BY SPINS & C.A. FORTUNE
10X, Twice:
Mindsets for Scale
INTRODUCTION
You’ve done it.
You’ve made your first
$1M in sales.
Your first million in sales is a huge
milestone – definitive proof many
customers enjoy the fruit of your labor.
You’ve climbed the first hill, but higher
peaks are now in view.
What does it take to 10x your business
again and again?
Read on to find out.
Natural Channel Crest
Regional Grocery Apex
Grocery Channel Summit
MULO Mountain
*<11M to >$100M, *<$2 million to >$10M
INTRODUCTION
The Top Scaling
Brands
While many CPG brands are
growing, only 142 out of over
85,000 are scaling at 10x – that’s
less than 1 percent of brands!
Here we are defining scale as a
period of rapid, sustained, 10x
growth over three years.
Scaling is incredibly difficult and
requires different strengths or
“mindsets” at different times. 138 Brands scaled 10X from $1M to $10M;
4 Brands scaled 10X from $10M to $100M.
# of total Brands, all
departments, all channels:
90,000+
# of Brands with
positive growth:
29,000+
# of Brands with
growing 10X: 142
138 4
INTRODUCTION
The Top Scaling
Brands Have Similar
Mindsets
A mindset is a combination of
things: goals, strategy,
communication and
relationships.
The mindset best suited for
businesses wanting to 10X from
$1M to $10M is very different from
the mindset used to 10X from
$10M to $100M.
Mindset
Goals
Strategy
Communication
Relationships
INTRODUCTION
Simply put, it’s the difference between Hustle and Precision
Knowing Your
Customer and
Retail Media
Multi-Channel Expansion
And Core-driven
Innovation
Executive
Leadership
Growth via Doors,
Velocity, and
New Items
$10-$100M “Precision” Mindset$1-$10M “Hustle” Mindset
Scrappy
Entrepreneurs
Picking
The Right Partners,
“Identify Heroes,” and Promotions
Knowing
Your Buyer
Great Website,
Social & Packaging
INTRODUCTION
The Common Truth
Between Hustle and
Precision
Scaling at 10x requires margin for fuel.
Early-stage brands often need to “buy”
velocity, awareness, and shelf space before
they can achieve the efficiencies that make
scale possible. That can mean offering
aggressive promotions, paying slotting fees,
or taking calculated risks. All of these
compress margins in the short term but fuel
the distribution footprint and consumer
trial needed to hit a volume threshold where
efficiencies kick in.
Beyond this, there are two distinct
mindsets, one for each phase of growth.
Higher Volume
Lower Unit Cost
More Reinvestment
Better Margins
INTRODUCTION
SPINS & C.A. Fortune Are Pairing Up To Share Their Knowledge
& Experience
SPINS and CA Fortune has seen many brands grow and thrive. This deck is based off our observations and
experience helping those brands adopt the right mindset to succeed.
WRA PPING UP
Executive Summary
These are the key strategic differences and foci for each scaling mindset.
SCALE PHASE TOP GOAL CHANNEL
STRATEGY PORTFOLIO
FOCUS MARKETING & TRADE SPEND
ARCHETYPE
“Hustle” $1-10M
Know Your Buyer Going hard
where your key buyer shops
Identify heroes; Refine what’s working and
reinvest
Get the basics right, both online
and in-store
Scrappy Entrepreneurs
“Precision” $10-100M
More doors, higher velocity
All fronts; Multi-channel &
Omnichannel
Scale core products;
Innovating in new but close
categories
Consistency; use Retail Media
Experienced Executive
Leadership
Hustle:
The $1-10m Mindset
HUST LE: TH E $1-10M MIN DSET
Figure Out
Your Buyer
A clear understanding of your
customer makes it easier to identify
which retailers align best with your
brand. If you know the answer to “Who
buys your stuff?”, you’ll be better
equipped to prioritize the right
channels, make the right products,
and design and target the correct
creative, to 10X your business.
Find out what key qualities your buyers have in common –
and how they’re unique from the competition.
