If you’ve never considered the dangers of wearing a metal wedding ring, you’ve never heard about ring avulsion. Ring avulsion occurs when a metal ring gets caught on something, and the physical force of pulling away from the snagged object can cause injury or even amputation of a finger. While ring avulsion is not a common occurrence, it is estimated that more than 150,000 people are affected each year. Ring avulsion was given national attention back in 2015 when Jimmy Fallon had a two-week absence from the Tonight Show after he tripped in his kitchen, and his wedding ring got caught on the countertop.
It was a ring avulsion injury during a rock-climbing trip that prompted Salt Lake City pals, Brighton Jones and Aaron Dalley, to launch a Kickstarter campaign for Enso Rings as an alternative to metal wedding bands. Enso Rings are made from a proprietary silicone and are colorful, stylish, comfortable, and much safer than a traditional wedding ring since they’re designed to break apart if they get caught on something. After applying to appear on Shark Tank three times, Jones and Dalley finally got the chance to pitch their product on October 8, 2017.
Enso Rings on Shark Tank
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Shark Tank Season 9 Episode 2
The pitch began with Brighton Jones holding a metal wedding ring in his hand and referring to it as a “Finger Amputation Device.” Then, he literally brought out the big guns when an award-winning bodybuilder entered the tank. The muscle-bound man demonstrated the dangers of wearing a metal ring by using his “500 pounds of pulling force” to tear the finger off a metal-ring-wearing plaster hand. But, wait – that’s not all! Two more bodybuilders appeared from behind the curtain as Jones placed an Enso Ring on his finger and clipped it onto a rope. The three men yanked the rope, and the Enso Ring broke apart.
After the biceps cleared the tank, Brighton and Aaron made their pitch. They asked for a $500,000 investment in exchange for a 7.5% stake in the company. All of the sharks questioned using fear as a selling point. Kevin wondered if fear of amputation was something people actually thought about when they put on their rings in the morning. Brighton countered by admitting that concern was the reason they started the company, but that their customer base had broadened to include anyone who had an active lifestyle or worked in a job where metal rings were impractical or just not allowed.
They started talking numbers. Enso Rings earned $3.8 million in sales in the past 18 months and $460,000 during the month prior. And because the rings can be produced at such a low cost (between 70 cents and $4) and retail in the range of $11.99-$39.99, there’s a huge profit margin potential.
The Sharks Weigh In
Mark couldn’t understand why people wouldn’t just take off their metal wedding bands before becoming active, and when he learned that Enso Rings’ customer acquisition costs were 40% of sales, he decided to pass on the opportunity.
Lori thought the market would be too competitive, and she dropped out next. Barbara felt their message was “mixed up’ – were they selling fear or fashion? She advised that Jones and Dalley find another idea, and then she dropped out too.
Kevin and Robert agreed that the messaging was confusing, but they were willing to overlook that because they were so impressed with the company’s sales results. Kevin’s offer was a mix of a loan, $2 per sale up to $1.5 million, and then a 5% stake in the company. Robert started out asking for a 20% stake but settled for 15%. Jones and Dalley chose to work with Robert because they could see that “he gets it.”
After Shark Tank – Where is Enso Rings Now?
After the Shark Tank episode aired, Enso Rings saw an immediate uptick in customers, earning $2 million from 60,000 orders. And the company continues to grow – in both sales and product offerings.
As of April 2019, Enso Rings had sold more than 2 million rings in more than 80 countries. And by moving their entire operation (design, production, and shipping) to one location in Lehi, Utah, Brighton and Dalley have found they can adapt more quickly to market changes and design ideas.
The two founders are responsive to their customers’ requests and have recently rolled out a collection of birthstone rings for mothers who want to show their commitment to their children by displaying the rings on their right hands.
One of their newest offerings is the company’s collection of Inked rings, in which Enso Rings designers collaborate with local artists and wrap the images around the ring. The Inked collection showcases limited edition items that sell out quickly for a quick sales boost.
Enso Rings also introduced a line of bracelets, appealing to fashion-conscious customers who can purchase either a single bracelet or a three-stack.
In addition to new products, Enso Rings has committed to supporting social causes with its Rings for a Reason program. The company works to be a force for good in the world by partnering with organizations around the globe. Proceeds from the sale of every ring are donated to various causes around the world; more than $100,000 was given in 2018. The latest initiative is a partnership with Global Citizen that aims to eradicate extreme poverty by 2030. Other recent partners include B4BC – a non-profit foundation for early detection and prevention of breast cancer – and HayesTough, which supports families dealing with childhood cancer.
Lori Greiner was correct to predict there would be a lot of competition for this type of product. A quick Google search shows at least eight different brands, with some that even have distribution in stores like Dick’s Sporting Goods and Kay’s Jewelers. Like Barbara suggested, Jones and Dalley may need to focus their message to differentiate themselves from other brands.
Right now, what seems to set Enso Rings apart from the other silicone ring companies is its use of actual precious metals mixed with the silicone in a way that emulates traditional metal wedding rings. Perhaps they could narrow in on the luxury segment of the market. It would be a good idea for the company to huddle with its teams in the new corporate location to come up with a strategy that sets it apart from its competitors.
Disclaimer: The information provided in this article is strictly informational; Seo Insights is not affiliated with Enso Rings, SharkTank, or any of its subsidiaries.