Cult Worthy: How much is the cult brand economy worth?
Cult Brand America and the Billion Dollar Economy 🇺🇸
Time to gather for another week of Cult Worthy – the only cult on Substack! ✨
It’s July 4th in the United States and although Cult Worthy isn’t the most …patriotic – I wanted to discuss one of the things that makes America special. Due to our strong consumer culture and focus on innovation, the U.S. has been a thriving birthplace of some of the world’s most Cult Worthy brands. Think Apple, Tesla, Amazon, Costco, ExxonMobil (Oil & Gas), Microsoft, Starbucks – and even on the entertainment side Beyonce, Taylor Swift, NBA, NFL ect. are all collectively contributing to America’s unique cult brand economy.
A cult brand economy refers to the economic impact generated by brands that have cultivated a highly devoted and passionate customer base, often approaching fanaticism. Furthermore, the cult brand economy relates to the prominent brands and individuals fueling fandoms, stan culture and niche communities across the globe. Cult brands aren't just money makers; they're also major economic drivers. For example, Apple Inc is among the tech stocks responsible for a significant portion of the U.S stock market's 2024 gains.
In essence, the cult brand economy is driven by the unique and powerful connection between a brand and its customers, leading to strong brand loyalty, premium pricing, reduced marketing costs, and a significant economic impact – both within the brand's direct market and the broader cultural landscape.
I think one of the biggest questions right now is: Can you actually create a cult brand in this economy?
My answer is always Yes. There has never been a better time to build a cult following and, it has become a necessity to enter into the cult brand economy to withstand hardship. Leaders, entrepreneurs, and growing brands must understand their potential place in the cult brand economy to be visible over time. The rules of social media are constantly changing, and it’s not enough to just build without the intention of creating long-term devotion.
Here are 3 Tips to Break into the Cult Brand Economy:
1. Land & Location
As you’re getting more into the cult brand economy, it’s important to understand the top cult brands in your local area – and how they operate.
Beyond social media, think of how your cult brand would fit into the local ecosystem of where you live by analyzing the potential fit and impact for word of mouth, cult brand gatherings, and advertising.
2. The Cult Investors
Familiarize yourself with investors and firms that strictly invest in cult brands and value companies that prioritize their cult following growth.
Investors in cult brands focus on companies with passionate, loyal customer bases and unique, often disruptive, products or services. These investors, like CULT Capital, seek brands that create a strong sense of community and belonging, going beyond typical consumer products. They look for companies that offer a lifestyle, not just a product, and are often found in sectors like beauty, personal care, food and beverage, and apparel.
Some private equity and venture capital firms, while not exclusively focused on cult brands, may actively seek them out as part of their broader investment strategy.
3. Prioritize a Positive Internal CULTure
To break into the cult brand economy, it’s critical to prioritize internal CULTure by aligning employee values with the brand's core identity and fostering a sense of belonging and shared purpose.
This includes defining the brand's purpose, creating spaces for connection, and establishing rituals that reinforce the brand's values. By focusing on employee experience and emotional connection, cult brands create a loyal workforce that is passionate about the brand and its mission for the long term.
What’s the Latest Cult Brand News
🙏 Cult Brand of the Week goes to NASA
This week, we’ve crowned NASA as the cult brand of the week!
One of my favorite cult brands, NASA, announced this week its latest plans to team up with a streaming service to bring space a little closer to home. Starting this summer, NASA+ live programming will be available on Netflix.
Audiences now will have another option to stream rocket launches, astronaut spacewalks, mission coverage, and breathtaking live views of Earth from the International Space Station. “Together, we’re committed to a Golden Age of Innovation and Exploration – inspiring new generations, right from the comfort of their couch or in the palm of their hand from their phone.”
I’m excited to see how NASA will continue to expand their diverse cult following this year. All hail cult NASA and excited for their continued expansion! 🔺
The Secrets Behind Solidcore’s Cult Following
“Solidcore’s lore is quite colorful for a national fitness chain. It’s the subject of viral TikToks and opinion pieces spanning everything from reformer wiping etiquette, to an email promo suggesting members get a tattoo of their logo in exchange for $100 in class credits. So, what makes this workout so special that it attracted a cult following?
At the center of all the buzz is an intense workout done on a reformer—a big apparatus with a system of springs that can change your level of resistance. At any of Solidcore’s national 140+ locations, you can experience the workout formula that takes inspiration from pilates and strength training.”
Read the full article here.
How nano influencers are helping brands drive ‘cult fandom’
“Having creators with followings the size of Kim Kardashian’s doesn’t guarantee a successful influencer strategy.
While the followings of nano and micro influencers may be smaller, the loyalty of their fan bases is driving success for brands such as IBM and Elemis.
Businesses are increasingly realising creators are beneficial at every stage of the funnel, says co-CEO of influencer marketing agency Whalar, Emma Harman. Smaller creators bring “discoverability” to brands and prove valuable from a search perspective as they are typically discovered through intentional searches rather than algorithms.”
Read the full article here.
I’ll see you back here next Friday for our next Cult Worthy gathering.
Leave a comment and share your favorite cult brand at the moment – look forward to hearing your current obsessions!