Senior executive with 15+years of experience leading large scale transformations at Fortune 500 companies l TIAA l McKinsey
How Nike Missed the Boom in Running Culture. I have been an amateur runner for over a decade now - and I have seen how Nike has slowly been replaced by Asics, Hoka, New Balance, Brooks among others as the sneaker of choice for many of my fellow runners. I have always wondered why? This Wall Street Journal article sheds some light on a probable cause. Nike seems to have missed the boom in amateur running clubs - and instead continued to focus on the elite runners and limited edition sneakers. The other sneaker companies in the meantime have spent their energy on connecting with runners at the grassroots level. They sponsor events, make connections with local shoe stores - and guess what? It seems to be working. Nike on Thursday is expected to report that sales grew 1% for the full year—its worst results in more than two decades excluding the first year of the pandemic and the 2008-09 financial crisis. Hoka saw net sales in fiscal 2024 of $1.807 billion, a 27.9 percent increase from $1.413 billion in 2023. Brooks Running achieved record revenue in the first quarter of 2024, up 9% year over year and representing the highest quarterly results in the brand's history. It goes to show how and why it’s important to stay connected to your partners and customers at a grassroots level, especially in a highly fragmented and competitive market. If you take your eye off the ball, you will lose market share quickly. https://lnkd.in/efzvHUXz #strategy #future #money #nike
This is interesting because, as a long distance runner, Nike is not even on my radar. I can't think of a single marathon I've run (and I've run many) where Nike is the sponsor. I've been a proud consumer of Brooks Running shoes for years.
Miss it? Nope! Nike running shoes... well, they suck! Compare this to Hoka sales of $533 million, which increased 34% from the previous year. My new running shoe the SpeedGoat.
Marketing Leader ◆ Go-to-Market Strategist
2wYes, Nike Run Club is great and a thing. But the shoes aren't for everyone. For those with ortho issues, surgeons and podiatrists recommend New Balance and Hoka - and for good reason. Most distance runners - especially those that are ultra marathon types - never wear Nike. In fact, at most marathons, pay attention to the shoes. Easily dominated by Hoka, Brooks, New Balance, Asics. The only people wearing Nike are those sponsored by Nike.