🥤How Stanley Turned A 110-Year-Old Water Bottle Into A $750 Million Business
How Stanley turned its fortunes around with a single product: the Quencher.
How a 110-year-old water bottle became a $750M sensation
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You probably have seen or heard of Stanley, the iconic brand of vacuum-insulated drinkware that keeps your beverages hot or cold for hours. But did you know that this 110-year-old company was on the verge of bankruptcy just a few years ago?
In today’s episode of the week, we’ll tell you the story of how Stanley turned its fortunes around with a single product: the Quencher.
The humble beginnings of Stanley
Stanley was founded in 1913 by William Stanley Jr., a prolific inventor who held over 100 patents. He revolutionized the thermos industry by creating the first all-steel vacuum bottle, which was more durable and efficient than the glass-lined ones.
Stanley’s bottles quickly became popular among blue-collar workers, soldiers, and outdoor enthusiasts, who appreciated their ruggedness and reliability. The company also gained fame for its lifetime warranty and its legendary stories of survival, such as the one where a Stanley bottle stopped a bullet and saved a man’s life.
The decline and revival of Stanley
However, by the early 2000s, Stanley struggled to compete with cheaper and trendier alternatives, such as plastic bottles and travel mugs. The company was losing money and market share and was acquired by a private equity firm in 2002.
The new owners tried to revamp the brand by introducing new products, such as food jars, flasks, and coolers, but none of them made a significant impact. Stanley was still seen as an old-fashioned and outdated brand, mainly catering to an aging and shrinking customer base.
That changed in 2016 when Stanley launched the Quencher, a sleek and colorful stainless steel tumbler with a straw lid. The Quencher was designed to appeal to a younger and more diverse audience, who valued convenience, style, and sustainability.
The Quencher was an instant hit, especially among millennials and Gen Z, who loved its versatility, durability, and Instagrammability. The Quencher also benefited from the growing demand for reusable drinkware, as consumers became more aware of the environmental and health impacts of single-use plastic.
The Quencher effect
The Quencher’s success had a ripple effect on Stanley’s entire business. The company saw a surge in sales, profits, and brand awareness, as well as a boost in customer loyalty and satisfaction. The Quencher also opened up new distribution channels and partnerships for Stanley, such as Starbucks, Target, and REI.
Since 2019, driven by the Quencher’s popularity, Stanley’s annual sales have soared from $73M to a projected $750M in 2023, a growth of over 300%. The company has also expanded its product portfolio, offering more sizes, colors, and accessories for the Quencher, as well as other innovative drinkware, such as the Go Series, the Master Series, and the Adventure Series.
Stanley has also stayed true to its heritage and values, maintaining its lifetime warranty, its commitment to quality and durability, and its support for social and environmental causes. The company has also leveraged its rich history and storytelling to connect with its customers and differentiate itself from its competitors.
The takeaway
Stanley’s story is a remarkable example of how a century-old brand can reinvent itself and thrive in a changing market. The company’s turnaround was driven by a combination of factors, such as:
Understanding and adapting to the needs and preferences of the new generation of consumers
Creating a distinctive and desirable product that stands out from the crowd
Leveraging the existing brand equity and reputation to build trust and loyalty
Expanding and diversifying the product range and distribution channels to reach new customers and markets
Staying true to the core values and mission of the brand
So, what can you learn from Stanley’s success? How can you apply these lessons to your own business or career?
Let me know by replying and dive deep here for more nuggets ⬇️
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