Here's a little inspiration. Goruck is a company started by an ex-special forces guy. He took the company from $0 to almost $9M in under 5 years...selling backpacks. But the lesson here is that the company doesn't just sell backpacks. They sell great backpacks (and have expanded into other related items). But more than that, they sell the culture, camaraderie, and experience. They also host events where people pay them to basically be physically punished all night. All of this works together to build the brand. This reminds me somewhat of what Yeti did with coolers (that's another case study worth researching) or Saddleback did with leather goods.
So the lesson seems to be: find a tired or boring industry without much innovation or where all of the competition is resting on their laurels, build a high quality premium product where the higher price is justified, and cultivate the culture and cult following.
To what other industries can you apply this model?
Opportunities abound.
So the lesson seems to be: find a tired or boring industry without much innovation or where all of the competition is resting on their laurels, build a high quality premium product where the higher price is justified, and cultivate the culture and cult following.
To what other industries can you apply this model?
Opportunities abound.
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