The shoe above must look very familiar.
It is called the “Clogs” by Crocs. The design is modeled after a crocodile. The company was started in 2002 and the shoes were initially made for boating use.
The company has had a roller coaster movement in the past decade and there is so much we can learn from them.
Stick around, and let’s explore them!
In 2008, investors wrote the company off as a passing fad. Crocs lost over 185 million dollars within this time.
However, after a decade, they were able to bounce back and sell over 700 million shoes. What lessson can we learn from this?
Lesson 1:
Always stay true to your dream. Never give up, crisis are temporary.
Crocs were able to infuse their shoes into fashion shows/runways.
This drove huge acceptance for the product, which was formerly one of the most hated shoes.
Lesson 2:
Look for new channels to create acceptance for your products
Crocs created limited editions in partnership with celebrities/top brands like Post Malone, Ariana Grande, Justin Bieber,etc.
They also invested heavily in influencer marketing.
Lesson 3:
Partnerships always create more exposure and sales opportunities. No matter how good your product is, if you don’t make noise about it, no one will.
Crocs contextualized their product as consumer preferences varied. They manufactured clogs with different colours, designs and shapes.
Lesson 4:
It is always good to listen to the true wants of customers and re-adjust your products as their needs evolve.
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