Mariah Parsons hosts a Retention Chronicles episode with Mara Smith, the founder and CEO of Inspiro Tequila. Mara shares her journey from a corporate lawyer to founding Inspiro Tequila in February 2020, highlighting the challenges of balancing work and life, especially during the pandemic. She discusses the inspiration behind the brand, focusing on female consumers and creating a clean, additive-free tequila. Mara emphasizes the importance of representation and intentionality in funding women-owned businesses. She also explains distribution strategies, customer retention challenges, and the significance of events and community engagement in building brand awareness. Looking ahead, Mara is excited about launching in California and personal milestones in 2025.

Episode Timestamps:

• 2:31 Challenges and Surprises in Founding Inspiro Tequila

• Mara talks about the unexpected workload and lack of work-life balance in founding a company.

• Mariah recalls meeting Mara at a female founders collective event and highlights the benefits of smaller, intimate events.

• Mara emphasizes the importance of engaging, smaller events for networking and building relationships.

• Mariah and Mara discuss the significance of female purchasing power and the challenges women face in getting funding for their businesses.

• 4:56 Consumer-Centric Approach and Market Opportunities

• Mara explains her motivation for starting Inspiro Tequila, focusing on the female consumer and the lack of representation in the tequila market.

• Mara highlights the importance of creating a clean, additive-free tequila that resonates with discerning female consumers.

• Mariah and Mara discuss the potential of using Inspiro Tequila's branding for home decor and the importance of packaging in consumer perception.

• Mara shares insights on the buying power of households and the need for representation on store shelves for diverse consumers.

• 9:06 Navigating the World of Venture Capital and Investing

• Mara discusses the challenges women face in getting funding and the importance of having women in investment decision-making roles.

• Mara emphasizes the need for intentionality in supporting women-owned businesses and the role of women investors in growing the ecosystem.

• Mariah and Mara talk about the barriers women face in investing and the importance of education and opportunities for women to learn about investing.

• Mara highlights the need for more women to invest at all levels, including in bonds and securities, to grow their wealth.

• 20:42 Manufacturing and Production Challenges

• Mara shares her research process for finding the right distillery and master distiller for Inspiro Tequila.

• Mara discusses the importance of understanding the regulations and production methods in the spirits industry.

• Mara talks about the challenges of starting a new venture and the need for extensive research and legwork.

• Mara emphasizes the importance of building a community and network of support, especially for female founders.

• 27:00 Distribution and Retail Strategy

• Mara explains the three-tier distribution system in the alcohol industry and the importance of having distributor partners.

• Mara discusses the different marketing strategies for off-premise and on-premise accounts and the need for point-of-sale materials.

• Mara highlights the importance of building brand awareness with consumers and the role of events and demos in reaching potential customers.

• Mara shares her approach to using other people's audiences and collaborating with other women-owned brands to increase visibility.

• 30:51 Customer Retention and Data Challenges

• Mariah and Mara discuss the challenges of customer retention in a retail-focused business and the lack of direct customer data.

• Mara emphasizes the importance of customer loyalty and the need for feedback from consumer-facing events.

• Mara talks about the limitations of data available to small brands and the reliance on social media and in-person interactions for insights.