This could have been one of the shortest entrepreneurial success stories ever. Six years ago, two young entrepreneurs were frustrated by socks that kept slipping down. They came up with a solution and are now on track to sell well over a million pairs of non-slip socks. End of story. But that is not the whole story behind the success of SOLIT socks.
The real story began when Olaf Habraken and Tim Boon decided that everything in their business had to support one promise: “Our socks stay up.” It sounds simple. Yet that is exactly where the difference lies between a nice product and a brand that customers keep coming back to.
At SOLIT socks, every decision is guided by one question: does this help us deliver on our promise?
That promise does not only apply to the product itself, but also to the way the company treats its customers. Olaf explains: “Our customers’ experiences are the foundation of our business. Customers can trust that our socks do what they are supposed to do. But if they have a different experience, we make it right.”
Put your ego aside
Those experiences sometimes turned out to be very different from what Olaf and Tim had expected. When they started, they thought they knew exactly who they were making their socks for. In reality, things were quite different. Tim says: “We thought we would be our own target audience, people in their early twenties. But it turned out that most of our customers were women aged between 40 and 65, buying our socks for themselves, their children and their partners.” From that moment on, they put their own preferences aside. It was no longer their personal taste, but their customers’ experiences and needs that guided the business. The result? Thirty-five per cent of customers return to buy from SOLIT socks again.
Turn complaints into opportunities
When a new model of loafer socks slipped down more often than the other styles, Olaf and Tim refused to accept it. They went back to the drawing board, improved the design and relaunched the sock. Customers who had purchased the original version were given the option to switch to the improved model. Olaf explains:
“Customers who had a problem became our fans.”
To ensure consistent product quality, they have worked with the same factory in Turkey for years. At the same time, they regularly visit other manufacturers as well. This helps them keep track of new developments and keeps their current supplier on its toes. “We’re satisfied, but it’s never good enough. That’s entrepreneurship: there is always room for improvement.”
Protect what sets you apart
| Olaf and Tim registered the SOLIT socks logo as a trademark. Trademark protection helps them to continue to build on the reputation they have established through their promise. |
But they did not stop there. Following a legal dispute with a competitor, they also looked into the possibility of obtaining a patent. Olaf: “Shortly after we started, a competitor suddenly claimed that we were not allowed to make our socks. It turned out to be completely unfounded, but we still had to have it properly investigated.”
Perseverance pays off
Their ambitions are considerable: within ten years, Olaf and Tim want to sell 50 million pairs of socks a year. Achieving that goal requires patience. Tim says:
“Over the past few years, there have been a hundred thousand reasons to give up. But we kept going. We continued to develop and improve. And that’s why we are where we are today.”