Do not pass Go without learning these lessons from 90 years of Monopoly
Wishing the iconic boardgame that makes capitalism fun a very happy birthday…
Monopoly, the board game that has been the cause of family arguments across the world, is turning 90. It’s the game that proves big moves start with a roll of the dice and, if you’re really lucky, ends with property on Park Lane. The iconic game designed to bankrupt your closest friends and family makes it clear that the phrase “monopoly money” belies a true business behemoth. It is now even a real mint.
Even in our doom-scrolling, online gaming era, the Monopoly brand remains strong. And that holds some real lessons for business leaders in any industry in staying relevant.
Get out of jail free: invest against the prison of sameness
Monopoly has understood that diversification is key. It has invested in its travel-friendly game, Monopoly Deal, and brought the fun to mobile for solo gamers via Monopoly Go. It also understands how to implement strategic partnerships, like the hugely successful Monopoly: McDonald’s edition, allowing it to break into new customer bases. Its live in-person experience on Tottenham Court Road means you can now even fully immerse yourself in the Monopoly experience IRL.
These create powerful new interactions and experiences for the brand, while retaining that Monopoly magic. It’s about clearly understanding what makes your business special and holding true to that whilst innovating virtually everything else to retain and grow relevance.
From Park Lane to Boardwalk… understanding cultural nuances that make for global appeal
Lots of international businesses struggle to find the balance between local flavour and global consistency. They can learn from Monopoly’s ability to adapt to different cultures and sub-cultures to create brand identification.
One of its original defining features was the special editions for most major cities – with over 100 cities captured on the board. Now, it also offers franchised editions with everyone from Star Wars to the soon-to-launch K-Pop Demon Hunters edition.
The version of my childhood started on Old Kent Road, while my colleagues tried to buy Mediterranean Avenue. But we still know and love the same game. This is because it has maintained its core imagery, for example keeping its iconic player pieces such as top hat, dog and iron.
Everyone loves seeing themselves reflected in entertainment. By adapting for different cultures and contexts, Monopoly has made this possible – offering the chance for differing communities to see themselves within the brand.
Don’t leave success to Chance
Hasbro’s strategy for Monopoly has centred around observing cultural trends and jumping on them instead of trying to create them. In that, there’s a good lesson for businesses. Success can come from reading cultural changes well and responding in the right way. Don’t just force a trend in the hopes of appearing relevant and ‘cool’.
At the same time, if there’s a nostalgic element to your business don’t ditch it just because it’s “old”. Used in the right way, nostalgia is a powerful device to attract new customers and retain interest.
So many of us have fond memories of playing Monopoly around the table with friends or family. Its product innovations of recent years tap into nostalgia while attracting a younger generation, too.
Clarity of vision combined with cultural relevance has ensured the brand reigned supreme for nine decades. I believe it will stand for nine more in many different forms. Monopoly reminds us that successful businesses are those that know themselves, their audience and the culture surrounding them best.
And, of course, the ones that play their hand wisely. And get lucky with a roll of the dice.
Clive Green is director of strategic planning at Generation Media