Why All Brands Should Study Stanley Cup CEO Terence Reilly's Marketing Masterclass

Summary

The video script discusses the unexpected resurgence of Stanley Cup as a hot product in 2024, largely due to TikTok influence. Stanley's revenue skyrocketed from $74 million in 2019 to $750 million in 2023, illustrating the power of effective marketing and cultural momentum. The brand's success is attributed to its community appeal and the diverse marketing strategies employed by its president, Terrence Riley, who also revitalized Crocs. The script highlights the importance of brand co-creation with consumers, the appeal of limited editions, and the challenges faced, such as theft incidents and health concerns over lead content, which Stanley addressed by emphasizing product safety.

Takeaways

• 🔄 The Stanley Cup brand has seen a massive resurgence in popularity, with revenue jumping from $74 million in 2019 to $750 million in 2023, largely due to effective marketing and cultural momentum.
• 📈 Stanley Cup's success is attributed to community building and leveraging social media platforms like TikTok, where users share their experiences with the brand, creating a sense of belonging and identity.
• 💡 The brand's marketing strategy is diverse, using traditional means and new media to reach a wider audience and create a narrative that resonates with different cultures and communities.
• 🌟 Stanley Cup's marketing savvy is highlighted by its ability to adapt and rework its products through the cultural frames of content creators on TikTok, attracting new audiences.
• 🛍️ The company's president, Terrence Riley, is credited with the brand's success, having previously made Crocs popular during his time as Chief Marketing Officer at the footwear company.
• 🚗 A viral TikTok video of a Stanley Cup surviving a car fire with ice still intact led to a significant marketing opportunity, showcasing the product's durability and quality.
• 🤝 The brand's ethos is about co-creating the brand's meaning with the consumers, inviting them to be part of the brand's mythology and folklore, which builds trust and loyalty.
• 🛠 Stanley Cup has historically been a utilitarian, masculine product, but has successfully expanded its appeal to new generations and audiences while maintaining its product quality.
• 🏆 The brand has capitalized on the power of scarcity and limited editions, creating demand and desire among consumers, and has leveraged social commerce to build community.
• 🚨 Despite challenges such as theft incidents and concerns over product safety, Stanley Cup has continued to grow, showing a strong understanding of its customer base and market.
• 📚 The brand's growth has been organic and mature, emphasizing the importance of building brand affinity and taking time to cultivate a loyal customer base.

Q & A

What product has become a hot item in 2024 that might not have been predicted in 1994?

The reusable water bottle, particularly the Stanley Cup, has become one of the most sought-after forms of beverage containment in 2024.

What significant change in revenue did Stanley Cup experience between 2019 and 2023?

Stanley Cup's revenue increased dramatically from $74 million in 2019 to $750 million in 2023.

What role does community play in the popularity of the Stanley Cup brand?

The community aspect is significant as people are not just buying the Stanley Cup product, but also buying into the community of others who use the product, creating a sense of belonging and shared identity.

How does the marketing of Stanley Cup compare to other brands like Jolie the showerhead company?

Both Stanley Cup and Jolie have leveraged customer engagement and social media presence to increase their popularity, with customers posting about their products and creating a sense of community around the brands.

What is the significance of the TikTok video featuring a woman's Stanley Cup surviving a car fire?

The video demonstrated the durability and quality of the Stanley Cup product, leading to increased brand recognition and a marketing opportunity when the company offered the woman free Stanley products and a new car.

What marketing strategy has Stanley Cup employed to reach a wider audience?

Stanley Cup has diversified its marketing approach by partnering with content creators on TikTok, who rework the brand's products through their own cultural frames, appealing to new audiences and contexts.

Who is credited with the success of Stanley's marketing strategy?

Terrence Riley, the company's president and former Chief Marketing Officer of Crocs, is credited with making Stanley Cup a popular brand.

How has Stanley Cup redefined its brand to appeal to a new generation and audience?

Stanley Cup has expanded its appeal by maintaining its product quality and utility while redefining the brand to be more inclusive and aspirational for a new generation and audience.

What challenges has Stanley Cup faced in its rise in popularity?

Stanley Cup has faced challenges such as uncivilized situations at retail stores, thefts, and customer concerns over potential lead content in the products.

How did Stanley Cup respond to customer concerns over lead content in their products?

Stanley Cup addressed the concerns by stating that while lead-containing sealing material is used during manufacturing, it is covered with stainless steel, making the cup safe for use.

What lessons can other brands learn from Stanley Cup's marketing success?

Other brands can learn the importance of building brand affinity over time, understanding their customer base, and leveraging social media and community engagement to create a cultural contagion around their products.