Today, Lego is considered to be the most profitable toy company in the entire world. But, not too long ago, this big toy guru was taking daily losses of somewhere around $1,000,000 EVERY DAY. Savvy entrepreneurs and small business owners could stand to learn a thing or two from the Lego mistakes that led to such financial losses.
Lego Mistakes Entrepreneurs & Small Business Owners Should Learn From
Lego CEO Jorgen Vig Knudstorp shares his thoughts on how the company made its colossal turnaround. According to Knudstorp, the company finally decided to:
“…reconnect with what made them special in the first place.”
Another big Lego mistake that caused them to lose ground in the toy industry:
The toy conglomerate did massive expansion into areas they had no expertise in whatsoever. This spoke volumes, basically putting too much stock into these weak areas, and not enough on their strengths.
Instead of focusing on such things as new toy development, product marketing and customer support, Lego expanded into video games, clothing and theme-parks. With NO experience in these areas, the company pretty much set its own self up to fail… an epic Lego mistake.
What Entrepreneurs and Small Businesses Should Learn from Lego
Learn from the mistakes of this big-name toy company. Here are two take-away tips to the Lego mistakes that cost the company billions over time:
- Don’t worry about following trends and doing what everyone else is doing. Success for one brand could be the demise of another.
- Uniqueness is key to the success of any entrepreneur or small business brand. Concentrate on keeping that uniqueness intact.
No other brand is exactly like yours. No other brand can supply the world with what yours can. Make that clear in your marketing approach and marketing messages. Contact The EntreMarketing Group for assistance marketing your brand’s uniqueness today.
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