Crowdfunding campaigns in the toy industry can be a risky venture. While some have seen tremendous success, like the Marvel Legends Galactus figure, others have fallen short. Mattel, a prominent toy company, recently faced its first crowdfunding failure with its line of WWE toys. The campaign aimed to recreate the WCW Monday Nitro stage, but unfortunately, it did not meet its funding goal. This setback has led Mattel to reflect on the experience and learn valuable lessons for future endeavors.
An Unsuccessful Attempt: Understanding the Factors
Various factors were identified as possible causes for the WCW stage campaign’s failure. Some fans attributed it to the economic downturn, while others believed the $400 price tag deterred potential backers. Additionally, criticisms were directed towards the unlockable tiers and figure selection. Mattel acknowledged these concerns, recognizing the need for deeper analysis and improvement.
Mattel’s Senior Designer, Bill Miekina, admitted disappointment and heartbreak over the campaign’s outcome. The company had invested significant effort and planning to ensure its success. Despite the setback, Mattel’s Global Brand Marketing Manager, Steve Ozer, emphasized that failures are an essential part of ultimate success. This failed crowdfunding campaign has provided Mattel with valuable insights and opportunities for growth.
One interesting aspect mentioned by Ozer is that much of Mattel’s business operates similarly to crowdfunding. In the retail space, items need to meet a minimum order quantity for retailers to express interest. Instead, in a crowdfunding campaign, consumers take on the role of the retailer, determining the viability of a product. This distinction highlights the consumer’s power and influence in the crowdfunding process.
According to Miekina, one of the key challenges faced during the WCW stage campaign was communicating the extensive behind-the-scenes work involved. The focus on the figures as bonus items overshadowed the meticulous design and sourcing efforts undertaken for the stage itself. This misalignment of perception hindered potential backers’ understanding of the campaign’s true value and led to its ultimate failure.
While the WCW stage campaign’s failure is disappointing, it does not diminish Mattel’s commitment to crowdfunding WWE items through its Mattel Creations site. The company is determined to learn from this experience and improve its future campaigns. Ozer emphasized the need to reevaluate the execution of crowdfunding strategies and optimize the chances of success for upcoming projects. Mattel aims to take these learnings and apply them to future endeavors.
In the meantime, for those who missed out on the exclusive Mohammed Ali two-pack, there is still an opportunity to preorder it directly from Mattel. This two-pack garnered attention at the San Diego Comic-Con release, further highlighting the continued interest and support for limited-edition WWE figures.
Mattel’s failed crowdfunding campaign for the WCW stage has provided valuable lessons and insights for the company. It has highlighted the challenges of crowdfunding in the toy industry and the importance of effectively communicating the unseen efforts involved. However, this setback has not deterred Mattel from its commitment to crowdfunding future WWE items. By analyzing and improving its strategies, Mattel aims to deliver successful campaigns that resonate with fans and collectors alike.
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