Thames Valley: Chocolate entrepreneur speaks at KPMG business leaders' event
“Sexy packaging, a great product, and staying true to your values” is the recipe for success, according to Jo Fairley, co-founder of Green&Black’s. Fairley spoke at KPMG’s latest Inspiring Speakers event for privately-owned businesses in the Thames Valley, revealing details of her professional and personal journey with the fastest-growing confectionary brand in the UK, and her emotional decision to exit.
From a Portobello flat, Fairley launched the business with her husband after seeing a gap in the market for dark, organic chocolate. Using her experience as a journalist, she managed to secure nationwide press coverage about the country’s first 70% cocoa chocolate bar on a limited budget. “There’s huge power in generosity”, she told the audience, crediting much of the business’s success to sending out freebies far and wide.
The success of the businesses sky rocketed when Maya Gold became the first Fairtrade chocolate bar. “Doing good is good for business,” Fairley said, going onto explain that consumers are increasingly looking for ethically-sourced products. Businesses that create a strong set of shared values find it easier to retain staff as employees want to work for companies that have a sense of purpose, she said. “With people far less likely to stay in one job, the advantage for companies is when you have these people who have bonded over a set of shared values you get much better staff retention.”
Beyond the values, Fairley stressed the importance of establishing a distinctive brand, saying that “investment in this area should be a top priority”.
It hasn’t been plain sailing for Fairley, however, and she recalled several stressful experiences of trying to sell the product to major supermarkets. “I kept being told that my chocolate wouldn’t sell because it was too dark. This is where ‘being the customer’ is so important. You need to literally put yourself in your customers’ shoes. I was pretty sure that if my husband and I wanted to eat dark chocolate then other people would feel the same way.”
Fairley brought in outside strategic advice when the business started growing at a phenomenal rate. “Resources aren’t limited; if you try to chase every rainbow you will rapidly run out of energy”.
Terri Coughlan, partner for KPMG in the Thames Valley, commented on the talk: “Hearing Jo speak has been truly inspirational and she raised some incredibly important points. Entrepreneurs and business owners need to chase the right rainbows – meaning that they need to prioritise and have the right strategy – whether that’s an exit plan, export or marketing strategies.
“You also need to have absolute belief in your product, and beyond this, you need the right team around you. It was her strong working relationship with her husband – and knowing each other’s strengths – that was partly key to the success.
“And finally, I hope that the entrepreneurs and business owners in the room will take home the message that you need to enjoy the journey, not just the destination.”
Green&Black’s was bought by Cadbury’s (and now Kraft) in 2015. Although this was an incredibly difficult decision for Fairley and her husband, she said the new owners recognised the importance of working closely with the founders to keep the brand alive.