Consumer Demographics: SnackCo vs. Total Snacking
Consumer Demographics
SnackCo Buyer Index
Total Snack Buyer Index
Household Income $100K+
150 107
Gen Z 141 91
Younger Millennials 274 99
Older Millennials 173 100
Income
Generation
TOP GOAL
HUST LE: TH E $1-10M MIN DSET
Where Do Those
People Shop?
Now is the time to build up your B&M
network. Where should you start:
Natural, Regional, or big Conventional
stores?
Compared to big conventional retailers,
the cost of doing business with
Natural Channel & Regional retailers
is usually less – and their customers
are usually less price sensitive.
However, there will be upfront costs
like promotional spend and free fills.
Wherever you go, buddy up with your
category manager or buyer.
Retailer Fit Checklist
1. Are they aligned with your mission?
2. Does your customer base shop there?
3. What are the costs of getting on the shelf – free fills, minimum order quantities, demos,
et cetera?
4. Do the margins work?
5. Will you stand out on shelf, or get lost next to similar or bigger brands?
6. Will your distribution network support them?
7. Will working with this retailer close off opportunities with other retailers?
“Our retail buyers…aren’t just
distribution points, they’re
strategic partners. Their
feedback has shaped our
formats, our packaging, even
our innovation roadmap. We
treat them like collaborators,
not just gatekeepers.”
– Megan Buick, VP Sales, Porta
CHANNEL STRATEGY
HUST LE: TH E $1-10M MIN DSET
Amazon as a
Testing Ground
For “hustle” brands, eCommerce is often the first
and most important channel. It serves as both a
learning lab and a launchpad to test product-
market fit, pricing, packaging, and messaging before
investing in brick & mortar distribution.
Amazon is also key for many scaling brands –
sometimes as a major revenue source, but also as a
discovery and credibility driver. Being searchable
and purchasable on Amazon lends legitimacy and
provides a broad market signal to retailers and
investors.
Success on crowded marketplaces like Amazon
often comes down to making large investments at all
stages of the funnel – from brand awareness, to
decision-making, to conversion, but will come at a
price.
CHANNEL STRATEGY
– Joe Hesketh, VP, eCommerce Growth Solutions, SPINS
On average, scaling brands can spend the first 12-18 months in
the red, but it’s necessary to build the foundation for adoption
and higher profitability later.
HUST LE: TH E $1-10M MIN DSET
Find The Heroes,
Then Tinker
At this point, your product lineup winners will
be clear. The majority of your sales will
come from a minority of products – usually
2 to 3 winners.
This is your opportunity to make changes and
streamline your portfolio. Ask yourself: what
resources could you free up if you eliminated
the lower-performing items, and how could
you repurpose those resources to scale
faster?
Sales data results can help guide your
decisions but give equal airtime to your
partners and customers too.
PORTFOLIO FOCUS
We review customer data as a team every month. We look at
feedback from reviews, support tickets, and online comments,
and use that input to guide continuous improvements —
whether that’s refining recipes, enhancing packaging, or
making updates based on what our customers are asking for.
– Megan Buick, VP Sales, Portia
Company X sells four flavors of ice cream:
Vanilla, Chocolate, Cookie Dough, and Pistachio.
Each flavor costs $3 to make and sells for $9
except for Pistachio, which costs $5 – those
nuts aren’t cheap! Pistachio is the weakest
selling flavor and the most expensive to
produce. By eliminating Pistachio, the
company would save $100k in production
costs. Company X could repurpose those funds
for marketing Chocolate and Cookie Dough,
invest in ads or campaigns, or fund promotions
like endcaps, sampling and deep discounts.
Vanilla Chocolate Cookie Dough Pistachio
0
20000
40000
60000
80000
100000
120000
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Portfolio Pareto Chart (Units)
Analyze your portfolio with a Pareto chart, which compares sales volume with share of portfolio sales. In the above example, Pistachio is the lowest of both. Is it worth keeping?
Case Study: Kill Your Darlings
Marketing Focus: Great
Website, Social,
Packaging – check!
You’re probably too small to have a
dedicated marketing lead, so most likely this
responsibility rests on the shoulders of the
CEO, founder, or perhaps a lucky intern.
