Hello, I’m
Jim Glover, That Branding Guy, for Once
a Day Marketing™. Today we are looking at product innovation to expand into
new markets.
If you are a
car-maker who manufactures heavy duty trucks in a market place where many drivers
want better gas mileage, what do you do? When you are one of the world's top
beer makers, brewing up a great dark beer, but today's imbibers are gravitating
toward craft and fusion brews, what options do you have? Or, what if you
recognize there are a lot of urban dog owners who don't have the time to
exercise their pets?
The
solution? Product innovation that allows expansion into new markets. The Ansoff
Matrix model refers to this as diversification. Take a moment to review a
previous Once a Day Marketing™ blog:
The
Ansoff Matrix Model
To solve the
three situations above, Ford is launching a new F-150 truck made with an
aluminum body to achieve lighter weight and provide better gas mileage.
Guinness is releasing a new beer called the American Blonde Lager, manufactured
in the USA, a big, grand, different tasting beer. Lastly, Frolick Dogs in
Alexandria, VA is a new canine sports club designed to keep dogs fit, a new company
with bold offering.
I applaud
these efforts of thinking creatively to design new products that address the
needs in new markets. According to Ansoff, this kind of approach or
diversification is the most risky venture. But as they say: Nothing ventured,
nothing gained. So to steal from a popular TV commercial these days: What's in
your innovation wallet?
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a Day Marketing™. All rights reserved.
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