Responding to Evolving Markets (Strategy)

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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