What Crocs can teach us about gaining new customers and keeping them happy.
May 15, 2023
About 15 years ago, I bought a pair of Crocs sandals in Myrtle Beach, SC. Not only were they hot pink, but the insole was traffic cone orange. My buddies hated them, but oddly others loved them. The sandals were affordable (maybe $20), comfortable, and a conversation starter.
According to last week’s The New York Times' profile on Crocs, I’m one of tens of millions of happy Crocs owners. This happiness is profitable:
Over the last 15 years, brands have been increasingly doing a run-around to bypass their retailers and sell direct. Some brands suggested they’d never have a physical store. Some brands said they’d never have their products sold in another retailer’s physical store. What allowed the brands this hubris? The internet and Facebook. With the internet, brands would have a ‘store’ anywhere the customer is, and with Facebook, they could target them.
In the past, we’ve used spin classes and gyms as inspiration for Bridge. We see them as metaphors for helping retail business owners. The founders of SoulCycle, Elizabeth Cutler and Julie Rice, must have been eavesdropping on us: they are expanding their spinning approach to another sphere. The Times reports they have started Peoplehood, a business that seeks to help people via self-help (group-help?) sessions. It’s SoulCycle for the soul&...
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About two weeks ago in Charleston, SC, in spin class where I sounded like I was getting a hair transplant, I enjoyed being at once together with my friends in the class and yet competing with them. When they peddled harder and stood up, I wanted to also. Our competing didn't mean that there was one winner and everyone else lost. It wasn’t a zero-sum game. In that spin class, we all won. After that class, we all felt great. Competition is an ...
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Peloton’s new CEO, Barry McCarthy, was recently interviewed in the New York Times (Read the article here: https://www.nytimes.com/2022/02/19/business/dealbook/barry-mccarthy-interview-peloton.html). The authors asked Mr. McCarthy if he thought that everyone who needs a workout bike already had one. They questioned where else a company making stationary exercise bikes can go (…an ironic question for a bike product that literally can’t move). The Times wanted to know what ...
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Last February e-commerce company Shopify Inc. replaced the “Ottawa, Canada” dateline that began its press releases and earnings reports with a strange new one: “Internet, Everywhere.” The geographical shift came at the insistence of Shopify’s founder and chief executive officer, Tobi Lütke, who tends to view such matters through the prism of cold, hard logic. In May 2020, only a few months into the pandemic, he’d made the early, seemingly rash decision to...
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February 29, 2020
February 29, 2020
Think that your business should be making big bucks selling online? Wrong. Most businesses lose money online and have unprofitable online operations. Walmart’s online operations and Wayfair both lose money, and thousands of other businesses do, too.
There is a popular myth that online sellers are casino-like winners with the winning slot machine bells sounding with each order—generating buckets of quarters (profit) for the business. Casinos often produce losers, and most ...
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