All In for Bombas’ One-For-One
About Bombas
First introduced on ABC’s Shark Tank in 2014, entrepreneurs Randy Goldberg and David Heath pitched Bombas to the Sharks as a sock company with a social conscience. The name, Bombas, is Latin for “bumblebee” — bees work together to make the hive a better place. Their slogan is Bee Better, and that is exactly what Bombas is striving to do. When the company first started in 2013, they used crowdfunding website, Indiegogo, to raise over $140,000. After scoring a deal with Daymond John on Season 6 Episode 1, Bombas is now number one in sales in Shark Tank’s history with over $300 Million.
Customer Profile
Bombas has created a product that anybody can use. Socks are an essential clothing item that everyone uses and needs on a daily basis. According to Jessica McGlory, Bombas’ Director of Paid Social, “Bombas is always looking to reach and resonate with new audiences.”
The typical customer for a Bombas product is socially conscious, which means the customer cares about contributing/donating to social causes. Because of the price range and the premium quality, Bombas products are geared toward the working class. The Bombas customer is active and athletic. These socks are made for comfort and perfect for a morning run or just for everyday wear. These socks are are also a fashion statement because of the different colors and patterns that are used, so the customer has to also have an interest in fashion. Bombas also caters to Millennials. According to InfoSurv Research, it has been found that 69% of Millennials favor brands with strong social values.
Marketing
Bombas marketing techniques are mission driven. Their mission is to raise awareness throughout the community surrounding homelessness. With the use of Facebook Advertising, Bombas has seen incredible success. By creating Custom Audiences, Bombas is able to market to people who are similiar to their existing customers. Additionally, through the use of Interest Targeting, Bombas can find prospective customers by looking at the things that are of interest to them. McGlory has said that, “Brand lift and conversion lift studies will continue to be key in making sure that our efforts are well-received and measurable.” Brand lift is a tool that measures the success of video ads through viewer response and engagement. Conversion lift measures the impact of the ad through the number of sales. Bombas is also able to receive customer feedback with a tool called Delighted — this feedback is used to improve their products and customer service.
Instagram is another platform that Bombas has seen success in by marketing to its younger customer-base. It has been shown that advertisements in Instagram Stories capture more attention because of the vertical orientation in which Instagram users hold their phone. In a test preformed from December 6–19, 2019, Bombas had seen a 46% return on ad spend through Instagram Stories.
Twitter is not the go-to platform for Bombas marketing. The company only tweets about twice a month on this platform, but after taking a look at their account, it is the perfect hub for information and education. Bombas uses their Twitter account to educate its customers about important issues such as homelessness, which is important in maintaining their brand voice, and vital to working towards their mission.
Marketing Ideas
You’ve heard of the phrase, “No Shoes, No Shirt, No Service”, right? This phrase is common amongst beach towns where people tend to not have those articles of clothing on. Now think: Those articles of clothing may not be available to people in homeless shelters. I’m sure you could imagine the amount of service these people are denied because of the inability for them to own a shirt or a pair of shoes.
An event that Bombas could put on is a Donation Drive that is set around beach towns. The hashtag #NoSocksNoProblem could be used to gain awareness around the company, their mission, and the campaign itself. This would entice people to participate in donating items such as socks, shoes, shirts, etc. These items would be brought to local homeless shelters. This would be an excellent campaign for Bombas because it would introduce people who are interested in donating to a cause to their brand, as well as benefiting their mission of giving back to the community.
Unique Selling Point — Giving Back
The creators of Bombas discovered a problem that they wanted to try to fix. After identifying the problem, they created a solution. They found that socks are the number one requested item in homeless shelters. By using a one-to-one business model, when a pair of Bombas socks is purchased, another pair of socks is donated. According to the Bombas website, “We exist to help support the homeless community, and to bring awareness to an under-publicized problem in the United States.” Other items that Bombas make and donate include underwear and t-shirts. As of March 20, 2021, more than 46.7 million items have been donated to homeless shelters — and that number continues to grow.
Having a unique selling point is important because it is a competitive advantage. TOMS® is credited for being the first company to use the one-for-one business model, and they have seen worldwide success because of this. It has been found that consumers are 80% more likely to purchase a product with strong social and environmental commitments. The founders of Bombas were inspired by this business model, and decided to implement it. As mentioned earlier, Bombas slogan is Bee Better. Their main goal is to help the community, and to give back to those who are in need. “It’s important to Bombas that they’re helping their community regardless of its direct involvement with their brand mission.”
“It never ceases to amaze me the big difference we can make, with just a pair of socks.” — David Heath, co-founder of Bombas.
References:
- About bombas. (n.d.). Retrieved March 20, 2021, from https://bombas.com/pages/about-us
- Bombas. (n.d.). Retrieved March 20, 2021, from https://www.facebook.com/business/success/4-bombas
- Bombas. (2020, March 11). Retrieved March 20, 2021, from https://www.sharktankblog.com/business/bombas/
- Hollis, S. (2019, June 13). How bombas used a mission-based model to stand out in a saturated market. Retrieved March 20, 2021, from https://jilt.com/blog/bombas-mission-based-marketing/
- Online retailer Bombas USES Delighted NPS to understand customers. (2020, May 28). Retrieved March 20, 2021, from https://delighted.com/customers/bombas
- Talbot, P. (2019, October 24). Inside bombas marketing strategy. Retrieved March 20, 2021, from https://www.forbes.com/sites/paultalbot/2019/10/24/inside-bombas-marketing-strategy/?sh=747e6d348b0b
- Weinsoft, D. (2019, February 05). Case study: How to convert first time visitors like bombas. Retrieved March 20, 2021, from https://thegood.com/insights/case-study-how-to-convert-first-time-visitors-like-bombas/
