Read insights from 1,218 consumers around the world to learn what subscribers really want from an SMS experience. Adapting to Industry Shifts with David Bates, How Leaders Create Culture Virtually with David Burkus, Using AI to Simplify Logo Design with Richard Lau, Building a Social-First Brand with David Brickley, Focus Your Content Marketing with Steve Pockross, Brand Now: How to Stand Out in a Crowded, Distracted World. It is the integration of impact, quality products, customer service and meaningful storytelling that allows brands to gain a competitive advantage. Socks are the number one most requested clothing item at homeless shelters, David Heath, cofounder and CEO of Bombas, tells We First. Some of that money went to purchasing the first product run, some of it went to building a website. Most people don't know that we've got over 3,000 giving partners across all 50 states, but it resonates when they learn there's a giving partner near them. Cleaning companies, bed linen companies and others reached out to them asking for advice on how to get product donations to the people that need them most. "When it came time to take action, we were just able to do a lot more of what we've already been doing, which is not only get socks and t-shirts to those in need, but then to team up with our partners who were reaching out to us, like Cleancult. Why is it that Bombas was able to outperform other companies in the same niche who have been in the business for longer than them? We started getting people posting online, saying, Bombas is stealing our money. Thanks in part to a successful Indiegogo campaign (950% of goal raised) in September 2013 and an appearance on Shark Tank a year ago, Bombas has made strides in the specialty retail market. We've significantly built out our internal team - specifically, the actual channel management and creative teams because we ideate and produce the majority of our creative assets in-house. Its a no brainer for me, I get comfy socks and someone in need gets super comfy socks, said a Bombas customer in their review. The two strategies they use to increase their average cart value to boost revenue. Two years later, the pair launched the direct-to-consumer retailer Bombas in New York City, with a simple mission: make high-quality socks, sell them online, and for every pair of socks sold,. Marketing at Bombas. In fact, that was around the time that they had finally donated their one millionth pair of socks. When you're a one person show in the early days with no cash or resources, and the only time you have to work on it is from 6:00 P.M. until midnight and on weekends, you have to grind it out, the cofounder says. That's how I came up with the original Bombas sock., Company surveys revealed that consumers prioritize either product or mission depending on the marketing messages theyre exposed to. When Bombas does a campaign about hitting a donation milestone, customers prioritize the giveback. Founder/CEO of We First, & author of new book at LeadWithWe.com, Purpose At Work: How Bombas Gains Competitive. Liz, thanks for joining me today. A really successful businessman once told me something that blew my mind, If you know what you are doing, you can even sell sand to an Arab.. BRIAN KENNY: Ah, to what we were just discussing before? Bombas Socks are made of Peruvian pima cotton, which helps feet stay warm in winter and cool in summer, and include exclusive features such as a blister tab, a y-stitched heel, honeycomb support system for the arch of the foot, and "stay up" technology. They instead connected with their audience to let them know how Bombas was able to partner with groups that work with the homeless and with other companies to make a reaching, positive impactall thanks to the support of their customers. There is the performance sock market, which involves athletes, runners hikers, and thats the market where theyre selling for upwards of $20 a pair. They wanted to sell socks with those properties. Theyre passionate about providing not only the best experience for their customers, and the homeless community they support, but also supporting larger network of social causes. The hashtag can also be used to show the product in action, which builds a running social media stream of customers who are promoting their accomplishments while promoting the Bombas brand and mission at the same time. Socks are a valuable offering for homeless people, yet, are they really changing lives? This superior after-sale customer service is one way that Bombas creates customer value Socks are a small item but can have a big impact on someone's life.. To drive purchases, the brand's marketing campaigns focus on the positive impact and quality of their product. I'd say our very best marketing, from both a creative and performance standpoint, is where we are truly able to marry both mission and product. You have to have a good product., After extensive research, David found a gap in the market. For every pair of socks bought from this firm, another pair is given to a person in need. ", Bombas' Brand Culture Leads to Brand Love. BRIAN KENNY: So ,lets talk a little bit about the fact that theyve now started to look at branching into other product offerings. ELIZABETH KEENAN: Well, they first tested the idea out by putting a crowdfunding campaign together in 2013, with the goal of raising about $15,000, and instead they raised $140,000. The process was so exciting. I know Ive talked to several people. A company doing exemplary work marrying purpose and product is Bombas. And so they felt like they could play in that space a little bit. During this time of heightened nationwide anxiety, homeless shelters across the country were also under increased strain, with increased health, safety, and social distancing demands. What do you think about startups utilizing the Toms one-for-one business