A key Formula to assuring you are able to realize your goal of being an “Innovation” driven brand, is to assure the innovation hits the market at the right time, in the right markets with the right consumer. This is all achieved by ensuring you have a cohesive Product Life Cycle Planning system in place.
Many brands either live by their founding principles and organization, which may not have a life cycle process in place and feel this will continue to evolve the brand and its products. This is usually inherent in a smaller brand, still living in its Entrepreneurial roots. The process will eventually catch up with the brand, finding that processes and procedures are integral to its future growth and success, with the Product Life Cycle Process being a key ingredient.
On the other hand is a well established brand with finely tuned Product Life Cycle processes, but never bring anything to market on time. This “passing of the torch” can damage a brands innovation engine as well. By the time this product evolution or re-creation gets through the brands systems and approvals, it may be to late, as smaller, more nimble brands have already established a footprint. Obviously, there is a lot of good which can come out of these large product engines, as deeper pockets allow for more “hits & misses”, whereas smaller brands do not have this luxury.
Tucked neatly in the middle to these two dynamics is the mid-tier brand, very nimble, simple point to point contact for product approvals and deep enough R & D pockets to do some serious damage. They’ve grown out of the Entrepreneurial roots, but have not yet accepted the large company mindset. These companies are the most dangerous, and the biggest threat to grab market share the industry leaders.
Drive the Market…
Keep it Simple…
Always think Big, but act Small…
Be Quick to Respond, and anticipate Reactions…
Enjoy the Ride…!
Bryan Smeltzer
www.bryansmeltzer.com
“Product Innovation and Marketing Success Blog..”
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.