How Mattel Turned Decades-Old Toys Into IP Gold | Quantum Marketing

Key Concepts:

• Brand Transformation
• Female Empowerment
• Diversity and Inclusion
• Dream Gap Project
• Multi-Audience Marketing
• IP Expansion
• Franchise Mindset
• Cultural Relevance
• Mattel Playbook
• Barbiecore
• Omnipresence Marketing

Barbie's Brand Transformation (2016-2021):

• The Problem: By 2016, Barbie was losing relevance. Parents felt she was out of touch and didn't see her as a role model for their daughters.
• The Solution: Lisa McKnight, as Barbie's global head, led a transformation by revisiting the brand's original purpose: female empowerment.
• Ruth Handler's Inspiration: Barbie's creator, Ruth Handler, wanted to inspire her daughter to believe she could be anything, unlike the baby dolls that limited girls to nurturing roles.
• Marketing Shift: The marketing message shifted to focus on limitless possibilities and Barbie as a source of inspiration.
• Product Line Transformation: Massive diversity was added to the product line, including different body types, ethnicities, and abilities, reflecting true reality.
• Results: By 2021, Barbie became the number one doll and the number one toy property globally.

The Barbie Dream Gap Project:

• The Issue: Research showed that girls start losing confidence in their abilities around the age of 5 or 6, seeing themselves as less competent than boys.
• The Initiative: The Dream Gap Project was created to even the playing field for girls and raise consciousness about this issue.
• Partnerships: Mattel partnered with organizations like Girls Who Code to help girls believe in their capabilities and leadership.
• Impact: The project has impacted over 25 million girls worldwide.

Marketing in the Toy Industry:

• Emotional Connection: Toys evoke nostalgia and emotional connections for many people.
• Multiple Audiences: Marketing must consider the core user (child), the shopper (parent/adult), and adult collectors/fans.
• Fashion Trend Business: The toy industry is subject to trends, with low barriers to entry, requiring constant innovation and reinvention.

The Barbie Movie (2023):

• IP Extension: Mattel views its toy brands as IP and seeks to expand their audience and create deeper connections.
• Strategic Partnership: Ynon Kreiz, Mattel's CEO with an entertainment background, accelerated conversations with Warner Brothers.
• Key Talent: Margot Robbie as a producing partner and star, and Greta Gerwig as a screenplay writer and director, were crucial.
• Box Office Success: The film earned $1.4 billion worldwide, becoming Warner Brothers’ highest-grossing global release ever and making Greta Gerwig the first solo female director to have a movie hit $1 billion.
• Cultural Impact: The film sparked a cultural phenomenon, with the "Barbiecore" trend and widespread community engagement.
• Marketing Strategy: The marketing strategy, though new to Mattel, targeted a broad audience, including those who loved and hated Barbie, aiming to surprise and provoke.
• Partnerships: Over 165 partnerships were formed across various categories to create omnipresence and fuel fandom.

Mattel's Future Plans:

• Hot Wheels: Plans include a Hot Wheels Legends Tour, digital gaming integrations, and a theatrical movie.
• Masters of The Universe: A theatrical release is planned for June 2026, aiming to reinvigorate the franchise with an origin story.
• Learning from Barbie: Mattel is applying learnings from the Barbie movie to other properties, focusing on great storytelling and fan engagement.

The Mattel Playbook:

• Brand Purpose: Focusing on the intrinsic value that brands bring to consumers.
• Cultural Relevance: Staying connected to culture and ensuring brands are both timeless and timely.
• Franchise Mindset: Translating ideas to experiences and other categories to stretch the audience.
• Relentless Focus on the Consumer: Honing in on consumer audience and fan engagement in a more surgical way.

Conclusion:

Mattel's success with Barbie in 2023 was a result of a long-term brand transformation, a strategic approach to IP expansion, and a deep understanding of its audience. The company is now applying these learnings to its other properties, with a focus on great storytelling, cultural relevance, and fan engagement. The "Mattel Playbook" guides this approach, emphasizing brand purpose, cultural relevance, a franchise mindset, and a relentless focus on the consumer.