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Posted July 31, 2009
Yes, toy companies must find new ways to distribute their product, whether international, new retail outlets, direct, mall kiosks, or some other. Toy companies need to find new revenue streams, like Hasbro has Transformers and other movies, and the outlicensing of their brands in addition to toy sales, and Spinmaster has kids' furniture. Toys alone will not be enough. The Toy Industry needs to promote the impact and importance of toys in society. Make toys important, not just a luxury or a nice-to-have, but as essential as food and water in the nuturing of the child. Toy Companies and the industry as a whole need to learn how to deal with the next consumer safety crisis or other emergency in a way that makes them look like they truly regret their shortcomings. Toy Companies and the industry must act like responsible global corporate citizens in the way they clean up any future mess, and they will surely come along. The Tylenol poisoning scare of long ago is an example of how a company stood up and cleaned up the mess in a way that no one could fault them. Toy Companies need to innovate, invent, create and bring to market powerfully compelling product at a great value. We need to create toys people must have. Mechanical mysteries, as Fisher Price describes our TMX Elmo, electronic marvels that bewitch and entrance. And toy companies need to market these products in ways that the comsumer cannot ignore, again as Fisher Price marketed TMX Elmo only a few years ago. We need masterful marketing, not the mundane and humdrum, and we need incredible, wonderful products that kids and consumers cannot resist
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