Yeti Coolers = $100MM in sales

[Z5 FILMS]

Just a reminder. You don't have to have an original idea to make a fortune. These two brothers started Yeti Coolers in 2005. They simply wanted a more robust cooler you could stand on and that could take a beating. They did not invent the cooler, they did not reinvent the cooler, just simply made a more robust one. They have now done $100MM in sales.

http://www.businessweek.com/articles/2013-10-17/yetis-1-300-cooler-repels-bears-attracts-thieves

 

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[Guest-5ty5s4]

reviving an ancient thread.

any current forum members have thoughts on this: how the heck does a company like YETI coolers grow to this size, when their products last so long, and most people only need 1 cooler?

They've added other durable goods like cups and mugs, but conventional wisdom says you need a subscription, service, or consumable to keep this going.

EDIT: This article really nails it. The "early adopters" were hardcore fishermen who wanted a cooler they could use as a platform to stand on, and later spread to the general consumer:

How 2 Brothers Turned a $300 Cooler Into a $450 Million Cult Brand

When two frustrated fishermen set out to reinvent the cooler, they didn't expect to upend an industry.

www.inc.com

 

[JasonR]

conventional wisdom says you need a subscription, service, or consumable to keep this going

Where is this conventional wisdom that you speak of coming from?

 

[Guest-5ty5s4]

Where is this conventional wisdom that you speak of coming from?

Actually, this is what I’ve gathered from the fastlane business seedlings in the books.

Also the tool for grading a business idea gives zero for products that are only purchased once. But that is just one criteria. Would love to hear your thoughts @JasonR

 

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[Rabby]

One interesting marketing thing I've noticed about Yeti... everyone wants to give them away. Or win them! If you go to a convention, industry conference, etc., you'll see there are always a few people giving away Yeti stuff. That can't be an accident... they don't give away expensive versions of every other item, like pens, watches, shoes, or cars... as frequently. So Yeti coolers must hit a sweet spot between price, universality of utility, and universality of sizing and options (imagine giving away shoes!). And surely someone in their marketing dept has figured out that it's a good giveaway... somehow the 3rd party marketers are getting the idea that they can market their own thing with Yeti's thing.

 

[Bearcorp]

Redirecting

www-wsj-com.cdn.ampproject.org

Interesting article on their marketing approach, and also shows how celebrities don't always post things because they're paid to, sometimes they just share things they like and use.