The Best One Yet - 🐡 “Goldfish paired with Chardonnay” — Campbell Soup’s marketing blindspot. Turo’s car-share IPO. Back Market’s $6B used iPhones.

Episode Date: January 12, 2022

Campbell’s Soup’s top-performing snack is Goldfish, but they’ve been targeting the wrong customer for 30 years. Turo filed to IPO by zucking Airbnb’s biz and sticking it on a car like a bumper sticker. And where do iPhones go when they die? To French startup Back Market, which just hit a $5.7B valuation.$CPB $AAPLGot a SnackFact? Tweet it @RobinhoodSnacks @JackKramer @NickOfNewYorkWant a shoutout on the pod? Fill out this form:https://forms.gle/KhUAo31xmkSdeynD9Got a SnackFact for the pod? We got a form for that too:https://docs.google.com/forms/d/e/1FAIpQLSe64VKtvMNDPGSncHDRF07W34cPMDO3N8Y4DpmNP_kweC58tw/viewformLearn more about your ad choices. Visit podcastchoices.com/adchoices Hosted on Acast. See acast.com/privacy for more information.

Don't say meow. He said don't say meow. Jack doesn't want to hear the word. Dude, don't say meow. Don't say meow. Don't say meow. Okay. Just don't do it. Okay. Okay. Don't do it. This is Nick. This is Jack. And this is Snacks Daily. It is Wednesday, midweek, January 12. Negative six, but I have heat today. Jack, I was going to ask you, they fix your heater? Nothing fixed? They made a house visit and fixed the motors fan fix. Sounds like they didn't fix your heater. Jack, I was this close to send a, you a life alert this close to sending you a life alert. Snackers, today's pod is the best one yet.

Calling your neighbor to deliver a Yankee Campbell. This pod's a tea boy. Jack, what's our first story? Goldfish are Campbell soup's top snack of the year. They are. The cheddar cheese baked to goldfish. But here's the funny thing. Turns out they've been marketing to the wrong goldfish customer for 30 years. I feel like there's a huge cheesick goldfish rivalry. Lactose tolerance. For our second story, Turro just filed to IPO. It's the Airbnb for cars. You don't have to own the Lambo to drive the Lambo. For our third and final story, where do iPhones go when they die? Apple heaven.

No, Jack, actually, they go to a startup called Backmarket, which just hit a $5.7 billion with a B dollar valuation. Before we hit that wonderful mix though. Honestly, I really didn't see this iPhone heaven coming, but I like where this is going. Really strange phenomenon, our buddies at Gizmodo have noticed across the country. Okay, cat people out there, can you tell us what's going on because we can't tell what's going on here? Turns out cats, like house cats, are meeting up outdoors on top of satellite dishes. Exactly. Groups of cats are huddling together on the satellite dishes like it's some freaky

game of twister. From the pictures online, it looks like they're scheming. These cats, these cats are up to something. But Snackers, here's where things get strange. Those cats are only gathering on the satellite dishes after it snowed. So after a blizzard, you can expect a handful of cats to find their way onto a satellite dish and huddle, snuggle together like a convention of cuteness. Now, the reason Elon. It's Elon. Elon Musk's space startup, SpaceX, has internet beaming satellites up in space.

And SpaceX has delivered 100,000 dishes to people to receive that signal down here on Earth. All right, so here's how it goes down. Those satellite dishes have snow melt mode. Yeah, real thing. Because the snow can interfere with the signal. So this melts the white stuff out of the way. can finally get Wi-Fi in your satellite dish. Ipso facto, cats love it.

That warm, cozy dish. They're conglomerating around the satellites for some midwinter warm. It's a hot tub for tabby cat. Jack, it's a SpaceX for pelines. Sona for Siamese kittens neck. Honestly, this is the least controversial thing that Elon Musk has ever done. As long as dogs are allowed up there too. Jack, let's hit our three stories, right?

Mee. You're tuned in the snacks daily. We spoke to the lawyers and we got to get something illegal out the way. For snacks about the hair ain't food, it's air candy. They don't reflect the views of the Robberhood family. It's all informational just so. We're not recommending any securities. It's not a research report or investment advice.

