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”
B: “Product Innovation & Marketing Success”
I have a passion for living balanced life and a strong faith...each equally important for thriving and excelling…I love crushing mountain bike trails, exploring and finding ways to grow beyond the “status quo”. I am a dedicated, innovation driven team leader with a passion for establishing a disruptive vision and executing a market dominating strategy… Our industry has always been about creating innovative, market driving solutions that enhance performance or provide for a better life beyond sport. It has also been about culture, fit and passion for the brand. When these foundational pillars are removed, the brand starts to crumble. Being part of an industry that bridges talent between product creation, marketing, sales, finance and operations is formula for success, because every function is about building a foundational performance brand. It’s galvanizing when elite athletes wear and endorse our creations, but the real strength is leading the teams that combine their creative forces and technical expertise to make the engine roar. I am always passionate for defining and leading the next industry revolution… Extensive executive level experience across globally recognized brands, each number one in their respective markets, along with having founded and successfully sold my own branded apparel company. Whether establishing new product lines, building global marketing strategies, leading design/development teams, I have a passion for building and growing brands. Some examples; • Built Zamst from start up to achieving nationwide North American distribution, and 845% revenue growth over a 3 1/2 year period. • With Gathering Storm, grew TaylorMade/adidas Golf Accessories from $11M to $48M over 3 years. • K-Swiss, global executive management of $38M in international licensee’s and domestic apparel/accessories division. • OAKLEY, built and successfully developed “Athletic Division” NCAA licensed team eyewear/apparel product lines achieving $1.4M in initial season.