Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today we are taking a look at product
innovation to expand into new markets.
Businesses often find themselves in a position where
demand for their product is declining due to economic circumstance, social
trends and/or consumer preferences. For example, a car-maker manufacturing
heavy duty trucks in a market place where many drivers want better gas mileage
or, one of the world's top beer makers producing great dark beer while today's
imbibers are gravitating toward craft and fusion brews.
At the same time, there are hundreds of entrepreneurs
recognizing unfilled consumer needs and starting new businesses to provide
those missing products and services.
When one of these situations arises at your company, do
you know what your business would do?
Consider product innovation that allows expansion into
new markets.
To solve the situations above, companies have to be
creative; Ford launched an F-150 truck with an aluminum body for lighter weight
and improved gas mileage. Guinness released American Blonde Lager, manufactured
in the USA, a big, grand, different tasting beer. Lastly, Frolick Dogs in
Alexandria, VA is a canine sports club designed to keep dogs fit, filling a
need for customers that didn’t have time to walk their dogs.
I applaud these efforts of thinking creatively to design or
re-design products to address customer needs as markets evolve. Companies sometimes have to take risks with
new or updated products to keep their brand relevant otherwise they would be
left behind as new enterprises emerge to fill voids in the market.
Once a Day Marketing™ inspires clients to brand bold. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501.1330 or email glover@onceadaymarketing.com. Listen to Ask Those
Branding Guys™ every Monday at 11:00am (MDT) streaming live on SantaFe.com
KVSF 101.5 FM.
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