Hey {{first_name}},
Let’s talk about Crocs, yes, the ones we all used to joke about.
“The international sign someone had given up on life.”
The jokes and memes were everywhere.
And in 2008, they reported a net loss of $183.6m.
But the jokes weren’t even the reason Crocs were struggling.
The core issue was that Crocs had become a commodity.
Crocs proved there was a market for a foam clog, and then every Tom, Dick and Harry started selling their own version.
Crocs went from being the name people associated with the category to being one of many in that shape on the shelf.
When that happens, customers do not sit around figuring out who was first to market. They look for the price tag and move on.
And it’s the time a company either accepts life as a commodity, or it rebuilds the moat.
Crocs rebuilt it by leaning into the brand.
They got clearer on positioning.
They stopped trying to be tastefully average and leaned into being instantly recognisable, even if it split opinions.
They also made the product personal.
The best move they made was treating customisation as part of the system.
They acquired Jibbitz, so the “this is my pair” behaviour became baked into the brand.
Then they shifted cultural perception with collaborations that made people reconsider what Crocs stood for.
It pulled them out of the commodity pile and back into the brand conversation.
That ties straight back to what I sent yesterday.
When barriers to entry drop, products get copied fast.
What counts is the stuff that compounds, like positioning, identity, proof, trust, and a brand people can relate to.
Crocs gave people a reason to choose the real one, even while the cheaper options sat right next to it.
Chat soon,
Peter
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