Business today is a game where ‘traditional practice’ is becoming synonymous with ‘failure’. Innovation management helps companies remain competitive and optimize business growth. To achieve this, careful strategic planning must be implemented to serve the vision of long-term goals. Let it be reinventing a product design or introducing a new technology, hardest business challenges require the most creative solutions. It is fundamental to decide on the extent of product update: whether to invest in a game-changing shift or just give your product design a twist.
New spin on an old product
1/ Establishing a new category / FMCG – Non FOOD / fire ignition products
The match industry is the part of the commodity market where branding might sound like an impossible mission. Just think of the basis on which you buy simple household goods. As an example, brand name is understandably not the pull factor in case of all-purpose flour where the content of the packages is supposedly the same. When we started to work on this project, the product name ‘Korona’ already had its place in public consciousness. It was the looks, quality and packaging that required innovation. Expanding product portfolio and strengthening brand position in the market were among the main tasks to take this commodity to a higher level.
Challenge
| Take a commodity to a higher level
Build brand loyalty around a commodity product |
| Expand product portfolio |
| Reach a higher quality and price |
| Strengthen brand position in a highly competitive and price-sensitive market |
| Adjust to national demands |
Solution
- Segment customer markets
- Invent new packaging solutions
- Create new design
- Add new products to the product portfolio
- Establish a new category within the market
- Carry out trade marketing activities
Result
- New category established
- Brand name and position strengthened
- Higher profit, sales growth reached
- 1 position in the new category secured
Since then the category has been expanding with new products and due to growing interest I had to introduce the new concept to other major vast European countries as well.
My product, my life
2/ Positioning a new product/ FMCG – Non FOOD/ Cigars
Not price is the only factor one considers upon purchasing a product. Customers choose products to represent their values, show social status and be their companions in life. A well-positioned brand image tailors the product to be a perfect fit for the segment of customers.
The original concept of Wings premium cigarillos takes us back in time, all the way to the ‘wild west’. During the re-positioning process, we focused on maintaining this image when creating the new, youthful, dynamic design of the brand.
Challenge
| Re-position on the market |
| Ensure geographical expansion |
Solution
- Perform customer segmentation
- Segment commercial channels
- Create new design and product portfolio tailored to the needs of the target group
Result
- Stable market position gained
- Profit growth reached
B2B level over 99
3) Sales / Technology / Industrial cooling technologies
Selling industrial cooling technologies in the Western European market requires thorough planning. Managing this task of extreme complexity proved that setting up a detailed marketing plan is essential to achieving success. When the future of our brand is at stake, there is no room for compromise.
| Reach next stage of product life cycle (maturity of stabilization) |
| Expand to new sales territories |
| Gain higher profit |
| Build new partnerships and get active customers |
Solution
- Construct segment profile of decision-makers’ circle
- Introduce business intelligence
- Build up sales argumentation to support decision-making
- Deliver targeted messages to the decision makers
- Build database at the continental level (Europe)
- Analyse product and technology
Result
- Customer base increased
- Products developed
- Old product introduced to new markets
- New product introduced to Western European Market with increased price
- Low profit generator products phased-out low from the brand
- Higher income achieved
The market is a rapidly changing environment. As part of the natural process, businesses’ popularity might decline over time. Giving your business a fresh new look definitely has a lasting impact to your results and it get your sales back on track for success. However, just like at other fields of life, success requires careful planning and hard work. I believe that with the help of creativity, motivation and determination it is possible to reach our goals.
‘If opportunity doesn’t knock, build a door.’