From Failure to Fortune in 3 Moves
Steal the 3 Moves that Saved LEGO from Bankruptcy
I'm going to help you understand my CPR Framework which is designed to help entrepreneurs achieve massive success in their lives and business.
Let's start with how LEGO saved itself by hiring a Strategist:
The LEGO Story
In the early 2000s, LEGO faced a financial crisis, losing $292 million in one year.
To turn things around, they sought out specialists who introduced them to a strategy similar to my own.
A strategy that focused on clarity, understanding customer psychology, and building strong relationships.
By applying these tactics and principles, LEGO then transformed itself into a Billion-dollar brand!
How LEGO Stole our Imaginations
LEGO started in the 1930s with simple wooden toys and later transitioned to those colorful plastic bricks we all know and love.
For decades, LEGO bricks fueled our imaginations, letting us build anything we could dream of.
But as competition grew in the toy industry, LEGO found itself struggling to maintain its market share.
Everyone already had a box of bricks—they were running out of customers and facing declining sales.
As recent as 2004, they lost $292 million in one year!
And when the execs needed a transformation, they called for help and invested in a similar framework to steal our imaginations!!
It's only slightly as corrupt as it sounds, but really LEGO just realized that its core product offer eliminated the opportunity to resell to customers.
They decided instead to do the imagining themselves and create the designs, then sell the blueprints and materials.
This MASSIVE SHIFT created an endless opportunity to sell to their brick builders and catapulted LEGO to a billion-dollar brand!
Let me explain how LEGO applied these principles:
- Clarity: LEGO refined their message to emphasize creativity and endless possibilities. They made it clear that LEGO wasn’t just about building blocks; it was about building worlds and stories.
- Psychology: They tapped into the psychological triggers of storytelling and adventure by partnering with popular franchises like Star Wars, Harry Potter, and Marvel. These partnerships turned simple bricks into pieces of epic sagas, making LEGO sets must-have items for fans of all ages.
- Relationships: LEGO built strong, meaningful relationships with their customers by engaging both children and adults. They expanded their product line to include complex sets for adults, launched video games, and created movies. They even have theme-parks! (we have season passes)
By aligning themselves with beloved brands and focusing on their core values, LEGO not only revitalized their brand but also catapulted their sales, becoming a billion-dollar powerhouse in the toy industry.
Let's dive into how you can apply these principles to transform your brand today.
Move 1: Achieving Clarity
Clarity in your business direction and goals is crucial for achieving success. Gain a clear understanding of who you are by identifying your unique strengths and weaknesses.
Identifying Strengths:
- Purpose: Reflect on why you started. What drives you?
- Vision: Imagine your ideal future. This must be a very clear picture of your future.
- Mission: Declare what you will do to achieve your vision.
- Values: Identify core principles that guide you. You have to stand for something.
- Skills: Simply, what tools do you have to get you where you want to go?
Identifying Weaknesses:
- Reflect on past challenges and areas where you struggle.
- Be honest with yourself and solicit candid feedback from others.
- Conduct a real gut check to identify these weaknesses without dwelling on them.
The results of this gut check—this awareness—will allow you the truest benefit of clarity.
BONUS TIP: Focus on your strengths and don't waste time trying to improve your weaknesses.
Key Steps:
Define Your Vision with Massive Goals:
- Example: "We aim to revolutionize the eco-friendly product industry by creating innovative, sustainable solutions that dominate the market."
Identify Your Unique Value Proposition (UVP) through Differentiation:
- Example: "Our products not only use 100% recycled materials but also incorporate cutting-edge technology to enhance functionality."
Set Massive, Specific Goals:
- Example: "Increase our customer base by 500% in the next year through groundbreaking marketing campaigns and strategic partnerships."
Move 2: Mastering Positioning
Understanding your market is essential for discovering opportunities and positioning your brand effectively. By mastering psychology & positioning, you can connect deeply with your audience and stay ahead of competitors.
Discovering Opportunities:
Market Research: Conduct thorough research to understand industry trends, unmet needs, and emerging opportunities.
Audience Insights: Use surveys, interviews, and social media to gather direct feedback from your target audience about their pain points and desires.
Competitor Analysis: Study your competitors to identify gaps in their offerings and areas where you can differentiate your brand.
Trend Analysis: Keep an eye on market trends and changes in consumer behavior to anticipate future opportunities.
Courage: Getting Yourself Ready
Building the courage to seize opportunities involves acknowledging fears and leveraging strengths.
Acknowledge Your Anxiety: Recognize specific triggers and confront them directly.
Leverage Your Strengths: Use your past successes to build confidence.
Set Small Goals: Break experiences into smaller steps and celebrate small wins.
Embrace Failure using my BADD Framework:
- Be prepared to fail: Accept that failure is a part of the process.
- Accept a failure when it happens: Learn from it.
- Design a process to succeed the next time: Implement changes.
- Don't let it happen again: Use lessons learned to prevent recurrence.
By mastering positioning tactics, strategies and principles, you can uncover opportunities and position your brand effectively, ensuring it remains relevant and competitive in the market.
Move 3: Building Relationships
Building meaningful connections through authentic engagement, effective networking, and sustained communication is crucial for creating opportunities and positioning your brand in the market.
Creating Opportunities:
Authentic Engagement:
- Be genuine and show interest in others' needs and goals. Authenticity builds trust and rapport.
- Example: Honor God, your family, and humanity by serving others with integrity and respect.
Being a Good Person:
- Demonstrate trustworthiness and integrity in all interactions. Your self-worth and relationship with yourself reflect in how you treat others.
Effective Networking:
- Attend industry events, join online communities, and actively participate in discussions.
- Example: Ask, "Who do you know that...?" to expand your network.
Sustained Communication:
- Keep in touch regularly through updates, sharing valuable content, and personalized messages. Simple gestures like follow-ups, remembering birthdays, and showing appreciation go a long way.
Opportunity Creation:
- Authentic relationships lead to testimonials, referrals, and brand ambassadors. Opportunities often create themselves.
Market Positioning:
- Strong connections help you gain insights, stay informed, and position your brand effectively without the need for traditional marketing.
By building strong relationships, you create opportunities and position your brand effectively, ensuring sustainable growth and success.
Now you have the tools to apply the CPR principles to your brand, and you'll be on your way to achieving remarkable success!!
- Brian Orr
Top leaders donā€™t chase opportunitiesā€”they attract them.
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