Not many question how companies like Apple, McDonalds and Ferrari became some of the most powerful brands in the world. Some might not put Lego on that list, however Lego has managed to become the face of the world’s most powerful brand of 2015, according to Brand Finance (Forbes).
Just a decade ago, Lego was on the verge of bankruptcy after spending money on several Legoland theme parks as well as an attempted launch on a morning cartoon (Business Insider). Now, in 2015, it has received 93.4 out of a possible 100 points in branding success and continues to appeal to children and parents (Forbes). Business Finance determined this score based on “marketing investment, goodwill of customers and staff and the impact of marketing and goodwill on the overall company’s business performance” (Forbes).
Just when and how did all of this happen? The film, “The Lego Movie,” produced more than $500 million around the world that subsequently increased sales by a long shot (Forbes). But Business Insider magazine also published a “turnaround strategy” that Lego has produced throughout the last 10 years.
In summary, according to Business Insider, Lego finally cut costs by cancelling the morning cartoon and hiring experts to re-vamp Legoland. They interviewed parents from both America and Europe to get a better idea of how their children play with toys in a more general sense. In keeping with their mission statement, “to inspire and develop the builders of tomorrow,” Lego even created and released new products that surrounded different career fields such as a businessman or a doctor. This approach has allowed Lego to develop a relationship between imagination, play and education.
Lego has also created something completely out of the box that may cause consumers to never look at Legos the same way again… a digital printer that prints in Lego pieces. Digital Buzz blog has released a video of the printer scanning the company’s logo and then printing out a copy with colored Lego pieces to replicate the pattern. The trend of 3-D printing is already sparking the interest of many people and businesses throughout social media. Now with the possibility of printing out images with Lego pieces, it’s a wonder what the company will do next.
Other brands that have made the powerful brands list can learn a lot from Lego, as they continue to impress both children and parents with their no-gender-based products and the link that toys have with education. Hopefully, the 3-D printer means another new use for Legos and continued success for the brand that is loved by so many!