Driving continuous Product Innovation is a key component to a brand hitting on all cylinders. Many brands that have this mentality are at the forefront of their respective product category evolution, and other brands are content to “bleed the juice” out of their “one hit wonder”(OHW).
This OHW strategy will move a product along the life cycle curve, with “late adopters” being the final nail in the coffin. There is no way for a brand without a substantial Product Innovation pipeline to sustain premium price points, as markets move to fast and products evolve to quickly. However, building the Innovation pipeline is only one piece of the product evolution cycle, it then has to be brought to market and adopted by the brand’s “core” consumer. This many times is where brands have very thin skin, as they realize how effective and efficient you have to be to pull this off at retail. Inside the corridors of the brand they may profess continuous Innovation, but once accomplished it may sit inside the “vault” never to be released to the world, for fear it will not be adopted and revenue flow affected.
This scenario plays out in brands all the time, however balance does need to come into the equation, the problem arises when you tip to scale to much to “No Risk” vs “High Risk”. The key is to find the balance, keep driving the Product Innovation and continually out-innovate yourself. No one said this was easy, but is essential to staying relevant….!
“If everything seems under control, you’re just not going fast enough…”
Enjoy the Ride…!
“Product Innovation & 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.