The Key to Intentional and Successful Product Development
Bill Walsh once said, "Flying by the seat of your pants is no way to travel." In a crowded and competitive beverage industry, this couldn't be more true. Every new product needs to serve a specific purpose. Whether it's filling a market gap, capitalizing on a trend, or extending the success of an existing line, each offering must align with your overall business strategy.
Every new product, brand line, or brand extension you create should serve a specific purpose. Whether it’s to fill a market gap, capitalize on a new trend, or extend the success of an existing product line, each offering must be a strategic piece of your overall business puzzle. Understanding the 'why' behind each new creation is the crucial planning necessary to enable the product's success.
Drawing from my experiences in the field, it’s clear that access to comprehensive data can transform your strategy for new products and brand extensions. Accessing valuable data with allows brands to analyze market trends, competitor performance, and category health. This data is invaluable in formulating the foundations and strategies for new products. It helps answer critical questions such as: Why will consumers buy this product? What need or gap does it fill in the market? What opportunity are we capitalizing on? Or, if we are building on the success of a current brand line by creating a brand extension, how does that brand extension fit into current market opportunities?
Firestone Walker's recent introduction of their non-alcoholic brand line, 8ZERO5, is a prime example of strategic product development. By leveraging the brand equity of their popular 805 blonde, Firestone Walker created an NA version that not only taps into a growing market but also serves their existing customer base with an additional drinking occasion. This thoughtful approach ensures that the new product aligns with their overall business strategy and advances their brand identity.
Here's a checklist of critical factors and questions to consider when developing new products, brand lines, or brand extensions to ensure they align with your overall business strategy and resonate with your target audience:
Does this product advance our brand's story?
Does this product strengthen our brand’s identity?
Does this product drive our financial growth and sustainability?
Does this product engage and grow our audience?
How does this product fit into our overall brand strategy?
What's the value proposition for this product?
By thoroughly evaluating these aspects and grounding your decisions in comprehensive strategy, you can ensure that every new product, brand line, or extension not only resonates with consumers but also contributes meaningfully to your brand's long-term success. Thoughtful planning and strategic development are key to transforming innovative ideas into impactful market successes.
Ready to transform your brand to create impactful market successes? Clink the link below to schedule your FREE STRATEGY CALL today!
