Brand Barbie Gets a Makeover

I read a very interesting article this weekend in Fortune
Magazine about the doll we all know too well-Brand Barbie. The Barbie brand is
pushing 50, and of late has not been doing well. Sales peaked in 2002 and have
plummeted since. The same goes with market share, which used to be upwards of
80% and has been declining since. 

What went wrong? 
Nothing rocket science for sure. 
First, the company failed to pay attention to changing consumer tastes
and secondly to increased competition. Dolls such as Bratz seemed to take over
Barbie’s turf with dolls, which were more fashionable and ethnically diverse.
American Girl Dolls captured the slightly older girls, even offering a line of
dolls called “Just like me”.

The lesson of this story is to ALWAYS keep your pulse on
your target audience (the consumer in this case) and know who your competition
is. And what they are offering.

Here is the link to read the article: http://tinyurl.com/mcletn

Randi Bussin|Certified Personal Brand Strategist and Career Reinvention Strategist www.aspireforsuccess.com

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Comments

  1. Staying on the pulse of what people are expecting from your brand aids in staying current, and staying relevant. This is the formula I give my clients:
    Anticipated Value
    [effort, energy, research & creativity]
    +
    Perceived Value
    [consumers’ reality]
    =
    YOUR BRAND
    Same goes for the Barbie brand, their effort and creativity hasn’t been in sync with their consumers’ realities. That goes for Barbie and for the local mom & pop pizzeria.

  2. Yes, Randi! Brand – including personal brands – must evolve to remain relevant to the target audience. Thanks for the great post.
    Best.
    William
    http://www.williamarruda.com

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