penguin was booted by a 20-year-old. No investment capital has been raised. Georgia-born Patel started Penguin in October 2019, shortly after he dropped out of college. He described the past 18 months as an “unforgettable journey”.
“I was already running a successful marketing agency when it was time to make a decision about where to go to college,” says Patel, who made the decision to drop out of college the day the lessons began. “I realized I’d pay hundreds of thousands of dollars to get a degree – but I always thought experience was the best teacher.” The decision that many considered risky ended up not only sound, but very profitable.
He decided to base his business on CBD due to his personal experience with the plant-derived supplement. It makes sense to be the one running a successful marketing company In high school He might also be the kind of person who has a hard time turning their minds off to get a rest … and that was the case for Patel, who first came to CBD as a sleep aid. “My brain is always on and moving at a million miles an hour, which interferes with getting a good night’s rest,” he says. He set out to find a cure – one that would allow him to continue harnessing all that mental energy And the She has the ability to sleep already.
“CBD became part of my nightly routine before going to bed, and ultimately my daily routine as well,” he says, but he found it difficult to get more information about what was in the various hemp products he was consuming. “I was doing all this research and kept crashing into walls and roadblocks,” he says. “It was impossible to find detailed information about these products – and when I was I did Find information, it wasn’t always great. Often times, there were questionable chemicals, or less CBD than advertised. Everything was disgusting. “
In the booming industry failures, Patel saw an opportunity. “The industry was skyrocketing in popularity, and here there was a big gap,” he recalls. “It wasn’t worth the trouble to think for me. I decided to start Penguin right away.”
Although new to the cannabis industry, Patel has already had marketing segments for years running his own marketing agency and consulting the likes of Silicor and AT Kearney – an experience that would be invaluable when he entered an unusually competitive market.
While most brands focus on health-focused millennials, the Patel brand has targeted its own generation: the older generation of Generation Z. This was another key to its success in what was a challenging year; Penguin was launched before the COVID-19 pandemic emerged in 2020.
“The [CBD] “The market is saturated, competition is fierce,” says Patel. “So we took a different approach to branding from most brands, focusing on vitality, accessibility, and trustworthiness.”
Since his products were aimed at a very inquisitive generation who loved #LearnOnTikTok, Patel made sure education was the primary focus. “Once we get a customer’s attention, we start building a relationship through education,” he says. “We earn trust by providing countless educational information, fast and comprehensive communication, and complete transparency.”
Patel explains that his clients base their daily routine around CBD products – whether it’s best-selling cookies and cream, CBD oil, CBD capsules, topical cream, or young sour worm gum. Although eccentric in nature, each provides significant benefits and has been incorporated into the daily routines of its clients. “Fostering a trustworthy and intentional relationship with them is essential,” says Patel. “This is what brings customers back to Penguin time after time, and allows us to create a long-term relationship.”
As part of their efforts to enhance transparency, Patel’s business is peeling the curtain and allowing consumers to see what the company sees: lab test results. “We regularly send our products to external laboratories for testing. Then we publish these laboratory results on our websites so our customers know exactly what they will receive.”
This may not seem like a major distinction at first glance, but given the unregulated nature of the supplement industry, it can be difficult for a consumer to distinguish between a bona fide health product and a superficial supplement. With the FDA taking a hands-off approach to the sector, it’s up to brands not only to self-regulate, but to educate their audience as well – and Patel was up to the task.
Patel notes that transparency was the main factor contributing to his brand’s success. “It builds confidence,” he says. “And nothing is more valuable to a brand than the trust of its customers.”
By focusing on differentiation, deliberate Gen Z marketing and the ethical branding foundation, Patel was able to grow Penguin during a time when thousands of CBD brands were out of business (primarily due to the pandemic and economic hardships caused by COVID). He says that these tribulations are simply equal to the course. “Being an entrepreneur means you are constantly trying to overcome obstacles,” he says. “Sometimes you know these obstacles – like entering a saturated market, for example – and other times they are unexpected and sudden, as was the case with COVID. I don’t think there is the single biggest challenge or obstacle, but rather the sum of all these Obstacles is the most difficult. “
What is the solution to overcome the mentioned obstacles? “The challenge is to find the motivation and attitude within you to keep moving forward, no matter how high the climax, and to understand that these obstacles are only part of the road to success.”
Patel is thrilled that his company has acquired the Verma Farms brand from Hawaii in an all-cash deal, but he’s more proud of the educational experience. “Penguin has taught me more in the last year than I have been learning in four years in college,” he says. “I am very proud of the actual experience and knowledge that I have gained by going this route; I have become a more experienced entrepreneur.”
“I’m also very proud of the team I’ve built; a team of people that I consider my friends. They are amazing individuals who care about the brand, our customers, and our mission.” With the recent acquisition by Verma Farms in May 2021, this team will move on but Patel will remain as a consultant.
“The CBD has helped me a lot personally, and it’s been an integral part of my health routine as an entrepreneur,” says Patel. “It helps me sleep and calms my mind. I am able to have more energy, think more clearly and be a better person overall. Knowing that I can do the same for my clients with Penguin is something that I will always be grateful for.”
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