It is an American company which went from $90/share to only $1.3/share today.
Here’s what startups have to learn from every mom’s ‘must have’ – Tupperware.
Back in the 1950s, when Tupperware was a startup, it understood that Word of Mouth was the best way to market their products. So, they conducted ‘Tupperware Parties’ – a demonstration for all the locals. This proved to be a massive success!
📌 Tip for startups: Your customers are your influencers.
➤ I’m 10x more likely to use a product if a friend recommends it to me than an advertisement But, what caused the dip?
1) Lack of distribution: ‘Tupperware Parties’ were the rage of the 1950s, not the 2020s. We all were now available online but Tupperware remained offline.
2) Lack of environmental consciousness: People started moving on to eco-friendly alternatives. Unfortunately, Tupperware was synonymous with plastic and couldn’t project itself as a sustainable brand.
📌 Tip for startups: Even the strongest referral network cannot save you if you don’t upgrade with the times! Brand perception matters, even if you are a behemoth like Tupperware was.
Corporate failures (and successes) often have hidden lessons for new age founders. Just like Tupperware, stories like Nokia, Blackberry etc all have priceless learnings which entrepreneurs should always look out for!
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