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Step by Step - An MBA Students Tumbler Business - Trends
Step by Step - An MBA Students Tumbler Business - Trends
5 Minute Read
Stainless steel blenders and tumblers are everywhere. People get them as free
giveaways at conventions or as corporate gifts. But they’re not always easy to carry
around, often having no lids or requiring a lid that won’t fit exactly right on
another model of tumbler.
Joe Losito wanted to make a lid that would fit on the most popular of them,
including Yeti and RTIC. He got the idea in January and by the summer had started
his company, Matrix Lids. It sells lids, as well as tumblers. Losito, who is also
working on his MBA at Texas Christian University, says he’s been making about $2k
to $3k in sales each month.
Losito regularly ran out of tumblers for mixing workout drinks but realized he had
plenty of stainless steel tumblers laying around his house. The problem was that
they didn’t have quality lids. He was not able to successfully mix a drink in the
tumblers or transport them to the gym without spilling.
He decided he could create a lid that fit on the numerous stainless steel tumblers
and market it toward people engaged in active lifestyles.
Differentiation: Losito researched for similar products online and at retail stores. He
found that Yeti’s popular Rambler Magslider lid still leaked when turned upside
down. And he found that the Stop It lid only worked if paired with a Yeti lid. The Stop
It lid did not fit popular Rtic tumblers.
The biggest validation for his idea came from employees at the Midwest chain
Supplement Superstores. They told Losito that clients came in all the time with Yeti
tumblers and would like the product.
Finding a manufacturer
Losito spent $20k to get his company started. The majority of the money went to
the molds for designing the product and for purchasing the first batch. He also
spent about $2k to $3k on marketing, largely on a coordinated email campaign,
Facebook ads, and Snapchat ads.
Next steps
Getting retail’s attention: The bulk of sales for Matrix Lids come through D2C. But
Losito is trying to negotiate to get shelf space at well-known fitness stores. He
leveraged connections with sales tech companies to get access to a database of
contact information of executives at big box stores. He has been cold emailing, and
many stores have asked him to follow up with samples.
mark@thehustle.co
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