Nov 14 2023
66. The Secrets (and Setbacks) to Entrepreneurial Success - Strife Lim of Sterra Singapore
This entrepreneur podcast is an extension of their real-life experiences as business owners, salaried employees and industry mavericks who made mistakes along the way and lived to talk about it.WE SPEAK TO: Strife Lim of SterraStrife Lim has worn many different hats throughout his young life; from his studying days in engineering to his interesting entrepreneurial journey, we know Strife best as one of the co-founders of Sterra, one of Singapore’s fastest-growing consumer electronic goods companies. With an impressive $11 million advertising budget built up over a short couple of years since its inception, Strife is a proponent of paid advertising and marketing for its countless benefits for brand awareness and increased revenue. We sat down to pick his brain on the journey of mastering paid advertisement strategies, his journey in making necessary entrepreneurial mistakes and how he contributed to Sterra’s commercial success online. WE’RE DRINKING:David: Australian red wine, Margaret River’s Cabernet SauvignonTerng: Vodka, lime and sodaStrife: Your run-off-the-mill waterWE CHAT ABOUT:How Strife and his Sterra co-founder, Chris, actually started their entrepreneurial journey before Sterra, including their highly profitable T-shirt printing and selling journeyWhy the duo shifted markets during their exploration and experimentation journey to find SterraThe synergy between Strife and Chris, especially in their role and workload divisions in their work, and how to handle the communications between stakeholders to sustain a thriving businessManaging a large marketing and advertisement budget, and how to grow revenue from paid advertisements aloneThe effectiveness of paid advertising and how to invest in paid advertisements cleverlyWays to measure the effectiveness and success of paid advertisementsPreferences in terms of platforms for advertisement placements, particularly intrusive or interrupting ads and how it has been beneficial to the growth of the brandThe agility and benefits of online marketing and advertisingHow Sterra succeeded in rapidly growing its brand awareness and revenue, and what sets its strategy apart from other companies and businessesThe importance of paid advertising, but at the same time how to work around spending money on advertising and marketingWhat makes a good advertisement and some effective strategies for attracting viewers’ attentionOpinions about influencer marketing, and how it can impact brand imageWhat Strife would do better or differently in hindsightGUEST’S BOOK RECOMMENDATIONS:Think and Grow Rich by Napoleon Hill - https://amzn.to/3SCPpNqThe 10X Rule by Grant Cardone - https://amzn.to/3QUed265 AM Club by Robin Sharma - https://amzn.to/3uizAbout our podcast Business over drinks is one of the most unique podcasts you will find anywhere in the world helmed by two people from different walks of life. This entrepreneur podcast is an extension of their real-life experiences as business owners, salaried employees and industry mavericks who made mistakes along the way and lived to talk about it. Read our best business books, or browse our wine guide or gin guide.
