A key formula to assuring you are able to realize your goal of being an “Innovation” driven brand, is to assure the innovation hits the market at the right time, in the right markets with the right consumer. This is all achieved by ensuring you have a cohesive Product Life Cycle Planning system in place.
Many brands either live by their founding principles and organization, which may not have a life cycle process in place and feel this will continue to evolve the brand and its products. This is usually inherent in a smaller brand, still living in its Entrepreneurial roots. The process will eventually catch up with the brand, finding that processes and procedures are integral to its future growth and success, with the Product Life Cycle Process being a key ingredient.
On the other hand is a well established brand with finely tuned Product Life Cycle processes, but never bring anything to market on time. This “passing of the torch” can damage a brands innovation engine as well. By the time this product evolution or re-creation gets through the brands systems and approvals, it may be to late, as smaller, more nimble brands have already established a footprint. Obviously, there is a lot of good which can come out of these large product engines, as deeper pockets allow for more “hits & misses”, whereas smaller brands do not have this luxury.
Tucked neatly in the middle to these two dynamics is the mid-tier brand, very nimble, simple point to point contact for product approvals and deep enough R & D pockets to do some serious damage. They’ve grown out of the Entrepreneurial roots, but have not yet accepted the large company mindset. These companies are the most dangerous, and the biggest threat to grab market share the industry leaders.
Drive the Market…
Keep it Simple…
Always think Big, but act Small…
Be Quick to Respond, and anticipate Reactions…
Enjoy the Ride…!
Bryan Smeltzer, President
“Product Innovation and Marketing Success Blog..”
At times, either in the beginning, or over the course of building a brand, these get lost in translation or become reactionary vs proactive strategies. To build a successful brand, these need to be front and center as a company lays the foundation for successful Growth. At Liquid Mind, we assist you in either IGNITING or RE-IGNITING your brand through foundational Growth elements. Strategy Partner for Disruptive Brands. The LiquidMind team has extensive executive level experience in; Go to Market Development, Startups, Brand Positioning, Product Creation, Marketing Strategies, Social Media Channel Development and Merchandising Execution with some of the most worlds most re-known brands.