Innovation you jeff degraff pdf

Having a brand means one’s product or service is chosen more frequently over similar solutions, and one can command a price premium, which results in greater profitability. A brand, innovation you jeff degraff pdf, is not owned by the company that manages it—it’s the intellectual property, including service marks and trademarks behind the brand that are. A brand is a primary choice, and often a secondary choice may not even exist.

The market for the product or service does not need to be large—luxury markets are narrow segments of the population—but the penetration should be significant and profitable. If this happens on a large scale with an incumbent customer base, then the product as a whole loses brand status, suffers market share losses, and cannot maintain its pricing, for it has not maintained its promises and differentiation. If the owner of the brand is the consumer, what is the company that owns the intellectual property? Although the company originated the product, its success was created by the purchaser.

Certainly, a company must take great care to foster an environment that will give the product the greatest chance of success at brand status, but there is no guarantee of success, only preparedness. The brand steward is thus entrusted with caring for an asset that is highly valued by a sizable consumer community, which wishes for the product to continue to deliver the same, or better, benefits. D, manufacturing, sales, marketing, customer care—that must work together to continuously meet the promises offered by the product, and the expectations these promises have created within the customer. Because brands are ephemeral, the entire organization is tasked with keeping the product alive and relevant within the expectations set by customers, so that the product will continue to be a primary choice for the longest time possible. Sales, marketing, and customer care interface directly with the customer on a regular basis, making these departments particularly responsible for carrying out careful brand stewardship activities. D and executive leadership are equally important, as their work affects the direction of a product or service to which customers have attached brand status.

The customer may not always be right, but the customer can always damage the brand. As a consequence, the company stewarding the brand should make every reasonable effort to prevent a lasting poor impression in case of a brand experience failure by a customer. Further, the company should leverage failure into an opportunity that causes the affected customer to praise the company and its product to others. This is how brands are maintained. To innovate and keep a brand alive, a company must regularly engage in market research to learn how its product performs against customer expectations, and also to learn what additional value the customer would like to receive.

Sameness does not a brand make. However, the first step should be an analysis of how this additional utility affects the perception of the brand. Just because someone has requested something, or a competitor has added a feature to its product, does not necessarily provide good enough reason to incorporate the same change into one’s own product. To do this, a company must understand itself, its product, and the competitive landscape. In case these analyses have not been performed in the past, basic strategy tools exist to help produce the answers to each of these questions. With these answers, the company can very clearly define the positioning of its product, enabling it to compete effectively, and better evaluate future product innovation and feature requests. These basic insights are critical to helping the company create the correct positioning and customer expectations that can help elevate a product to brand status, or maintain an already earned brand status.

As well as the external opportunities and threats that these strengths and weaknesses can exploit or create – i have a need or a problem. Delivering is the most assured recipe for failure. To win at this stage, and often a secondary choice may not even exist. But the execution of that — but it must be impactful the first time to permit future adjustments. And what threats do its weaknesses expose it to?