How is a legend forged? WD-40—the 'universal lubricant'—epitomizes both the glory and the challenges of a blockbuster consumer product.

One trick, and you rule them all. In the fields of repair and DIY, WD-40 is regarded as a universal little blue bottle. Just as Cantonese people view herbal tea—as a cure-all for any physical discomfort, inflammation, headache, or itch—WD-40’s applications are equally boundless: from fixing common joystick drift issues in Nintendo Switch game consoles, to unsticking jammed windows in Ford Focus automobiles, to dusting and cleaning components of DJI drones. Seventy years after its launch, WD-40 Company (WDFC.O) remains deliberately vague about WD-40’s actual efficacy—and even actively encourages outlandish anecdotes. For instance, its official website claims a user once successfully drove away a python hiding under their car using WD-40. This aura of mystery surrounding WD-40’s formula and function has fostered niche user communities dedicated to exploring its myriad uses—and even inspired near-fanatical devotion among some devotees. From rocket maintenance to lubrication magic: steady operations Product-wise, WD-40 Company relies on its flagship WD-40 Multi-Use Product to keep industrial gears running smoothly worldwide. Financially, over the past 40 years, the company’s revenue and net profit have shown smooth overall growth. Though quarterly figures fluctuate, annual performance has remained relatively stable without pronounced volatility. In fiscal year 2023 (ending August 31, 2023), the company reported $537 million in revenue—a 3.55% increase year-on-year—with gross margin rising to 51.04%, up from 49.1% in the prior fiscal year. However, net profit encountered some friction: it declined by 1.98% year-on-year to $66 million. (Note: The company’s most recent full fiscal year ran from August 31, 2022, to August 31, 2023. For consistency with the company’s reporting convention, this period is referred to herein as FY2023; other fiscal years follow accordingly. Unless otherwise specified, all monetary values are in U.S. dollars.) (Source: Fincy App) FY2023 revenue growth was primarily driven by a significant surge in Q3 revenue (+14.6% year-on-year). During that quarter, revenues rose across all regions. First, revenue in the Americas increased by 16% year-on-year—mainly propelled by a 21% rise in maintenance-product sales in the U.S., driven largely by price hikes. However, lower unit volumes partially offset the revenue gains attributable to higher prices. In Latin America, maintenance-product revenue grew 18% year-on-year, primarily because wholesale customers—anticipating future price increases—bought ahead and built inventory. Additionally, the company’s direct operations in Mexico posted revenue growth, attributable to two factors: rising product prices and favorable foreign exchange effects stemming from the U.S. dollar’s appreciation. Although oil-sector activity in Western Canada rebounded year-on-year, boosting industrial demand for the company’s products, overall weak demand across Canada led to a 23% decline in maintenance-product revenue there.

Why does a small company that has focused on just one product for 73 years see its brand grow ever stronger?

01 Recently, I visited an enterprise run by one of our trainees and noticed something intriguing. Blue-and-yellow WD-40 cans were everywhere in their workshop—nearly every employee had one on hand. Curious, I asked what it was used for. The boss smiled and explained: “It’s a universal can—removes rust, lubricates, cleans, and eliminates moisture from metal parts. And it’s not just for machines: it works in offices and homes too—so we keep several on hand.” That piqued my curiosity even more: What kind of product can do *all* that? So we dove deep into researching WD-40. In today’s Shanren Xing column, let’s explore this gem of a company—small in scale but large in brand recognition—and uncover the insights it offers us. 02 Back in 1953, three engineers in San Diego, California, developed a rust- and corrosion-inhibiting formula. Its name was straightforward and blunt: Water Displacement, 40th Formula—hence WD-40. Later, the company itself adopted the same name. Initially, WD-40 was deployed to protect missiles against corrosion. Then it entered the consumer market—and a miracle unfolded. Seventy-three years later, WD-40’s core product and formula remain virtually unchanged: still the same blue-and-yellow can, still no expansion into other product categories. Yet this small company not only survived—it thrived. Its product sells globally, and its brand is firmly etched in public memory. How did they pull this off? I believe the key lies in how WD-40, over those 73 years, transformed itself into a *habit of problem-solving*—not merely a seller of rust inhibitors. Is there really a difference? Yes—these represent two entirely distinct business models. During my visits to numerous enterprises, after owners finish introducing their products, I always ask: “If we set aside the question of *what* you sell, what would you say is your company’s greatest strength? What do you most want customers to remember you for?” Many owners pause, think deeply—and ultimately circle back to their product. Today, many companies actively expand their product lines and extend into new categories in pursuit of growth. The result? More products, larger scale—but diminishing clarity of perception, and increasingly blurred brands. That’s the crucial distinction: while others sell products, WD-40 sells *‘What do I do when a problem arises?’*—a vital core principle behind building a true brand. Many people equate branding with logos, visual identity (VI) design, or slogans—all important, yes—but none constitute the essence of branding. Let’s use the simplest, most direct definition: A brand is *conditioned reflex*. When a customer thinks of a particular problem, who springs to mind first? That’s the brand. Toothache? Yunnan Baiyao. Thirst? Nongfu Spring. Notice: no product names, no functional descriptions—just problems. WD-40’s brilliance doesn’t lie in positioning itself as “the world’s best lubricant.” Rather, it positioned itself so that users instantly recall it when facing rust, stuck machinery, dampness, stiff parts—or even general cleaning tasks.

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