US Markets
Friday, January 5th, 2024 5:55 pm EDT
Key Points
- Stanley’s Historic Transformation: Over its 110-year history, Stanley, a Seattle-based drinkware manufacturer, underwent a remarkable transformation, fueled by the emergence of its product, the Stanley Quencher. Once known for its modest success and famous green bottles catering to outdoorsmen and blue-collar workers, Stanley’s fortunes changed in 2020 when the Quencher, a 40-ounce insulated cup, gained popularity. This shift propelled Stanley’s annual sales to a projected $750 million in 2023, reflecting a significant departure from its earlier trajectory.
- Appealing to a New Demographic – Women: The success of the Quencher was attributed to its appeal to a demographic that Stanley hadn’t actively catered to in its first century — women. Marketed in an array of colors and finishes, the Quencher became a favorite among nurses, teachers, and celebrities. Its popularity soared, replacing the iconic green bottle as Stanley’s best-selling product in 2020. The product’s allure was further enhanced through strategic influencer partnerships, including a collaboration with The Buy Guide, leading to a surge in sales and a prominent position in the hydration market.
- Innovative Marketing Strategies: Stanley’s success with the Quencher was not solely based on the product’s features but was significantly driven by innovative marketing strategies. Leveraging social media platforms like TikTok, Stanley employed limited-edition drops, collaborations with celebrities and brands (such as Starbucks and Lainey Wilson), and a vibrant color palette exceeding 100 options. The company strategically created a sense of scarcity, driving demand, and even leading to resale markets with limited buying restrictions at major retailers. The Quencher’s popularity had a halo effect, benefiting the entire Stanley brand and influencing the design and aesthetics of its broader product line.
In the past 110 years, Stanley, a renowned drinkware manufacturer known for its iconic green bottles and thermoses, experienced a transformative shift in its fortunes driven by a relatively unnoticed product— the Stanley Quencher. Although the brand had a comfortable $70 million in annual sales, the Quencher, introduced in 2016, initially struggled to gain traction. In 2020, Terence Reilly, who had previously led the transformation of Crocs into a popular footwear brand, became Stanley’s president and initiated a listening tour within the company. An employee’s mention of a group of women in Utah who admired the Quencher, coupled with a strategic partnership with The Buy Guide, a commerce blog, proved instrumental. This collaboration, emphasizing new colors and influencer marketing, led to a surge in Quencher sales, overtaking the iconic green bottle as the brand’s best-selling product in 2020.
Under Reilly’s leadership, Stanley embraced collaborations, limited-edition drops, and social media trends to fuel the Quencher’s popularity. The product’s sales skyrocketed, contributing to an impressive revenue growth from $73 million in 2019 to a projected $750 million in 2023. With over 100 color options, the Quencher became a fashion accessory and a favorite on social media platforms like TikTok, with the #StanleyTumbler hashtag amassing over 900 million views. Limited-edition releases created scarcity, driving demand and even resulting in some products being resold at a premium on platforms like eBay. Target stores had to impose buying restrictions due to the overwhelming demand for new Quencher colors.
The Quencher’s success extended beyond sales, acting as a catalyst for the entire Stanley brand. The infusion of vibrant colors and eye-catching designs influenced the overall product line, aligning with aesthetic principles favored by the female audience that embraced the Quencher. Despite the Quencher’s modern appeal, its popularity led to a surprising demand for one of Stanley’s original colors—Hammertone green. The success story of the Stanley Quencher underscores the brand’s ability to adapt, leverage influencer marketing, and navigate the evolving preferences of its consumer base, marking a remarkable turnaround for the century-old company.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/12/23/how-a-40-ounce-cup-turned-stanley-into-a-750-million-a-year-business.html
