Barbie's brand value hit a recent low of USD372 million in 2019 but has grown significantly in value to USD701 million before the movie launch this year. The new movie from Greta Gerwig is poised to drive further brand value increases: The film is a cultural phenomenon, and it's already sparking renewed interest in the Barbie brand.
The movie has the potential to dramatically enhance Barbie's brand value in several ways. First, it will generate a lot of buzz and excitement around the brand, which will lead to increased sales of Barbie dolls and merchandise. Second, the movie will help to rebrand Barbie as a more modern brand that appeals to a wider audience. In 2016, Brand Finance research identified that Barbie needed to reposition and connect with new audiences. Third, the movie will create new opportunities for Barbie to partner with other brands, which will further boost its brand value.
The way the film reinvents Barbie's brand narrative is also a stroke of marketing genius. The film leverages the classic Barbie theme of nostalgia to tackle contemporary concerns and resonate with modern consumers. By promoting positive images of female empowerment and self-expression, the film extends the audience reach of the brand to adults as well as children.
Gerwig's refreshing reinvention of a brand long criticized for its promotion of unrealistic body ideals and mass consumerism is an inspiration to brand marketers everywhere. Barbie can teach other brands to revisit their marketing strategies to create authentic and relatable brand narratives. This can help them to better connect with consumers, expand their reach, and ultimately strengthen their own brand presence.
As the highly anticipated film continues to make waves across the globe, it has the potential to shape the future trajectory of Mattel and the legacy of its iconic Barbie brand. Not only that, it serves as an invaluable lesson to other brands about the importance of remaining relevant.