Not an offer or sale of a security. Snacks is digestible, business news for you. Roboher Financial, LLC, member Fenra slash SIPC. For our first story, Campbell Soup's top snack of the year is Goldfish. Goldfish is pivoting from the four-year-old to the 40-year-old. Okay, first of all, Jack, we need to have a conversation with 152-year-old Campbell's suit. Campbell Soup, you need to rename yourself. Half its sales aren't soup.

Jambalaya. They're snacks like crackers. Snacks are actually Campbell Soup's best-performing product. Their sales were up another 5% last year. Work from home? Snack all day. And driving those snack sales, Jack, what did we say? Goldfish, the classic Ziplog bag snack, perfect for the backseat of the minivan.

Your mom's like tossing it back to you. The crumbs are everywhere. It's a classic goldfish childhood. Weird thing, though. Goldfish is having a marketing identity crisis. Yeah, funny thing about goldfish. In the 1960s, when goldfish launched, they were actually marketed by Campbell's Soup to adults. It was like a high-end bar snack. Picture like madmen in between like Hilton hotels and Campbell Soup probably. They would have goldfish. Don Draper's grabbing like oysters Rockefeller or dry martini and a handful of goldfish. But in the 90s, our buddies at Campbell's Soup decided to market the product to children instead. Jack and I, Jack, remember Nickelodeon, Nick Jr., we were seeing goldfish ads?

Did you read off the tail first or the head first? I ate the whole thing because I'm not a monster. I was going to say, the answer says a lot about your character. But Snackers, shocking stat that the team over at Campbell's Soup noticed about goldfish, turns out most goldfish eaters aren't kids. In fact, 47% of sales are to adults who, according to their surveys, don't even have children in the house. Apparently, goldfish just found this out, so they're whipping up new products like like Wanka. Jack, this is like taking a DNA test and figuring out you're not Italian, you're actually

French and you've been living a lie. And then you decide like French onion soup's your favorite meal. Yeah, it's brutal. Well, over a goldfish, here are the new products. They just launched a thing called megabytes, which are like adult goldfish. They're just 50% bigger goldfish. Yeah, they are. But these goldfish are also coming in like anti-kid flavor. Shatter halapeno, jalapeno, jalapeno, jalapeno, Be your flavor so aggressively unsweet. They like give a second grader a nightmare. There's TikTok videos actually of people pairing goldfish with cocktails. Yeah.

Actually, Jack, this one we just saw. This is from like the goldfish account, I think. It's a vanilla goldfish and an espresso martini together. Are they checking IDs for goldfish? This thing worked well with a vintage Chardonnay too. So Jack, what's the takeaway? Actually, Jack, you notice we pronounce adult differently? I'm saying adult.

You're saying adult. I'm team adult all away. Jack, what's the takeaway? Takeaway for our buddies over at Goldfish. Marketers have a blind spot. Sometimes you can't choose the target customer. It's now official straight out of the mouth of Campbell's chief marketing officer. Goldfish is pivoting again.

The CMO said Goldfish is on a mission to become a beloved brand for adults. Okay, so let's get this straight here, Jack. Goldfish originally started by targeting adults. Then Goldfish pivoted to target kids. But they just realized adults were the ideal customer, the whole. All time. Marketers love choosing a target customer for the product. But sometimes the best customer chooses them.

And luckily for Nick and me, we were targeted both when we were kids and now when we're adults. For our second story, Turrow is trying to become the second major sharing economy company to go public. The Airbnb for cars should ally with Airbnb. Okay, Jack, we just got to Lake Tahoe right now. And first of all, I'm really cold. I'm really cold too. Didn't Tahoe get like 17 feet of snow last week? I feel like a pioneer.

Trying to make sure we have enough rations. Well, from my side of the table, I can tell you, Airbnb, the similarities to Turrow are freaking. Yeah, two years after Airbnb was founded in San Francisco, Turo was founded over in San Francisco. Their headquarters buildings are literally one mile apart. Airbnb, their host rents out a condo on Airbnb. Turrow, their host rents out their Camry on Tura. Which is ironic because it's probably the same.

same customer both need a place to escape to and both need an escape car. Airbnb snags a cut of the Tahoe Aim Frame rental. And Turo snags a cut of the camera rental to get out to the Tahoe A Frame rental. Now, we think Airbnb should have acquired Turo or launched their own competing business. We've been saying this for years. Actually, we specifically said it last year, I think, Jeff. This was one of our 2021 predictions. Big wishes.

