Every year, Brand Finance (A leading strategic branding company) puts thousands of brands to the test and determines the world’s most powerful brand. This year the honours go to Lego. Here’s what they had to say:
Lego is the World’s most powerful brand. It scores highly on a wide variety of measures on Brand Finance’s Brand Strength Index such as familiarity, loyalty, promotion, staff satisfaction and corporate reputation. In a tech-saturated world, parents approve of the back-to-basics creativity it encourages and have a lingering nostalgia for the brand long after their own childhoods. The Lego Movie perfectly captured this cross-generational appeal. It was a critical and commercial success, taking nearly US$500m since its release a year ago.
How does a brand started in 1932 whose name literally means, “play well” in Danish continue to delight and capture the hearts of generation after generation? In a world where the technology landscape has all but obliterated traditional competitors, Lego has stood the test of time with revenues now approaching US $5 billion and looks of excitement the world over when opening a gift with their logo on it.
In this blog, I wanted to explore five quick reasons that Lego can keep singing the song “Everything is awesome” and to be honest, I really wanted to search the web for the world’s coolest Lego images.
Firstly, the theory
Why everything is awesome for Lego.
1. Girls and boys
Most toy categories have to target either boys or girls, but in truth, Lego is enjoyed the world over by both girls and boys, since a distinct focus on growing their market share to young girls in recent years. You essentially double your size of the market. I once watched a panel of billionaire companies and one of the questions from the crowd was “How do you build a billion dollar company?” The answer was simple and genius. “Make sure you’re in a billion dollar market”.
Sometimes, the audience for a business is not the end user but the purchaser. In this instance, who buys a child their first Lego? Sometimes it’s not even bought. It’s brought out from the back of the closet and dusted off from years of non-use. The nostalgia of parents and excitement around seeing the newer models now that their kids are of age position kids to at least get to try Lego, and that’s a powerful advocacy model.
3. Learning and fun
Nobody every told their child that it’s time to give Lego time a break. These days, parents are increasingly worried at the screen time that their kids are getting from early ages, and it’s unprecedented with iPad enjoying it’s first generation of child users. Lego continues to provide an equally fun and learning based environment for kids to grow their creativity, problem solving skills and imagination. Parents love that.
When Lego released “The Lego Movie” they proved to the business community that they are not afraid to enter the 21st century and innovate. With a corporate mindset that continues to pursue innovative ways to expand and reach new markets, Lego is poised for a strong future. Add to this the fact that Lego has a unique capability to remain relevant by choosing themes that resonate with pop culture (I.e. the resurgence of Star Wars).
5. There is something incredibly genuine about Lego
Despite the premium we pay for Lego, I never really feel like I’m being taken advantage of. There is an incredible value associated with the brand and aside from the fact, my nephew would not take kindly to me buying a cheaper alternative (Ligo?), it’s a fun and exciting purchase for the giver and not just the receiver.
Now to the images