Okay, clearly I am not the target market for Crocs. Personally, I think they are among the ugliest forms of footwear I've ever seen. Though in fairness, I don't claim to be a fashion icon or stylist. I haven't even purchased a new suit in two years.However, from a business perspective, Crocs is a case study in how marketing can have an incredible and measurable impact on a brand's success; or in this case, a brand's turnaround.
A recent article, Crocs, Feeling the Love Again, on Brandchannel.com, discusses how Crocs' new CEO, John McCarvel, received a Stevie Award as the "Turnaround Executive of the Year" at the 2011 American Business Awards for successfully revitalizing the footwear brand, resulting in a 200% jump in stock value over the past three years.
According to the article, here's how McCarvel transformed Crocs from a dying brand to a successful one...again:
• Cleaned up distribution channels — moving out of hardware stores and gas stations
• Controlled rip off copies, through the use of Crocs' propriety croslite technology that eliminates odors and helps the soft material conform to your foot
• Expanded product offerings to more than 250 styles including sneakers and boots, making it a viable four-season brand
• Opened 61 new retail stores worldwide
• Increased its online presence
• Reinvigorated its corporate social responsibly platform, Crocs Cares, focused on children and families in need
While McCarvel deserves due credit, I am excited to see how heavily he relied on marketing to play an instrumental role in the Crocs transformation. New CMO, Andrew Davison, and his predecessor's fingerprints are all over the brand's CSR platform, distribution channel strategy, online presence, expanded product offerings and brick & mortar expansion.
The New York Times also recently wrote about Crocs' successful new image campaign that helped launch the turnaround.
While I'm still not a big fan of the footwear, kudos to McCarvel and his marketing and product development teams for an amazing effort!
