Crocs (& Recommended Books)

The Crocs Craze (Video)

*You will need IE and Windows to watch

Crocs have quickly risen to become an international phenomenon. This summer, I’ve seen these shoes being sold in the grandest of malls in Singapore (retailing at $50 Sing.), sports shops and even in large bins in Thailand ($3, although, I’m pretty sure those were just Chinese knock-offs).

Although at first they seem to be like one of those things that come out of nowhere (and disappear just as quickly, can anyone honestly recommend a buy on that stock just yet?). But if you have a look at the video, they’ve been around for a while (since 2003 at least). Just goes to show that even overnight success needs years of planning .

The other thing this reminds me off is Malcolm Gladwell’s book, The Tipping Point. Just how and when do localized fads become national and international crazes? Mr. Gladwell tackles these questions (and others pertaining to the Science of Fads) in an interesting way in his book.

The knock-offs I saw in Thailand warrant a whole post for themselves. Just another small example of how China is changing the world. Could the factory that produces real Crocs also be running a small, covert third shift to make a little money on the side? If they are, then what I really want to know is how much does Crocs (the company) pay for these shoes (which retail for $50)? Do they really pay low enough to warrant a third shift making shoes selling for $3? Those knock-offs were pretty darn good. Of course, might not be the same factory at all, but someone who managed to get hold of their designs. Anything’s possible, as I have been reading in China, Inc., a fascinating account of the rise of China as an economic, business and social superpower. Again, a great read.

But really, I would think the smart thing for Crocs to do would be to make sure that everyone can afford these shoes and owns a pair, rather than making them planned purchases. Make sure they’re on every feet and they might retain long-term, loyal customers who genuinely like the shoes (not just for the hip-appeal). Fads come and go. Will people still be wearing something so distinctive (read: ugly) long after everyone else has stopped wearing them, just because they weigh six ounces? The strategy should be to embed these shoes as socially acceptable in minds of people world-wide. They really need to be planning ahead, rather than trying to milk this for every penny they can here and now, especially now that Crocs is a listed company.

Just my 2 cents.

Opportunity Meeting Execution

My brother, golf nut that he is, sent me this video from the 2005 US Open (16th hole, I believe). Amazing shot.

Holistically, golf is a lot like business. A lot of time is spent talking, walking, trying and thinking. But then there are moments, very rarely, when opportunity meets execution so perfectly, it operatic. Those are the moments that are worth savoring and remembering.

This shot itself is one such moment for Nike. Every penny spent on endorsing Tiger (or rather, every million) was worth it many many times over when that ball rolled to a halt right next to the hole. Stayed there, Nike Swoosh upright, for a good 2 – 3 seconds, before dropping into the hole. You can not manufacture that on TV. You can not generate that on a computer. Nikes decision (execution) to endorse Tiger was worth it many times over with just this one shot (opportunity). Although, it did help that Tiger is so damn good.

Top 10 Best Presentations Ever

Wow. Mostly good list of the best presentations ever given. Notice how none of them consist of a guy talking in monotone to a Powerpoint slide. The presentation slide was invented to be a lubricant for presentations, not the presentation itself.

There’s some interesting stuff in here. Most of these have a business edge, but there are some classics like Martin Luther King’s “I Have a Dream”. Invaluable advise for all entrepreneurs who double as chief evangelists for their products.

Top Ten Best Presentations Ever.
With links to watch the videos. Fun fun fun!