From Product to Entertainment: learnings from Mattel (and LEGO)

?? Strategy Insights from Cannes Lions 2024 with Mattel's CEO

Inspired by LEGO's journey since 2014 with movies and electronic games, I have frequently used it as an example when training thousands of people in brand strategy, application and best advertisement practices.

On Today's Cannes Lions closing day, Mattel's CEO shared valuable insights on how Mattel is shifting its strategy, which has six more films in the pipeline and issued a blockbuster movie with Barbie last year.

Some takeaways:

?? A Shift in Perspective:??LEGO began its transformation by expanding beyond traditional toys into Entertainment, eGames, theme parks, expanding to adults, etc. I may be wrong, but I consider this the unprecendent leader in this strategy - kudos, Lego!

Similarly, Mattel identified a golden opportunity: evolving from a toy manufacturer into a franchise leader. This transformation isn't just about growing the toy business; it's about building the bridge to the entertainment industry and positioning the company for long-term growth.

?? Entertainment as the New Frontier: AI and emerging technologies have unlocked new avenues for creating and experiencing content in today's dynamic landscape. Both LEGO and Mattel aim to infuse their timeless brands with contemporary relevance. The essence of their brands, part of their product, experience, retailing strategy, and theme parks (in the case of Lego) ensure cultural resonance and emotional engagement with fans.

?? Authenticity and Emotional Connection: Understanding and conveying a brand's purpose is crucial. You cannot pretend to be Apple, if you do not act like it. Mattel may also be able to be true to its products and audiences across its portfolio, which includes HotWheels, American Girl, and Uno, among many others. Authenticity cannot be faked, especially with sophisticated audiences: children. Much like LEGO's, Mattel's strategy involved creating a cultural event with the Barbie movie—not just a marketing way of selling more toys, but a genuine effort to engage with audiences on multiple levels. How many people worldwide were waiting for the movie to be launched?

?? The Barbie Movie: A Cultural Event: Collaborating with Warner Bros., Mattel aimed to make Barbie relevant to a broad audience. Despite initial scepticism, the film's success hinged on creative collaboration and trust between the brand and filmmakers. In the middle of some activism discussions, we saw many children (and adults) somehow referring to their (sometimes very different) points of view of Barbie when watching the movie.

?? Expanding Entertainment Horizons: Mattel plans to expand its entertainment ventures, including more movies, series, adventure parks, e-games, and merchandise. The goal is to grow the toy business through a robust entertainment strategy, not replace it.

?? The Future of Brand Engagement: As we see with LEGO and now Mattel, the future lies in transforming products into comprehensive entertainment experiences. This strategy keeps brands relevant and fosters a deep emotional connection with audiences.

Think about what is needed:

1. Vision
2. Engagement with your audience's passion and treat it with respect;
3. Authenticity to your product; do not pretend it to be what you are not

If you do it well, people will even pay to watch your "advertisement".