$7 Billion from One Small Tweak – A True Story! (3 minute read)
Ole Kirk was a worried but determined man.
A fire had destroyed his furniture factory completely. Yet here he was, building a bigger factory and seeing it as an opportunity.
Tragedy struck again, this time, in the form of the Great Depression. People lost jobs. Ole Kirk had to let most of his staff go.
On top of this, Ole lost his wife.
These were really hard times, And Ole made a tough decision – if there were no takers for large furniture pieces that cost a lot, what about making smaller, inexpensive things with the same wood?
He started making wooden toys. Cheap, wooden toys. Ole Kirk would make small tweaks and introduce new toys. Initially, this did not yield results, in fact, sales were spiraling downwards.
By now, as you may have guessed, Ole wasn’t one to give up easily. He knew these cheap, wooden toys had a future. He continued making them. Sales started picking up eventually.
Thanks to Ole’s continued persistence and those small tweaks on wood he made, the company, known to all of us as Lego today, made a whopping US $ 7 B in 2020.
What does the story tell us? Game-changing innovations and large-scale marketing transformation need not always have to emerge by toppling the entire system and re-inventing the wheel. Many a time, those small, meaningful tweaks push the needle to the next level.
This is a series on how such small Marketing tweaks delivered value to various brands and have made a significant difference to their numbers.
The first story deals with how a large (in fact, one of the world’s largest) Bank in Singapore found it’s mojo by way of such small tweaks.
|Part 1: Tried and Tested Small Ways to Boost Traffic to your Website (4 minute read)|