HUST LE: TH E $1-10M MIN DSET MARKETING & TRADE SPEND
Marketing Checklist
• Website: Sounds basic, but – have one! And make sure it’s up to date. Store product
locators are great for customers trying to find your product.
• Social Media: Pick a channel or two and feed it constantly. Paid ads, partnerships,
sponsorships, and other content will help build up your customer education and loyalty.
• Packaging: Your packaging can always be better – fine tune the messaging and call outs.
Make sure that your primary differentiator is the “hero” of the package, and the
supporting differentiators are in the right spot. What truly makes you unique? It should be
instinctually known after a single, brief glance.
Big Claims, Big Numbers
Are your label claims performing well?
Make sure to highlight growth of key
attributes if they are outperforming
the subcategory average. In this
example, the candy subcategory is
performing at 9.0% baseline growth.
Any attribute performing better than
baseline is worthy of mention in a pitch
deck or sell story.
Major 9 Allergen
Friendly: +10.2%
Labeled Organic:
+28.0%
Certified Non-
GMO Project
Verified: +24.5%
HUST LE: TH E $1-10M MIN DSET
Plan For Heavy
Trade Spend
For “hustle” CPG brands scaling at 10x,
promotions can be a very important element of the
brand’s growth strategy. Promotions are one tool
to help drive trial of a product – other significant
levers of driving trial can be social media
campaigns, influencer partnerships, sampling
events, or limited-time offers/seasonal drops.
The most common question we hear is, “Are our
promotions working?” Understanding that takes
time. In the short term, looking at % lift or
increases in base sales for the 12 weeks after the
promotion compared to the same period before
the promotion can add clarity. Over the longer
term, swings in market share or brand switching
studies can prove or disprove if a strategy is
working.
Sample of Scaling Brands vs Department Average: % of $ on Promo
MARKETING & TRADE SPEND
26% 28%
19%
43% 41%
36%
Grocery Frozen Refrigerated
Department Average 10X Brand % of $ sales on Promo
HUST LE: TH E $1-10M MIN DSET
Speed Dial
At this stage, founders speak to these key people frequently. Make sure you are
prioritizing them.
• Co-manufacturer
• Source of funding
• Sales agency / broker
Q: What qualities do you look for in a broker to help scale your business?
“We looked for partners who believed in our long-term vision — not just a quick win. We wanted people who understood premium, frozen, and differentiated products, and had the trust of key retailers.”
Megan Buick, VP Sales, Porta
RELATIONSHIPS
Copacker
Angel investor
Broker
Top Account – Store
Manager or Buyer
Precision:
The $10-100m Mindset
PRECISION: THE $10 -100M MINDSET
Velocity,
Distribution &
Innovation
Get ready to do the impossible: keep a
relentless focus on U/S/W (velocity)
while also opening up new channels
and launching new items. It’s hard to
do!
TOP GOAL
Reasons To Improve Velocity
• Retailer Credibility: Sustained velocity proves consumer demand, helping maintain shelf
space & justify expansion into additional SKUs or stores.
• Retailer-Specific Sell Story: Velocity benchmarks vary by retailer. Tailoring specific
channel velocity story helps build trust & show you understand their business.
• Better Negotiation Power: Gives you leverage in category reviews (eye-level, buy level.)
The Velocity Journey
For most fast-scaling brands, dollar or
unit velocity charts starts strong, dips
a bit, ticks up, and then stabilizes.
Peaks and valleys at the later point of
the graph can reflect seasonality or
promotional activity. Below is a chart of
a brand’s average weekly $ per store
selling per item trended over two years.
0 100 200 300 400 500 600 700 800 900
1000
2 /2
5 /2
0 2
4
8 /1
1 /2
0 2
4
9 /8
/2 0
2 4
1 0
/6 /2
0 2
4
1 1
/3 /2
0 2
4
1 2
/1 /2
0 2
4
1 2
/2 9
/2 0
2 4
1 /2
6 /2
0 2
5
2 /2
3 /2
0 2
5
3 /2
3 /2
0 2
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4 /2
0 /2
0 2
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5 /1
8 /2
0 2
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6 /1
5 /2
0 2
5
PRECISION: THE $10 -100M MINDSET
Multi-Channel
Expansion
Now it’s time to grow beyond your first
retailers. Take your momentum and roll it
into what you’re doing next.
