Learning the art of reinventing a brand

I was reading today about the amazing turnaround of one of the world’s iconic toy brands, Lego, a brand I grew up with and loved as a child. This privately owned family business and brandspectacularly went from being on the verge of collapse and in $800 million in debt in 2003, to overtaking Ferrari to become the world’s most powerful brand in 2015. The company announced profits of £660m, making it the number one toy company in Europe and Asia, and number three in North America, where sales topped $1bn for the first time. Lego’s story has been called the greatest turnaround in corporate history. So how did the company go about achieving this incredible turnaround? Well, it took a long hard look at itself as a brand and at its product offerings, and then set about on a journey to methodically rebuild that brand and its products literally brick by brick, getting to know and reconnecting with its customer base. It changed its attitude and approach to the business, constantly innovating to remain fresh, relevant and ultimately fun. The lesson learned is that you can never take a brand and your customers for granted, and you can never stay still.