Hey Outliers ☀️
Hope you’re having a good start to the week.
Have you heard of YETI?
I mentioned them on LinkedIn recently after hearing about their film maker’s grant; the Pretty Wild Fellowship.
If you know them, you probably share my obsession with the brand they’ve built, if not, get ready for a masterclass in brand stewardship.
Today, we’re looking at why saying no to sponsoring to the WSL (World Surf League) was a good idea.
Let’s get into it 👇
Here’s what to expect today:
📰 Story: Why YETI said no to sponsoring the WSL
🧠 Insight: Saying no is just as important as saying yes
💪🏼 DIY: How to know when to say no
🔗 Good links: Building a brand that lasts a lifetime, resilience and a radical experiment
📰 Story: Why Yeti said no to sponsoring the WSL
YETI (famous for its coolers) makes outdoor gear for the wild.
And it’s a real community-first brand.
Not in a ‘we have an email list so we have a community’ way either.
YETI only invest time in becoming part of a community they know wants them there.
When they found out the surf community had started using YETI products, they slowly immersed themselves into the culture.
That meant attending surf competitions, getting to know people and spending time understanding a way of life.
But when they were asked to become a sponsor for the WSL, they said no.
“about four years ago, the world's surf league spoke to us and they're like, "Hey, you guys are everywhere. People are using you and our athletes love your stuff. Come on board, we're going to free up some space for you all to be a sponsor," to which we said, "No way. You're joking, we've just started in this community."“ — Chief Marketing Officer, Paulie Dery
They didn’t want to buy their way in because it’s inauthentic and doesn’t last.
By taking their time YETI positioned themselves as an authentic partner to the surf community and established themselves as a brand surfers were happy to be associated with.
“We want to be part of it. We want to make sure that it makes complete sense to people that when we do show up that of course we did this deal. So now (four years later) in January we did sign the WSL deal, we're a major partner and it makes sense, we gave us four years to go build up that community. But most brands, you can cut a check, you can get in the right places and you keep moving. How long for? We just find that if you get in deep, become part of the family, then do that, you're in a really strong position. — Paulie
By saying no they put themselves in a far stronger position for the future.
🧠 Insight: Saying no is just as important as saying yes
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” — Warren Buffett
💪🏼 DIY: How to know when to say no
Before you make decisions, check them against your values as a brand.
👉 Will this decision benefit us long-term?
👉 Are we making this decision for short-term benefit or popularity and compromising on our values/beliefs as a brand?
👉 Is this an action that will strengthen our brand in the eyes of our customers?
👉 What could the negative implications of this decision be?
👉 Why are we making this decision? If it seems necessary, is it worth the negative consequences?
🔗 Good links
🔗 Building a brand that lasts a lifetime
🔗 The importance of resilience for founders
💌 Tell us what you’d like help with…
We started this newsletter for entrepreneurs just like you, and we want it to be as helpful as it possibly can. So tell us what you’d like help with and we’ll dig into it.
Or if there’s a brand you’d like to know more about, let us know and we’ll reach out to them.
Until next week…
Keep being an Outlier,
J + K