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Ryan Wilson, Bankr founder, explains that his mission was always to enhance the aesthetics and functionality of modern accessories. He believes that there is an infinite amount of ways to innovate and improve upon everyday products. Bankr is his first platform to do so.
Shortly after hatching the idea of Bankr, Ryan brought Vinny Calvanese and Kirt Patel on. The goal was to push the brand even further with a solid team behind him. The addition of two very valuable people made all the difference in the world. With Vinny and Kirt on board, Bankr was poised to be a smooth, long-lasting operation.
Bankr was created to bring a fresh perspective to a tired marketplace. Wilson, Calvanese, and Patel couldn’t stand seeing the same old leather bi-fold wallet in all the retail stores and online. They wanted to simplify the wallet and make a truly beautiful product at the same time. They wanted something that felt as good in the hand as it looked on the desk. With that goal in mind, Bankr produced their first product: The Stack Wallet. Stack Wallet was designed to eliminate wasted space and materials while providing an air of luxury to the everyday carry.
The idea behind the Stack Wallet was simple. Bankr noted an important truism: The more space that you have, the more space you waste. There was clearly a market need for a wallet that wastes less space, while also preventing people from wasting this space. Today, most people carry dozens of old credit cards, gift cards, and coupon stamps that they know they will never use. Why? Because they can, and because their current wallet allows them to do so, fooling them into believing that carrying all of this is a necessity. The Stack Wallet exists to keep people from succumbing to this tendency.
Bankr knew they had a great product and a brilliant marketing angle on their hands from day one. The Bankr team was proven right almost overnight. Within the first 24 hours of launching a pre-order campaign, orders came pouring in. 30 days later, the company sold out of its first production batch – and all before the official launch. This is when they were validated: they knew they had something truly special on their hands. All the trials, tribulations, and 20-hour days were well worth all the time and stress. Within days, the company was featured on Touch of Modern, an outstanding achievement for a new company.
Bankr seemed to be going too well, compared to some of the team’s past endeavors. They say you don’t go far without first getting set back. This was true for the Bankr Team as well. After starting a successful seven-figure brand and failing to repeat that success, they knew they had to go back to the drawing board and produce something with intent and authenticity.
Was Bankr’s dramatic success just good luck? Upon reflection, the team realized that one of the reasons for their past failures was a lack of authenticity. They “…were chasing after sales for products [they] did not believe in and using suppliers whom [they] could not trust.” By switching to a product they were passionate about and working together with experts they respected, the results were dramatically different.
Bankr had a successful first month and will continue to produce innovative products. Each product will serve a distinct purpose in the marketplace and offer innovative solutions to today’s problems.
So, here’s the main takeaway: it is much easier to promote an item that you’re enthusiastic about and truly believe in than one you do not. Sometimes, in the retail industry, it is all about volume and pushing products instead of developing quality products. But, by focusing on just one product that has a specific mission, the Bankr team was able to push it toward perfection.
Their advice to new entrepreneurs is pragmatic and philosophical: “Take your time with media, marketing, and supply, and don’t rush in for sales.” They credit their success with the Stack wallet to having taken the time to undertake this process, with the result being the development of a strategy.
Some urge entrepreneurs to just dive in, but the Bankr Team’s process is a mix of diving in and waiting, and of strategizing and adapting. For people throwing themselves into business for the sake of profit, better results might occur if they took the time to develop a truly innovative product.