Beginnings
In 2009 Travis Rosbach and his partner Cindy Morse created a sensational new water bottle that was able to keep ice cold for over 24 hours. The new bottle was instantly accepted by outdoor adventures and anyone who wanted to keep their drinks cold. Not only was the hydro flask good for retaining temperature, but it was also aesthetically pleasing with bright colors and a fun logo. It was sure to draw attention.
Struggles
Although Hydro Flask was a great product that met consumers’ needs and found itself with an undefined market ripe for the taking, one main issue was getting the foot in the door. Hydro Flask’s sales were still low, and without an adequate budget for marketing, it was hard to get Hydro Flask’s name out there. The first Hydro Flask was initially sold from the back of a pickup truck, and sales continued to be sold in pop-up shops. In 2012 Scott Allen joined Hydro Flask. This was when sales started to take off. Hydro Flask had already racked up $2 Million in sales in the two years that the company produced bottles. However, Allen had plans to shoot for the moon. Allen visited many different companies like Google and Facebook and observed how their businesses were run. Allen noted that Hydro Flask needs a “culture,” a market that is reliant on Hydro Flask. After a few personnel additions, Hydro Flask was ready to advertise its new-found core niche, health. New Hydro Flask colors and cleaver branding encouraged Hydro Flask buyers to keep their bottles with them at all times, making it easy always to drink water and feel healthy. This inevitably worked and led to the eventual selling of the Hydro Flask company to Helen of Troy, a global consumer product company. A transaction worth a hefty $210 Million.
Conclusion
Hydro Flask’s success shows that finding a good niche, and marketing it well, is all you need for a companies sales to take off. However, Hydro Flask’s journey hasn’t stopped yet. The brand has since expanded its product line to meet all kinds of needs. Hydro Flask can be found in a surplus of stores and is even considered a slight symbol amongst the youth. Hydro Flask’s success is derived from entrepreneurship at its finest, creating a quality product that meets needs and has a defined niche.
Hydro Flask is the perfect example of an exploited niche. People who love Hydro Flask, LOVE Hydro Flask. It has become a staple of society and culture whether you believe it or not. Awesome post!