Legos are an integral part of many childhoods. Legos are the smart, stimulating toys in which both parents and children find joy. Who doesn’t want to be an architect of their own dreams? The tiny plastic blocks offer the opportunity to build Hogwarts with Harry Potter or the Death Star with Darth Vader. However, these dream worlds come at a hefty price, Large scale Lego models like the one feature below, range from around $200-$800.
Based on the numbers presented in the Quartz article and seen below, consumers are willing to pay a premium to play. Lego is crushing the competition. Non-interactive Barbies and action figures are not what children are looking for these days. By utilizing intensive market research and focus groups with the littlest customers, Lego was able to strengthen their weakening brand, as seen in the HBR article. Any industry can look to Lego as an example of what actions to take after making marketing mistakes. Stop what you’re doing, assess the situation, talk to your customers, study your customers, and get help by talking to the industry experts. Equipped with all of this knowledge and insight then you can bring new and better products to market that fundamentally represent your brand. Lego never stops talking to their customers, as seen with their mere 10.4 million Facebook fans. This ongoing conversation prevents missteps in the future and guarantees stronger revenues.
Lego knows their target market, customer trends, and buyer hot buttons by tapping into popular culture of movies, books, and television- want to build your own Bart Simpson anyone? but they also utilize experts in the fields of “child play” beyond the bounds of just selling toys. Lego dug down deep into the importance of interactive play and created better toys for it. Going beyond the industry in order to make truly creative product expansions makes Lego remarkable.
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