I was walking through the mall this weekend, which by the way is not the place to be when they have a tax-free “back to school” weekend. Something struck me as I was making my way towards the toy store. What used to be just your ordinary pretzel shop, has branched into some new product offerings. Enter, the stuffed pretzel…never knew they existed.
What struck me, was how they managed to stick to the core competency while offering something new…and what would seem to be a be a better margin with the increased retail price. If you walk through any toy store these days you will see this product evolution/survival all over the place. From the game “Operation” to “Legos” to “Monopoly” you see products and brands that have evolved.
The key to survival for these products is not coming up with 5 new things to add to it. It’s not a refreshing of the packaging. It’s not a departure from the core product. No, I believe they all survived because the evolution was relevant to the core community while allowing growth into a new communities.
Lets face it, the 7 – 12 year old demographic in the 70’s, 80’s, and 90’s are all quite different. If your product is talking to a community that has matured outside of your product demographic, then death is near. It may be a slow death, but the horsemem cometh
What is your product message? What does it say to it’s core demographic? What is the next generation of customers looking for? If your product or company is past the 7 year mark you should be asking yourself what the product devolopment plan will be in the next 7 years. I work in the music business, and these questions weren’t asked in time for the digital revolution. Now we are all catching up…don’t let your company get caught sleeping.