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A data-based approach to marketing is providing sometimes unexpected insights that are helping YETI drive demand for its outdoor-ready coolers and drinkware products.
On the company’s earnings call to recap the first quarter, CEO Matt Reintjes was asked about what strategies for performance marketing are working in 2023. While he spoke from a high-level, Reintjes’ answers yielded insights about how the brand builds its marketing operation, and centers data.
“We actually have a very integrated approach to how we build the funnel from top to bottom,” Reintjes said.
Key to this is the brand’s advanced analytics team, which gains an understanding about the consumer and consumer behavior, particularly in the U.S. In turn, that has a direct impact on how the brand allocates performance marketing dollars.
The brand’s chief marketing officer and chief commercial office collaborate on a “weekly and sometimes daily evolution” that determines the resources that the company puts toward the top of the funnel, the mid-funnel and closer to the transaction.
“We had some great things come out of our advanced analytics team in looking at demographics, in geographies, with affinities for categories and then applying things in front of consumers at that point. And the results we're seeing in those, we're now expanding those results more nationally,” Reintjes said.
The analytics are yielding insights about specific products, categories and how different groups have affinities for each. In turn, that influences how the brand allocates performance marketing spend, and also drives brand awareness in specific demos and geos.
“We're excited by what we're seeing,” Reintjes said. “The answer has not always been intuitive. And so seeing sort of a data-driven focus on that, I think it's going to lead to some really nice opportunities for us.”
A new role
The brand has also been bolstered by a leadership move to take an integrated approach to sales channels. YETI recently moved to place management of all commercial channels under the role of chief commercial officer, which is held by S. Faiz Ahmad.
“This allows for the uniqueness of each channel, but also the incredible opportunity for knowledge sharing,” Reintjes said. “We are already seeing the benefits of this new structure. At the highest level, this ensures we are positioned to deliver consistent, high-impact experiences wherever we interact with our customers or consumers. This starts at YETI.com, where we are elevating the consumer experience in amplifying product positioning.”
In the end, it allows the brand to communicate both innovation in products, tell its story to consumers and communicate across a variety of channels such as direct-to-consumer, wholesale and ecommerce marketplace channels.
“Brand and product come together in our go-to-market and how we reach consumers around the globe when and where they want to shop,” Reintjes said. “This is central to our belief in the importance and balance of wholesale and DTC channels to market.”
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Trending in Operations
The marketplace teamed with Techstars to support entrepreneurs charting the future of ecommerce.
Ecommerce marketplace eBay is teaming up with a national pre-seed investor to launch a new accelerator for startups building ecommerce technology.
The program, called Techstars Future of Ecommerce powered by eBay, will apply an accelerator model from Techstars that has supported thousands of companies to innovation that aims "to make selling and buying more equitable, attainable and sustainable,” according to eBay.
“Techstars has supported thousands of entrepreneurs that are using innovative technologies to transform industries,” said Collin Wallace, Managing Director at Techstars. “eBay’s expertise as an ecommerce pioneer paired with the programming, capital and connections that Techstars provides will create an unparalleled opportunity for founders.”
Here are key details about the program:
- Length: 13-week program
- Location: Hybrid. Founders can participate in-person in San Francisco, or remotely.
- Applications are open here through July 5.