Next is expansion into the conventional
grocery channel; regional chains to start with
(Publix, Kroger) – and then win at other
chains in their in the same area or CRMA.
In addition to standard channels like
Grocery, Mass and Club, many brands also
start focusing and flourishing in other
channels like Food Service, Military, Dollar, or
International, airports or school districts, or
alternative retailers like HomeGoods, TJ
Maxx, or World Market.
CHANNEL STRATEGY
Early success in the natural and eComm channels and
partnering with our best-in-class agency partners helped us to
take our story to new heights.
– Rick Pickering, SVP, YumEarth
Many brands start in one friendly channel (natural, regional grocery, or eCommerce) but over 2-3
years, conventional grocery or mass stores are responsible for a majority of sales and volume. Most
brands split the sales leader role into multiple geographic (East vs West) or store focus (Natural vs
Conventional) roles. In the below example, a brand may start with a few regional grocers, banners or
regions, and then add to that base over time with different types of accounts.
Channel Mix Changes Over Time
“Hustle” Phase “Precision” Phase
Time
PRECISION: THE $10 -100M MINDSET
From eCommerce to
Omnichannel
Now eCommerce becomes less about experimentation
and more about integration and scale, shifting from
being the main growth driver to a supporting pillar of
an omnichannel strategy. Consistency across
platforms, digital shelf optimization, and aligning
online efforts with in-store promotions are now the
focus.
Amazon becomes a true revenue channel at this stage,
requiring a dedicated team or agency partner to
manage inventory, advertising, reviews, and
platform compliance. The brand invests more heavily
in Amazon’s ecosystem like sponsored search, DSP
ads, and brand storefronts to win share and maintain
visibility.
Meanwhile, pure DTC sales platforms typically play a
smaller role, reserved for limited-edition drops,
influencer collaborations, or community engagement.
202%
133%
17%
Amazon
Walmart
Target
Unlike in physical retail, price comparisons in eCommerce are easy to do – just a few clicks
and customers can compare prices. In recent years Walmart and Target have decided to
match Amazon’s Prime Day period in summertime, hoping to capture some of the attention –
and sales – generated by Prime Day.
Instead of prioritizing only Amazon, consider matching the discounts put forth on Amazon for
other large eCommerce retailers. One brand SPINS worked with this year did just that as was
able to see large lifts across multiple platforms simultaneously.
Pricing parity helps eliminate confusion among customers. By making offers across all
channels match, this brand not only eliminated customer confusion but built a customer-
centric strategy that engaged shoppers on their preferred platform.
Growth via Alignment: Prime Day
Prime Day Sales % Lift vs Baseline
CHANNEL STRATEGY
PRECISION: THE $10 -100M MINDSET
Scale Your Core
Products
While it’s important to have “new
news” when you meet retailers, don’t
rely solely on innovation to grow.
First, stick with core working SKUs and
grow your distribution/ACV as much as
you can. Next, consider taking those
winners and reformatting them; for
example, Mass or Club retailers like
Target or Sam’s Club might want larger
pack sizes along with different pricing
and margin structures.
12
4
1
PORTFOLIO FOCUS
Our packaging is also a differentiator. We have multiple sizes in
each platform that all have fun and colorful packaging.
– Rick Pickering, SVP, YumEarth
This brand scaled sales of their unique product by gradually introducing four-packs and twelve-packs.
Single servings helped build trust with consumers, and the later introduction of multipacks added a
value element for frequent users.
Larger Formats, Bigger Sales
PRECISION: THE $10 -100M MINDSET
Incremental
Innovation
Instead of flooding the market with a
wide array of new items, fast-scaling
brands are narrowing their focus.
