LEGO's savior business blocks

Jorgen Knudstorp took control of a deteriorating family run business in 2004. In three years he got it out of woods, set it going and at present he is introducing it to the 21st Century. On LEGO's 50th birthday here are some tips form marketing virtuoso.

Marketing can be as easy as building with toy-bricks. Here are some universal hints from Knudstrop:

Create a balanced business model bearing in mind core assets and identity, building a structure that enhances productivity with value creation, and reconfiguring assets and finances. And then go over it again.

Consider applying so-called 'Alpine style' organizational change. In other words, use a small team consisting of a couple of people to achieve your goal. Apply fast strategies and tactics that change new ideas into impactful ones.

Realise that cuts and outsouring aren't the ends themselves. The end is to reduce assets and investment risk to keep the core business. In other words don't cut, trim.

Allow entusiastic customers to cooperate with the brand and have their impact on product development.

Be willing to sacrifice short term profit for long term loyalty of all your key shareholders, including employees and customers. Control your emotions, don't let them take control over you. Learn how to be aware of and how to change your attitude and mood, in order to meet present moment demands and succeed in your task. Don't yearn for a perfect balance between your busy professional life and personal life. There's no such balance. Instead, bear your priorities in mind, and find time for them in your life.

Source: Sterling Magazine