PROVIDENCE – Chris Cocks, Hasbro Inc. CEO and president, is confident that in today’s recreational gaming economy, customers need not age out as the source of revenue growth.
Speaking before more than 400 business and civic leaders at the Greater Providence Chamber of Commerce’s fall Economic Outlook Luncheon Monday at the R.I. Convention Center, moderated by Chamber President Laurie White, the self-described gamer-turned CEO is guided by a two-part philosophy that he argues applies to any sector and any customer, whether a construction or pharmaceutical company or a 5-year-old child.
A fundamental insight remains: “what the customer wants,” he said, adding the second part is needed to sustain company success in the long term.
“It’s what we call ‘spark,'” he said. “If
insight is the tinder. Then spark is what creates the fire ... You have to have to have passion. Especially in creative endeavor. You not only have to understand the consumer. You have to be the consumer.”
More than 60% of Hasbro customers are older than 16 years old, said Cocks, part of a growing trend that has also added the phrase "kidults" into the national lexicon.
"They are now a huge portion of our business," he said.
Cocks, who took over in 2022 following a stint as president of the company's Wizards of the Coast and digital gaming, is now being hailed as a turnaround CEO by Wall Street analysts. After posting a loss of $1.49 billion in what the company called a “challenging” 2023, Hasbro shares this week reached a 52-week high at $69.73.
Cocks said the strategy is to tap elements of the traditional business-to-business model, but applying these to a potentially lifelong customer whose interests and desires change through the years.
"Play is one of the most powerful platforms when building a relationship with a consumer,” he said. “You have an opportunity to sell them a video game they would not have been prepared to play when they were 4 years old. You can keep replicating that cycle. Finding what are the relevant and adjacent product opportunities to sell to them.”
Asked by White about growing concerns over "kids glued to devices" and the potential effects on their mental health, Cocks turned the question around, admitting that while "digitization is pushing us apart in many ways," gaming can be beneficial to social growth and familial relations.
His advice?
"Don't fight it," he said. "Show curiosity towards it. You could be amazed at the conversation that is unlocked."
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
