How Thrive Market Went From Rejections to $120 Million in Annual Revenue
In its early days, Thrive Market faced rejection after rejection. No venture capital (VC) firm wanted to invest in the company. Refusing to give up, the co-founders decided to bootstrap their business, running operations from their homes.
Fast forward three years, and Thrive Market had grown to achieve an impressive $120 million in annual revenue with over 2 million paying subscribers.
So, how did they turn things around and acquire so many customers?
1. Leading a Movement: Making Healthy Living Accessible
Thrive Market didn’t just sell health food—they championed a mission:
“Make healthy living affordable and accessible to everyone.”
Here’s how they embodied this movement:
- Significant Discounts: They offered 25% to 50% off health food by purchasing directly from retailers, cutting out middlemen.
- Free Shipping: Every order came with free shipping, removing an additional barrier for customers.
- Membership Model with Impact: Thrive Market charged a $60 annual membership fee, which gave members access to discounts.
- For every paid membership, Thrive Market donated a membership to a low-income household, reinforcing their commitment to accessibility and social good.
By aligning their business model with a purpose-driven movement, Thrive Market not only attracted customers but also built loyalty and advocacy.
2. Influencers and Purposeful Content
A key driver of Thrive Market’s growth was its ability to leverage influencers and content marketing in a way that felt authentic and impactful.
Creating Movement-Centric Content
Thrive Market didn’t produce traditional promotional material. Instead, they created content that revolved around their mission, making it feel organic and meaningful.
For example:
- They launched an official government petition to make U.S. food assistance available online, directly addressing an issue that aligned with their mission.
Partnering with Influencers
- Because the content wasn’t overtly promotional, influencers were eager to share it, amplifying Thrive Market’s message.
- The petition alone generated:
- 310,000 signatures.
- Hundreds of millions of media impressions.
- Letters of support from senators and congressional members.
3. Real-World Impact and Government Attention
Thrive Market’s efforts didn’t just end with raising awareness—they sparked real change:
- Their petition and influencer-driven campaign led the USDA to launch a trial program to make food assistance available online.
This tangible result reinforced Thrive Market’s credibility as a company truly dedicated to its mission, further solidifying customer trust and loyalty.
Key Takeaways: What Can You Learn from Thrive Market?
- Align Your Business with a Purpose
- Customers are more likely to support businesses that champion meaningful causes. Thrive Market’s commitment to making healthy living affordable helped them stand out in a crowded market.
- Leverage Authentic Content and Influencers
- Focus on creating content that resonates with your mission. When the message is authentic, influencers and customers will naturally amplify it.
- Engage in Activism That Matters
- Thrive Market’s government petition not only aligned with their mission but also created real impact, boosting their credibility and driving massive media coverage.
- Combine Profit with Social Impact
- Their “one paid membership = one donated membership” model demonstrated that businesses can be both profitable and socially responsible.
What Do You Believe In?
Thrive Market’s success is proof that purpose-driven businesses can achieve incredible growth while making a positive impact. So, the question for you is:
What cause are you passionate about, and how can you align your business with that mission?
By finding your purpose and weaving it into your business strategy, you too can create something extraordinary.
Source: hackernoon.com