The ninth most important thing to know about building winning brands is that while brands are not products or services and products or services are not brands, a strong brand requires strong brand management and constant product and service innovation.
Imagine how difficult it must have been for Kodak to enter the digital photography business given the vast array of plants, equipment and other assets it has traditionally devoted to chemical-based photography. Blue Mountain Art’s more aggressive entry into online greeting cards (all cards were free when they launched their web site) leapfrogged it ahead of Hallmark Cards and American Greetings in the digital space. I bet Smith Corona would have defined itself as a “word processing” company if they had it to do over again.
The marketplace is too competitive for you not to try to constantly reinvent yourself. Maintain a significant pool of resources to invest in new ideas. Award the resources based upon projected incremental sales and return on investment. Hold frequent ideation and creative problem solving sessions.
Pursue each of the following approaches to new business development:
•identify gaps in your product/service portfolio (for the category as currently defined)
•identify current consumers’ unsatisfied needs
•address emerging consumer needs
•expand the definition of your brand’s category
•exploit an expanded brand identity
•exploit channel opportunities (new distribution)
•apply new technologies
•target new consumer groups
The Blake Project Can Help: The Brand Positioning Workshop
Branding Strategy Insider is a service of The Blake Project: A strategic brand consultancy specializing in Brand Research, Brand Strategy, Brand Licensing and Brand Education
