Are you familiar with fidget spinners? Yeah?
Did you know the trend was started by two high school seniors?
Allan Maman and Cooper Weiss are the Co-Founders of Fidget360. They made $15,000 in the first week of fidget spinner sales… and that was just the beginning.
The Origin Story
Allan and Cooper didn’t invent fidget spinners, but they’re the first people to see the opportunity and their marketing kicked off the trend.
They produced their first spinners on the 3D printers in their high school, but they didn’t receive any support from the administration.
They used the profit from their first week to buy another 3D printer, started making more nonstop, and things have taken off from there.
Promoting a New Product
They started promoting fidget spinners on social media. First it was just their own Instagram account, but they quickly created an ad and started paying other people to promote the product on their pages.
Paid promotion on Instagram got hundreds of thousands of views, and the focus on social media seems to be paying off. 99% of Fidget360 traffic goes through social media, and about 80% of it has come through Instagram.
Dealing with Knockoffs & Keeping Market Majority
The profit margin on a fidget spinner is incredibly high. They only cost $1-2 to create, but their competitors were selling them for around $20.
Fidget360 started by undercutting the market with $15 spinners, which still leaves a healthy margin.
They also have other companies in different names selling similar products that are, ultimately, still produced by Fidget360.
Looking Into the Future
They don’t expect the business to last long term. By capitalizing on the trend until it’s dead, they can build up a sizeable investment for one of their other business ventures.
Resources:
- Connect with Fidget: Fidget360.com | @Fidget360
- Connect with Allan: AllanMaman.com | Instagram | Facebook | LinkedIn
- Connect with Cooper: CooperWeiss.com | Instagram | Facebook
Production & Development for the 20 Under 20s Podcast by Podcast Masters