Tag Archive for: Sales & Marketing

Ten years ago, The Lego Group, a leading multinational and famous brand of construction toys reached an unimaginable shape towards the brink of complete economic failure. They became worse in 2003 when the sales of Lego went down by 29% worldwide, and by January 2004, they broke down completely losing around one million dollars every day.

The owner and CEO Kjeld Kirk Kristiansen then stepped down and paved the way for the new CEO Jorgen Vig Knudstorp to step into his shoes. Jorgen revolutionised the company and implemented various strategies that every firm could utilise. The core three principles that he applied were-

To sell your products, most importantly you need to know who your targets buyers are and keep in touch with their changing requirements. Lego had slowly lost track of what their prospective customers, i.e. families and kids wanted. The first strategy that Jorgen implemented was that he made his market analysts get a complete market research done and find out whether what the children wanted was some challenge and not a just mere showpiece.

Lego was not only any other toy company. It signified a brand name, and more fundamentally, it highlighted its excellent quality and features. The trust that a consumer has when he gets a Lego product without much thinking is something which adds value to the product.

Every company has its dedicated set of followers who are loyal towards the brand. These fans are the most reliable set of customers, and their feedbacks, as well as suggestions, are most crucial in the shaping of the company. Lego, in this case, went a little overboard and recruited some of their most reliable fans – the AFOLs (Adult fans of Lego) and came up with creative products which brought them back to the top.

Entrepreneurs face the challenge of developing their business and achieving their goals every day. What most people don’t realise is that not every business works on the principle of one entrepreneur having a breakthrough idea. Every company, to achieve a brand name globally, needs to work on several factors and iterate their options. Along with opportunities come several other drawbacks which can pull an entrepreneur down, but the key lies in eliminating these factors, and removing them consistently and regularly. This not only keeps your brand fresh and up-to-date but also decreases your business’s chances of falling into a loss.

The ability to iterate and eliminate efficiently is what makes an entrepreneur a global phenomenon. Iteration in simple terms is laying down all your prospects, discussing various strategies, setting different short-term goals in every field so that one can measure the output regularly. This is where elimination comes to play. After the six month or annual check-up, every entrepreneur can analyse where the shortcomings are, and which field requires work. If these shortcomings are rendering you high losses and now return on investment, you can now use the power of elimination to delete these features from your business prospectus altogether. Initiate strategies which are more effective in those fields and encourage new ideas, as most likely your first few ideas will reap less or no result. The combinational power of iteration and elimination can make your entrepreneurship shine amongst the several thousands of others.

Colour psychology is how people respond to colours which in turn invoke different types of emotional changes in their current behaviour regarding the subject. Recent studies have proven that when people see the colour red, their rate of reaction not only amplifies but also becomes quite forceful. They seem to have a boost in energy, and there is a reduction is analytical thinking. A sense of urgency gets developed due to which they make faster decisions regarding the topic and their hearts begin to race.

This same psychology is used by several companies all over the world to optimise their advertisement strategies to attract new customers. Some organisations also apply this psychology to their day-to-day business and logos so that it has a much vivid effect on their customers. The type of colour scheme one uses to design their logo, or the interiors of their office dramatically influences the enticement level of their customers towards their product or services. The font, the words and the layout, everything plays a significant role in design. Red being a dramatic colour is associated with love as well as anger. It is programmed into a psyche such that we can sense danger whenever we see the colour red, which in turn creates a sense of urgency in the people and they’d want to click on the font which you’ve boldly mentioned in red. Being a bold and bright colour, it naturally catches attention and comes in several hues for one to use in their advertisement schemes.

Every small organization or retailer has a tough time starting up as they are unaware of what to do first or next. Every retailer wants its brand name to be known globally and wants to collect umpteen quantities of customer data, but don’t really know how to go about it. The answer to that question is pretty simple. Everything needs organization, and without an agenda to collect this Big data with insight and what you want to do about it, your entire plan can go haywire.

One needs to be clear about all the rules while collecting data from different users in different countries, as every country has a different set of privacy policies. While collecting the Big data, make sure you organize it in structured formats and not in a haphazard manner, as it is of key importance to know what kind of user data you’re acquiring. The best and the safest way to keep your retailer name and fame is to start small. Every retailer needs to identify themselves their strength and work on their weaknesses so that even if you target a small user crowd, you get effective results. Start branching out by bringing in other data sources once you have settled in and completed a few campaigns. Collecting your user database will help you target your prospective customers; deliver to them the latest offers and features of your company’s services and commodities. You can use all this data to streamline your audience based on geographical regions, age, sex and many more, making your marketing job is the future much more facile.