That Airbnb would go beyond the house and become the sharing company, period. for everything, from the cars to the houses. Didn't happen. No, they didn't do it. But Turo in the meantime, Turo's done pretty well. 330 million in revenue last year. Not too shabby.

That's more than three times up from the year before, but they're still unprofit. Because, you know, Silicon Valley unprofitable. Well, Turo's biggest pain snackers, it's not exactly who you'd think. It's actually the car rental companies. Rental cars are to Turo, what hotels are to Airbnb.

Yeah, you know who doesn't want Turo to succeed most of all? Car rental companies. Turo's top competition is. the other car share startups, it's the old school enterprise Hertz and Avis. We jumped into the S1 document for Turro to IPL and rental car was mentioned 81 times. Nick, you know what was mentioned 23 times? Oh, I can't wait. I can't wait to hear this. Lawsuit. And that's not a coincidence. Taggers, no, it is not a coincidence because that minivan that's listed on Turo, it tends to be cheaper

than the same minivan that is offered by Hertz. So Hertz and Avis and the other rental car companies, they're ganging up on Turrell. They want Turo to pay airport fees and car rental taxes, just like they have to. They're like Arturo, you better lawyer up because I'm coming for the whole thing. But Turo is a disruptor, and they don't care that the establishment doesn't like them. They're filing to IPO anyway, and the stock's likely to trade in February. So, Jack, what's the takeaway for our buddies over at Turrow? The creator, hosting, and gig economies should be working together.

The creator economy, the host economy, the gig economy. Each is on the spectrum of entrepreneurship. Each is a form of entreepreneurism. Each is a way you can make money with the stuff you got. And Turo, here's what they're hoping for. They're hoping that more and more people do all three of those things. So does Airbnb CEO Brian Chesky, who said last year that the hosting economy, which is for both homes and cars, really, would be as big as the creator economy.

And right now, all forms of work, they have evolved and they are thriving. in 2022. First, it was the gig economy, then the hosting and sharing economy, now the creator economy. So here's what we're thinking. Gig, creator, and sharing companies should be allying, forming, lobbying groups, fighting the establishment together like Marvel. Because they're all hoping for the same vision of the future. Commonplace entrepreneurship. For our third and final story, Jack starts chewing on his fingers because supplies are running low over there. No, I have heat now. Well, my fridge is empty. That's true. Refurbished iPhone company back market Snackers, they just hit a $5.7 billion dollar valuation.

iPhone, you phone, we all phone for used phones. Snuggers, we've talked a lot about Club Apple. You're in Club Apple. You know you're in Club Apple. Jack, how much are the annual dues to be in Club Apple? If you want to get in Club Apple, you have to have an iPhone. So that's a thousand. Yeah, you do. You probably need a MacBook. Another thousand. $500 iPad and $200 AirPods. Okay, so Jack, let's say you replace each one of those Apple products every three years to stay in Club Apple. What's the price?

That means you need to budget $1,000 a year for new Apple hardware. Okay, so you're dropping $1,000 a year just for hardware to stay in Club Apple. Or you can buy your hardware secondhand. Interesting. Well, a startup called Back Market did the math on that, and they're a secondhand electronics platform that has been surging lately. This is a Paris-France-based company. whose mission is to build trust and desire for renewed devices.

Right. Renewed. Key word there. We should point out, renewed is a made-up term. It's their made-up term. Not new, not used, not refurbished, renewed electronic gadgets. Now, back market checks and restores all second-hand Apple devices. That's how they make this work. Here's how it works. You send in like your iPhone 10 because you have an iPhone 12 now. Back market verifies your old phone, sells it, pays you most of what they sell up, but takes a commission for themselves too. Yeah, they're experts. They're reviewing it.

They're cleaning the picks your buddy Timmy took. They're wiping the data. They're grading it. They're rejecting some, but they're selling the rest. They sell it for 300 bucks. They send you back like 250. Now, you've probably seen this business model before. In fact, if you've walked down like 3rd Avenue,

I mean, I have like six of these stores in a row. You know what we're talking about, right, Jack? I fix it. You break, I fix. Those are similar ideas as back market, but their names are worse. I kind of love those names. I fix it. Just go with the noun in the verb.