model for new ventures? When they first started to explore how to even donate, they did learn that some of the features of socks that would be helpful would be reinforced heel, the moisture wicking properties, antimicrobial features, and things of that sort to address the very specific needs that this population has. And so, one change to the commercial side will help you to build and grow your giving side and vice versa. And what we did is we took a look at firms that are both trying to do well and do good at the same time. And as the video educated me, that's the number one clothing item that those without homes need. With a mission-based brand, you need to make sure that customers are engaged with the company values as well as the actual product being purchased. And so all three of these are on your body, you put them on. BRIAN KENNY: 50 million pairs of socks, which is amazing. After hearing that socks were the number one most requested item in homeless shelters, the pair decided to do somethingneither had consideredbefore: start a sock company that helps donate to homeless shelters around the U.S. As I mentioned earlier, nobody had innovated in the space of socks for quite some time. BRIAN KENNY: Yeah, and maybe not only consumers these days, but employees too. While Brand Culture can be achieved by any number of organizations, at any stage of their history, Bombas' purpose-driven model and mission shows the power of Brand Culture in even the most challenging times.". There are low cost, bulk products like a 12-pack of Hanes socks for $10 at Costco. Then there are niche socks for hiking, running, cycling and other sports. I saw one guy take his shoes off and on one foot he had wrapped a bandana around his foot and on the other, he'd literally wrapped his foot into a plastic bag to stop the boot from rubbing against it.. You mentioned earlier that they had relationships with a couple of retailers, but theyre still doing everything primarily through their website and direct to consumer. I was always exercising my entrepreneurial muscle, he says. At that point, there were 14,000 people that had complained to customer service. Furthermore, Bombas has always made certain that clients are satisfied with the goods. From there they were able to create a product that met the needs of the homeless community and turn it into a viable business plan. How can you find and connect with your brands True Believers, even during volatile times? How do you get the socks into the hands of the people who need them? One hint. ELIZABETH KEENAN: Thank you. Everybody is handed socks at the beginning and told, go out and give these away and see what that experience is like, and theyre bought in from the beginning. Shane Pittson, vice president of growth at Quip, says that launching as a D2C allowed the oral hygiene provider better "data and perspectives" for conversations . So, they created Bombas. ELIZABETH KEENAN: That is one way for growth, but it could be a risky approach for any company. The other thing they recognized is one of their core competencies was to figure out how to distribute supplies and items to those in need. Bombas promotes their network of 1,200 giving partners through their website, as well as on social media. And you could see this controlled growth, both in their advertising and marketing, as well as in terms of product line expansions and extensions. Most of them are here. To do damage control, Bombas sent out a blanket email saying that they were going to refund everyones order, give them a gift card for the same amount and hope that they come back. The act of sharing these accomplishments also reinforces the sense of happiness and achievement that purchasing a pair of Bombas socks provides. In order to make an impact, Goldberg and Heath knew theyd have to donate a lot of socks. Two coworkers David and Randy decide to start a sock company called Bombas after viewing this Facebook post: Socks are #1 requested item in homeless shelters. Their exact sequence of emails that they use get more customers to buy their socks. They dont thump their chest about it. ELIZABETH KEENAN: Exactly. They have a top-notch customer support team to ensure all customer queries are resolved immediately.They have an active presence on Facebook, Twitter, Pinterest, and Instagram. It could be related to the brand and things of that sort, but in this case they were selling something more and they were selling a social benefit. They're not responding to us. The other part of their strategy was in terms of their marketing. [CDATA[ ELIZABETH KEENAN: Bombas was founded in 2013 with a dedication to two goals. In fact, some companies reached out to Bombas about co-branding products and asked if they could get a discount if they didnt donate a pair with every one sold. So initially all of their ads pretty much were product focused, given that they had needed people to become aware of the fact that they had socks and thats what they were selling. Their slogan is Bee Better, and that is exactly what Bombas is striving to do. So, every time I open my drawer of socks, I look. And many of them stay because of the mission. Bombas makes socks. Understanding that this is a grab and go type of product, they wanted to get pictures of these socks, the colors, and show the variety of socks that they had to sell and get those images out front. From the start, Bombas' co-founders knew an inspiring mission wouldn't be enough to drive sales. According toTriplePundit,research indicates that 80 percent of consumers are willing to buy a product from an unknown brand if it has strong social and environmental commitments, conscious consumerism is on the riseand this means [sic] that Bombas marketing strategy is likely to pay off.. I actually hadnt heard that term until I read the case. //
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