Innovation teams are doubling down on
investments, with increased R&D
budgets and long-term innovation
pipelines. This reflects a growing
awareness that innovation is about
long-term incrementality, precision
and purpose.
PORTFOLIO FOCUS
The main incremental innovation pathways are:
• Sideways Stretch: Finding new pockets (special diets, new flavors) in your current category.
• Attribute Adjacency: Leveraging your unique differentiator into an adjacent category (going from
granola to granola bars.)
• New Category Contender: Same as above, but in a faraway category (think Oreos – jumping from
the cookie aisle to collabs with Coca-Cola and protein powders. Licensing deals can work here.)
Read more about innovation strategies here (link to June Content)
The chart below shows the success rate of innovation for all stages of brand by their original starting
category or a new category. Brands above $10M in sales see greater success in new parts of the
grocery store.
Close, But Not Too Close
Innovation Success Rate by Brand Size
58% 59%57% 64%
$1-10M Brands $10-100M brands
Extend Existing Category Grow in New Category
PRECISION: THE $10 -100M MINDSET
Pushing, But Also
Pulling
By this point, many companies will have a
CMO, Marketing Director, or an agency in
place. Professionals come in to set strategy
and deploy tactics to not only push products
via promotions, but also to pull in customers
to the store or platform.
Usage of retailer platforms like
Walmart.com, Target.com, and Kroger.com
drive in-store velocity and strengthen
retailer relationships. Participation in retailer
media networks like Instacart Carrot,
Walmart Connect or Kroger Precision
Marketing is common and sometimes
required.
MARKETING & TRADE SPEND
How Retail Media Works in 5 Steps
Brand pays retailer to advertise on their platform;
01
Brand chooses who to target based on what they’ve bought, searched for, or browsed;
02
Ads appear in search results, category pages, email, off-site ads, or even on in-store screens or shelf tags;
03
Shoppers buy product and performance/ conversion is tracked;
04
Brand optimizes and scales what works by tweaking targeting, creative, or budget.
05
PRECISION: THE $10 -100M MINDSET
Speed Dial
At this stage, founders speak to these key people frequently. Make sure you are
prioritizing them.
• Private Equity firm
• Sales agency partner/ broker
• Top customers
RELATIONSHIPS
Q: What qualities do you look for in a retailer or broker to help scale your business?
“We look at agency partners as an extension of our company and sales team. It was important for us to have mutual respect and trust of each other. We also wanted a partner that was an expert in our natural space and had great relationships with our customers and within the industry.”
Rick Pickering, SVP, YumEarth
Capital Fund
Marketing Agency
Broker
Top Mass Account Buyer
Top Club Account Buyer
WRA PPING UP
Let’s end with a closing question from our two leaders.
Q: If you could do it again, what is one thing you’d do differently?
“What works when you’re small
doesn’t always scale. Part of that is
knowing when to bring in experts
in the areas where you’re not the
expert and trusting them to help
take the business to the next level.”
Megan Buick, VP Sales, Porta
“Work with our partner to invest
more in capacity so we were better
prepared to meet the increasing
demand.”
Rick Pickering, SVP, YumEarth
WRA PPING UP
Summary
These are the key strategic differences and foci for each scaling mindset.
SCALE PHASE TOP GOAL CHANNEL
STRATEGY PORTFOLIO
FOCUS MARKETING & TRADE SPEND
ARCHETYPE
“Hustle” $1-10M
Know Your Buyer Going hard
where your key buyer shops
Identify heroes; Refine what’s working and
reinvest
Get the basics right, both online
and in-store
Scrappy Entrepreneurs
“Precision” $10-100M
More doors, higher velocity
All fronts; Multi-channel &
Omnichannel
Scale core products;
Innovating in new but close
categories
Consistency; use Retail Media
Experienced Executive
Leadership
CONCLUSION
Thank you, from SPINS, C.A. Fortune, Porta & YumEarth
It takes an agile mind and opportunistic personality to scale a
company. Start by defining what your goals are and then adopt
the correct methods to achieve those goals.
Success in CPG is accretive and does not come overnight – it’s
the result of many hours of difficult, creative, relationship-led
work over time.