Back market, by the way, clever name. not black market, back market. Like you get the phone back. Back market is the one of the group that just raised big venture capital money because they got a fancy looking website, a nice e-commerce platform, and they're scaling. And they're now worth $6 billion. So Jack, what's the takeaway for our buddies over at Back Market? In a scarce world, it should be a supply circle, not a supply chain.

Get this, Snackers. Just 6% of electronic gadgets purchased were previously owned. Most of these gadgets like end up in your dongle drawer. or a landfill. It's crucial we start reselling and reusing electronics because of the batteries. Here's why. By 2030, the surge in electric vehicles is expected to totally crush the supply of lithium. And lithium is critical to batteries. And guess what? iPhones and Android phones, they all need lithium batteries just like a Tesla. But the reuse of tech gadgets is just,

it just isn't happening right now. According to a UN report, less than one fifth of all electronic waste was recycled in 2019. Less than one fit. That's why some of the biggest opportunity in tech right now is turning the supply chain into a supply circle. Jack, can you whip up the takeaways for us over there? Campbell Soup targeted us, Nick, with goldfish when we're our kids, and they're targeting us now as a dollar.

Yeah, sometimes you can't choose the target customer. The best customer just chooses you. Turrow, his father go public. It's the Airbnb for cars. Gig, sharing, creator companies. They all share a common vision of the future. They should band together. For our third and final story, back market, is secondhand tech gadgets.

Supply Circle, not supply chain. Now, time for our snack fact of the day. This one's sent in by Emmanuel Ristoff over the cross the pond in London. Nick, ketchup has long been the king of the condiments. This is true. Until Saracha, arguably, but yeah, still the king of condiments, I guess. But it was originally marketed as medicine. True story.

Snackers, Dr. John Cook Bennett created a recipe for tomato ketchup back in 1834. And Jack, how was he pitching this stuff? back then? He described it as medicine that cured you of diarrhea, jaundice, indigestion, and rheumatism. Then he even started making ketchup into pills. Gross. Interesting. Didn't do the ketchup inhaler. Didn't get to that point, but never really took off. I'll tell you, the ketchup industry would do best not to remind people of this. We apologize in advance Campbell's Soup. Snackers, you look fantastic today. And by the way, funny thing Jack and I noticed, to start the year, Spotify is now allowing podcast ratings. So if you're listening on Spotify, drop us a five star scale, which I don't think it is.

It's not. It's a five star scale. Okay, give us five. We'll go with the five. And Nick and I'll see you tomorrow. And before we go, congrats to Case and Brooke who are building their first house down in Richmond, Virginia. Happy third anniversary to Bruce and Natalie Shoring in Orlando, Florida. And Austin Pits, hope you had a fantastic birthday over in Seattle. Congrats to Vincent and Mickey.

They just got engaged on a helicopter in Putagana, Mexico. Send us the picks and then get engaged. To us, that is unreal, guys. And then a shout out to Brooklyn Brink, our youngest listener all the way in Hingham, Massachusetts. Tiny snacks, taste the best. They're still snacks. And to anyone else celebrate today, make it a tea boy. Celebrate the wins. This is Jack. Nick and I both own stock of Airbnb and Nick on stock of Apple. Robin Hood Snacks, newsletters, and podcasts reflect the opinions of only the authors who are associated persons of Robin Hood Financial LLC and do not reflect the views of Robin Hood Markets, Inc, or any of its subsidiaries or affiliates. They are meant for informational purposes only and are not a recommendation to buy or sell any security, cryptocurrency, or investment strategy in any account. This is not an offer or sale of a security, not a research report, and is not intended to serve as the basis for any investment decision.

Any third-party information provided therein does not reflect the views of Robinood Markets Inc., Robinto Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk, including loss of principle and past performance, does not guarantee future results. Robin Hood Financial LLC, member FINRA, SIPC. Right meow, baby, right meow. Dude, you got me good, you son of a guy. Okay, good, good, good. You are a classic sandbag. Good.

What I didn't want was like a cat impersonation and you didn't do that. Good, good, good. Was that sandbagging what I just did?