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Use Consumer Accessibility to Your Advantage with David Schottenstein, Privé Revaux

March 18, 2021

In this episode, David Schottenstein is talking about the disruptive strategy in running a business and taking into account the importance of consumer accessibility nowadays. Also, David shares some of his personal background and values that are tightly connected with his philosophy in business.

About David Schottenstein

David Schottenstein is an entrepreneur and founder of Prive Revaux, an affordable sunglasses and glasses brand of high quality.  David launched his first company at the age of 21 and soon it became a fast-growing customer company. He was named the entrepreneur of the year and invested in numerous companies before his 30.

Episode highlights

  • Nowadays a consumer is much better informed and exposed to a wider range of options on the market in terms of price and quality factors. If entrepreneurs aren’t disruptive in their approach a consumer will simply switch to more accessible goods the market widely offers [03:28]
  • David’s unique idea is to make luxury products accessible to the customer. Not only does it double the market when you cut your price point in the half, the profit exponentially increases. [07:00]
  • When you cut the price on a high-quality product you run the risk to make the customers suspicious. Thus, attracting celebrity partners helps establish a voice to convince the customer of the quality and style of the product [08:30]
  • In this day and age, people are way more connected and it impacts the market. Therefore, the understanding of the market is not only America-centered but is global and spreads across the ocean. As an example, David has a huge presence in the Middle East, and Europe as well. [10:05]
  • In order for the idea becomes successful, there should be persistent people behind it. Sometimes the idea is prospective but the person doesn’t really look like being capable of delivering it to the market needs. [18:42]
  • If you are a big giver, there is always plenty of money for you ahead, because there are so many causes to be involved with and you need more and more money to do that. Charity goals are the social values that make your life-driven.  [30:00] 

David Schottenstein’s best advice for entrepreneurs

“If you have a talent as an entrepreneur, it is your responsibility to keep using it if you are going to use it for good”.  Talent does not exist in theory, but it needs a lot of effort and practice. Developing your talent inevitably leads to attracting new people and new opportunities. When you direct your aptitudes to a good cause you will never run out of activities to be involved in and you will feel much enthusiasm to see that you can make the world a better place.

Connect with David Schottenstein

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