One of our clients was featured in How I Built This with Guy Raz. He sold his business for $276M 😳 here’s how you can do it too.
7 lessons from Charlie Clifford, founder of TUMI:
7 lessons from Charlie Clifford, founder of TUMI:
(Background) If you haven’t heard of them, TUMI was the original luggage disruptor, launched in ‘75, and now does $700M+ in annual sales. Here’s how they did it.
1. Start with customer needs
TUMI launched with leather bags. But Charlie noticed customers were concerned with airlines damaging their luggage. This led to a KEY fabric innovation: ballistic nylon (same tech used in bulletproof vests), making the bags wear-free. HUGE insight.
TUMI launched with leather bags. But Charlie noticed customers were concerned with airlines damaging their luggage. This led to a KEY fabric innovation: ballistic nylon (same tech used in bulletproof vests), making the bags wear-free. HUGE insight.
2. This insight led to BOTH a product and GTM innovation. Customers were concerned with damage, especially given the premium price point. So TUMI offered a lifetime warrantee. This, combined with the ballistic nylon = HUGE competitive advantage, based on real customer needs.
3. Know WHO + WHERE your customer is
Charlie knew that frequent travelers were TUMI’s ideal demo. They launched ads in the in-flight magazine (pre laptops on planes), using their key insight as genesis: “500,000 miles from now this bag will look better than ever” 🤯 Copy matters.
Charlie knew that frequent travelers were TUMI’s ideal demo. They launched ads in the in-flight magazine (pre laptops on planes), using their key insight as genesis: “500,000 miles from now this bag will look better than ever” 🤯 Copy matters.
4. Pricing
One of my FAVORITE quotes from Charlie: “the middle of the market is no man’s land”. ✋🏽🎤
One of my FAVORITE quotes from Charlie: “the middle of the market is no man’s land”. ✋🏽🎤
5. Struggles between leadership reverberate through the company.
When the cofounders of TUMI diverged in their vision, they lost key employees, incl. their #1 designer and salesperson 😬
Your employees WILL notice misalignment. Address it quickly
When the cofounders of TUMI diverged in their vision, they lost key employees, incl. their #1 designer and salesperson 😬
Your employees WILL notice misalignment. Address it quickly
6. It will be tough. Inevitably.
TUMI had to survive multiple global crises over their 40+ years, including 9/11. The only way to win is to keep your head down, play the long game, and know there will be moments when your business truly doesn’t matter to people.
TUMI had to survive multiple global crises over their 40+ years, including 9/11. The only way to win is to keep your head down, play the long game, and know there will be moments when your business truly doesn’t matter to people.
7. Love the game
Charlie did not stop after exiting TUMI. After 40 years and an exit, he came back to launch ROAM, a fully color-customizable premium luggage brand. Back to Day 1.
Charlie did not stop after exiting TUMI. After 40 years and an exit, he came back to launch ROAM, a fully color-customizable premium luggage brand. Back to Day 1.
My takeaways:
1. know your customer + innovate through identifying the true category need
2. apply these insights to product, GTM, marketing copy, and everything else in the biz
3. keep the team aligned to ONE vision
4. It will get tough. Play the long game and enjoy the journey
1. know your customer + innovate through identifying the true category need
2. apply these insights to product, GTM, marketing copy, and everything else in the biz
3. keep the team aligned to ONE vision
4. It will get tough. Play the long game and enjoy the journey
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