Traeger presented at an investor day with Baird earlier this month to talk about their business. While there weren’t any major updates since their last earnings call, they did throw out some interesting stats.
The call started with CEO, Jeremy Andrus, discussing where the brand has been and where they are at. He said that there are currently 76 million grilling households, and Traeger is in 3.5%. The size of the overall market is consistent with the market sizing that Traeger did for their IPO.
For markets that Traeger has invested in, they are double digit penetrated. An example is their home market of Utah, where they relocated their business shortly after Jeremy Andrus took over.
Utah was originally a low single digit penetrated market, but now they’re penetrated in the high teens from investment in the market. Traeger feels that this is a repeatable result in other markets.
In addition to continuing to grow their market penetration, Traeger is also a premium product. On the investor call they said that they have 3 times the average selling price of others in the industry.
Traeger is a model for building an enthusiastic consumer base. Consumers recommend the brand on average to 8 other people. That high level of evangelism continues to build their brand and grow their market penetration.
They also have high levels of engagement on social media, which they diligently track. Traeger Day, which was on a Saturday last month, is their highest engaged day of the year even surpassing holidays.
To help spark the enthusiasm for their brand on social media, Traeger partners with a number of influencers. Jeremy Andrus said on the investor call that they work with upwards of 1,800 influencers, most of whom they don’t pay but rather give product to.
Earlier this year they ventured outside of pellet cookers and into griddles. While it’s still early to tell how successful the Traeger Flatrock is, they noted on the call that it was their highest engaged product launch ever “and it wasn’t even close”.