With the retail environment changing at light speed, brands must find ways to stay relevant for their retailers. Any brand must “evolve” as it grows, or become stagnant, and lose all momentum built up since its inception. This sometimes requires making a bold move to obsolete a product, even when sales would tell you to hold on longer.
When moving a product out of the life cycle while still popular, creates an inherent demand for the next “Evolution” of this generation or completely new idea. From both a design and functional perspective, this relentless pursuit of “Innovation” many companies profess is extremely high risk, and not always swallowed in its entirety. Some make progressive improvements, and still keep the previous generation in the pipeline, while others “pull and push” the old with the new.
Either way, each may be right for the brand, relative to the current status of product pipeline, and needs within your specific channel (i.e, price point, draw down’s). However, the truly “Evolutionary” brand not only re-creates the product, but the category and eventually becomes the dominant leader as a result (Apple, Nike..). This is why there are so few “Evolutionary” brands, as this mindset is established through its founding principles and never compromised.
“The only sustainable competitive advantage is out-innovating your competition.”
– James Morse – Change Guru
“Stay True”, “Take Risks” and success will come to those who “dare” to “Evolve”…!
Enjoy the Ride..!
Bryan Smeltzer
“Product Innovation and Marketing Success Blog”
www.bryansmeltzer.com
The author
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.