I read in the Telegraph today about 100 things that have been sent into space. It’s a fascinating list. Everything from a sound recording of a shepherd herding and a saxophone to sea urchin sperm! However, the item that made me rather wistful was the fact that Lego mini-figurines of Galileo and the Roman deities Jupiter and Juno also went into deep space. http://www.telegraph.co.uk/culture/culturenews/11240686/100-objects-that-have-been-sent-into-space.html As the article explains, “The desire to explore space is as strong as ever and Lunar Mission One – an ambitious British crowd funded project to use public donations to fund a moon landing in 2024 – is gathering momentum.” It seems the objects that have been selected represent what represents earth should aliens see them. Lego has come a long way since being founded in the 1930’s. It’s now gone astro! Who knew it would end up in space from humble beginnings in a small carpenter’s workshop to a modern, global enterprise that is now, in terms of sales, the world’s third-largest manufacturer of toys! http://www.bbc.co.uk/news/business-26378384 And despite the Great Recession, profits for 2009 were £99.5 million. Wow! And for the grand finale - drumroll please! - the Lego Movie 2014 received one of the highest recorded openings for an original animated movie, with brand going from strength to strength to meet its customers’ needs. It adapts and sets the trends because innovation is so high on its agenda. So what are the secrets to building a sustainable and profitable brand like Lego? A sustainable and profitable brand is more than a name; it’s a set of differentiating promised that link a product or services to its customers. Here are 5 Top Tips from Creativedge to build a better brand, some of which may well ring true for iconic brand Lego:- 1. Identify your strengths To be different from your competitors study them closely. Understanding the strategy and dynamics behind competing brand will provide the backdrop against which to craft a distinctive brand with long term competitive advantage. Find out:- - How customers perceive your competition? - How committed your competitors are to different market segments? - Your competitors’ key strengths and weaknesses? 2. Know your customer’s value Some customers have more value and some have more opportunities than others. To determine customer value, evaluate such key things as:- - How much each customer is currently spending on your product/service? - How much that customer will spend in the future? - How often the customer buys in the category? - What share of category purchases your product/service gets? Or in simpler terms: is the customer a loyal buyer or a brand switcher? Whether the customer pays full price or a promotional/discounted price? 3. Align brand and business processes Developing a brand image is a holistic process that begins inside the business and works outward. While a name, logo, advertising and packaging can trigger positive associations that put your product on a customer’s ‘short list,’ it’s ultimately the customer’s experience that validates and sustains your brand. Actual performance will determine brand success. Every business practise, customer contact and even employee attitude must support the brand positioning. Everyone from the CEO to the shop floor must be signed up to it. If your brand says ‘friendly’ and your switchboard operator isn’t, you aren’t! If you say ‘convenient’ and lock the doors at 5pm, you are not! 4. Develop Brand Position Brand positioning is based on detailed market research and planning. A good positioning statement does more than describe your product or service uniquely; it defines your relationship with your customer. Your positioning statement has to clearly and concisely articulate how you want users to think, feel and act towards your brand. And boy, does Lego have an uber-definitive brand position. One of the best in our opinion. 5. Measure the results Brand attitudes, purchasing habits and brand loyalty are linked both directly and indirectly to branding strategies. The ‘feedback’ or modification cycle is a loop in which quality improvements are continual. Want more tips about building a brand and a range of other management and workplace issues? Visit the new Creativedge free mobile App providing immediate, expert management and personal development tips and advice. Visit:- https://itunes.apple.com/gb/app/top-10-tips/id796349890?mt=8 https://play.google.com/store/apps/details?id=com.elixsoft.creativedge