Romy Taormina is CEO and Founder of Psi Bands. Barfing started it all. She suffered for more than a year from nausea and vomiting. Romy received her business degree with a marketing concentration from California Polytechnic State University, San Luis Obispo. Romy is the mom of two boys, wife of almost 25 years, and product inventor who has more than 14 years of hands-on experience running her company as CEO. She oversees the entire supply chain, financials, and marketing.
Please tell us a little bit about your company.
Psi Bands are a clinically-proven, patented, and FDA-cleared medical device (they are acupressure wrist bands) for the relief of nausea due to morning sickness, motion/travel sickness, chemotherapy, and anesthesia. They are sold at retailers such as Target, REI, Pharmaca, HEB, Sprouts, Amazon, etc.; internationally; and in hospitals. Psi Bands or I have appeared on/in Shark Tank, Oprah’s O Magazine, Entrepreneur, Inc., virtually every major US newspaper, Inc., and many more. More than 1M sets sold. We are humbled to make a positive difference in people’s health.
How did you end up on Shark Tank?
The approach to getting on air varies as much as the person who appears on the show. I submitted an email directly to one of the executive producers. She replied within 15 minutes of my submission and we were on the phone the same day. I was asked to submit a 5-minute video, which I did. It evolved from there. Many, many, many steps and months later, I filmed. And 6 months later, I was on air. It’s a long, time-intensive process. There are no guarantees that even if you film that you will go on air.
What was the biggest problem you encountered with your business and how did you overcome it?
The impact of COVID-19 could not have been more direct: When COVID hit, it did so first in China, and our product is manufactured there. As a result, there were significant delays in manufacturing employees returning to work, and when they did, they did so at half capacity. And there were glaring delays and cost increases to ship product. You couple that with lost sales due to U.S. retailers closing their brick and mortar locations, and now you have cash flow issues. In addition to the PPP and EIDL, we applied for and received numerous grants, including the State Trade and Export Promotion (STEP) Grant and the FedEx #SupportSmall Grant.
What is one thing that you do daily to grow as an entrepreneur?
I read industry publications to stay informed of news, trends, strategies, and knowledge in the retail space.
What was one of your biggest take-aways from being on the show?
While each of the impressive entrepreneurs that appear on the show has a unique story, our collective respect for one another is undeniable. Beyond publicity, Shark Tank alums vouch for the benefits of the post-tank community resources. One of the most profitable outcomes we value is the willingness and commitment to helping each other out. While most of us have not actually met the others in person, there is an automatic bond that ties us together because we all understand what it took to get on the show — and what it takes to be an entrepreneur, including a lot of hard work, creativity, and strategy. We all believe that the sum is greater than its parts.
What is the one thing you wish you knew before starting your business?
It was better that I didn’t know what I was getting into or I might not have proceeded. It can be overwhelming. So, one step, day, week at a time. But, at some point you must just GO.
What has been your most effective marketing strategy to grow your business?
There is no one way. It’s a spider web of converging outcomes. One thing leads to another. One helpful PR tip, which is free, is to subscribe to Help a Reporter Out (HARO). HARO connects journalists seeking expertise to include in their content with sources who have that expertise.
What’s your best piece of advice for entrepreneurs who want to apply for Shark Tank?
Practice your pitch. First impressions are highly important so do not be boring, own your own voice, and be concise. You AND your product/service will be judged. I practiced, practiced and then practiced some more my introduction. In front of the mirror, in front of a camera, while driving. I re-wrote my introduction 13 times. I practiced it until I knew it forwards (and backward). I watched a ton of prior episodes. I interviewed other alums. I sat in a conference room and was bombarded with questions from colleagues. And, yet, nothing can prepare you for the lights, camera, action of actually filming In The Tank. It is an experience unlike any other.
What is your favorite quote?
Be effective, not right. If you want to be successful professionally and personally, help others reach their potentials. Being right doesn’t mean someone else needs to be wrong. Everyone feels like they are on the same team.
How can we get in touch with you?
You can connect with me by visiting my website psibands.com and also find me on social media via Instagram and LinkedIn you can email us info@psibands.com
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