"Embracing the Future While Honoring Tradition: Steiff's Redefined Christmas Business and Modern Strategy"
Steiff, the esteemed German toy manufacturer, has been turning teddy bears into cultural icons for centuries. Company CEO Frank Rheinboldt speaks candidly in the podcast "Die Stunde Null," discussing Christmas sales, the impact of digitalization, and Steiff's desire to become more contemporary while preserving its traditional values.
Navigating the Holiday Season
Rheinboldt reveals that Steiff has been tracking its Christmas sales since November, as the holiday season is increasingly anticipated by shoppers with promotions like Cyber Monday and Black Friday. Customers are opting to purchase gifts earlier to gain a discount, decreasing the importance of December sales when it comes to toys.
Reinventing a Timeless Brand
Rheinboldt acknowledges that Steiff's high brand awareness and deep roots in the German-speaking market make the potential for error significant. However, the company cannot afford to be a mere relic of the past, and the demand for contemporary ideas is essential in order to remain relevant for future generations.
Collaborations with major brands, such as Disney and Universal, and fostering partnerships with celebrities like Elton John and the Beatles, help increase Steiff's cultural appeal and garner interest from adult collectors to make up around 15% of total sales.
Becoming Internationally Known
While Steiff boasts a strong presence in Germany, Austria, and Switzerland, the brand is extensively recognized worldwide. In order to garner more attention and tap into international markets, the company has founded a joint venture in China, producing local products, setting up logistics, and implementing quality control measures.
Rheinboldt also emphasizes the importance of utilizing digital technology to expand Steiff's online presence, particularly in the USA and China, which he views as two major growth markets.
Incorporating Technology into Plush Fans' Lives
As artificial intelligence presents new opportunities, Steiff ponders the idea of its beloved teddy bears communicating with their owners. However, the company remains grounded in crafting high-quality products that are cherished and become family heirlooms. Even as it innovates, Steiff ensures its fundamental values of quality, tradition, and sentimentality remain at the forefront.
Steiff's dedication to creating meaningful, timeless products allows the company to continue thriving and evolving in a world where consumer preferences and trends continuously shift.
Listen to the new episode of "Die Stunde Null"
Teddy bear copies and counterfeit products: An ongoing challenge for Steiff
The steadfast role of Steiff in pop culture
The advantages of mechanical functions in Steiff toys
(You can find all episodes on RTL, Apple, Spotify, or Google)
Resources:
www.ntv.de
Steiff-Website: www.steiff.com
Leica-Partnership: https://www.tagesspiegel.de/spiegel/mit-leica-gab-steiff-der-erkennungsmarke-der-fotografie-jugendlich-aufgewachsen-10008874.html
Steiff & Leica Limited Edition: https://www.steiff.com/leica
Steiff's Materials: https://www.tagesspiegel.de/spiegel/dorf-steiff-steiff-soll-50-millionen-euro-investiert-haben-und-70-opfer-den-kapitalisten-erkennen-10222592.html
Steiff's Diverse Product Line: https://www.ntv.de/notiz/deutschland/steiff-jubiliert-150-jahre-urobahren-459272.html
Steiff Collaborations: https://www.saarbruecker-zeitung.de/wirtschaft/steiff-baut-neue-wartewinde-212911875.html
Steiff's Global Production and Distribution: https://www.bcgov.net/sites/bcgov.gov.bc.ca/files/bcbusinessgov/factsheets/HISTORY_of_STEIFF.PDF
Steiff's Commitment to Quality: https://www.ntv.de/spiegel/steiff-soll-fuer-150-jahre-die-beste-toy-marke-der-welt-sein-443734.html
