Earlier this week I had the opportunity to listen to Laura Zander co-founder of Jimmy Beans Wool speak on entrepreneurial success. Jimmy Beans Wool is primarily a web commerce company (with one retail store in Reno), which sells yarn along with its more recent product line addition of fabrics. When you think of a company that mainly sells yarn, you don’t typically think innovation. Yet Laura and her husband Doug have been very innovative in how they have grown their business in ten years from nothing to a $7 million company. The KOLO video below describes a little bit about their successful business model:
Of all Laura’s tips for business success, the one that stood out the most to me was her philosophy of having the brand continually pop up in unexpected places. Since it is estimated 1 in 4 women in the U.S. know how to knit, Laura recognized this gave the company a huge reach offering endless possibilities for branding partnerships. These branding partnerships represented first mover advantages for Jimmy Beans Wool.
Here are a few of the brand’s unexpected partnerships:
The Emmy’s: As part of their strategy of going where no other yarn company has gone before, Jimmy Beans Wool were able to negotiate to have a swag suite at the Emmy’s. As part of the event the Jimmy Beans Wool team even got to teach stars how to knit. After the event Laura capitalized on the opportunity sending press releases with titles such as “Hollywood Hunks Turn to Knitting” and calling magazines relentlessly to create a buzz. The approach worked and Redbook magazine ran a story on the company.
U.S. Ski and Snowboard Association (USSA): More recently Jimmy Beans Wool have teamed up with the U.S. Ski and Snowboard Association as their official and first ever yarn, knitting and crochet supplier. Beyond giving the brand great exposure, the partnership makes sense when you think of all the warm beanies, sweaters, scarves etc. the skiers and snowboarders need. The partnership doesn’t stop there either as Laura also recognizes that there is an opportunity to market their yarn products to family members of the ski and snowboard teams.
The Heart Truth: The heart truth is a non-profit campaign by the National Heart, Lung and Blood Institute (NHLBI) and sponsoring corporations to increase women’s awareness of heart disease. You’ve probably seen the campaign’s red dress symbol on diet coke cans. Laura chose to get involved in the campaign not only to give back but also to add credibility to Jimmy Beans Wool. The other sponsoring partners are huge corporations including Coca Cola, AOL, CVS and Johnson & Johnson among others. By being a part of a campaign supported by such large corporations, Jimmy Beans Wool can use this to their advantage to appear bigger than they actually are to win future business deals. Jimmy Beans Wool have set up a campaign site for the cause called Stitch Red to enlist the help of yarn retailers, manufacturers and their customers to increase heart disease awareness. The company has created products related to this cause and in June Laura is releasing her first book called “Knit Red.” Knit Red contains 30 red garments and accessories donated by celebrity designers who share their tips for staying healthy and preventing heart disease.
Laura’s future dream partnerships include the Today Show, and having knitting kits on Virgin Airlines. As the company’s tag line says there really are “Endless Possibilities” for where this company could take yarn.
What do you think? Share your thoughts in the comments section below.
Marie Wiere's Blue Sky Management Blog 