Last night I finally watched 'The Beanie Bubble' on Apple TV, and it felt like I was attending a masterclass on 'Behavioural Science in Marketing'.
There were loads of enlightening insights, but here are three strategies that helped position Ty Inc as the biggest toy manufacturer globally in the world (for a short time)...
1) Embracing Cutting-Edge Tech
In today's context with AI surging, this is especially relevant. Ty Inc was a trailblazer, being the first-ever direct-to-consumer retail business globally. They harnessed the power of the internet, transforming it from a mere research tool to a haven for dedicated shoppers.. at a time when a mere 1.4% of the US population had access to the internet. A testament to the merits of strategic risk-taking and brand audacity.
2) Strategic Supply Limitation & Distribution:
While many renowned brands like Apple have adopted this approach, it was decidedly avant-garde back then. Ty Inc's early resolution to exclusively partner with independent stores and consistently roll out limited editions was a genius move to induce scarcity and amplify demand.
3) Cultivating a Robust Community:
Rather than heavy advertising, Ty Inc chose to nurture a fervent community of enthusiasts. They even facilitated their customers in profiting substantially from product reselling. The aura of exclusivity and enigma they created added an additional layer of allure to their offerings. It's intriguing to think that Ty Inc might've inadvertently pioneered the concept of leveraging their consumers as micro-influencers way back in the 90s - long before insta and tiktok!
To any strategist or marketer - i highly recommend. It's genius!
Also - this pug was my fav <3
