A competitive market demands high-quality goods and services. The only way your products and services will sell is by ensuring that the product is efficient, and your customer support aims for 100% issue resolution. For an organization, meeting yearly targets is a tough task that involves price negotiations, sales and marketing strategies, aggressive promotions (ads included), sourcing raw materials, leading an efficient and productive staff, and quality testing.
In this scenario, how much do you focus on your product/brand/service offering? Do daily operations take more time and effort than the overall business goals? How often does the team discuss the strengths and weaknesses of each offering? How often do you update your product/offering?
Just like technology is developed constantly, with newer versions releasing each year or every few months, organizations have to revamp and reinvent their products. The utility of all products change over time, and organizations have to consider this seriously to stay ahead in the market. The important question is how can the product be made better?
Superman Shows the Way
Superman is an icon of reinvention. Since 1938, Superman has been saving mankind from various villains. He has been in the world-saving business for 75 years now. For a veteran like him, without reinvention, he would be bust.
In the comic world, Superman’s survival can be attributed to imaginative illustrations, innovative villains, storylines set not just on Earth but in different planets as well, and an impeccable villain-defeating streak. In the real world, the artists and storytellers behind Superman’s success crafted him carefully by employing a robust marketing strategy playing on his brand recognition. Fans led to the creation of a Superman who was for the masses, by the masses, and of the masses. Without a loyal fan base, Superman would have retired early on.
But the superhero lives on in spite of new superheroes emerging each day from different corners of the globe. He has been an inspiration for the new crop of comic book creators as well as filmmakers. The only way this was possible was through constant reinvention. Superman has transitioned in look, feel, and thought comfortably from the post-Depression era to the modern age. Ideally, this is what all organizations should also aim for. So how does one ensure success through reinvention?
Reinvent with Care
Reinvention is a risky proposition. Consider the reception of Windows 8 to the new Android version. While the former was critiqued for various reasons, the latter was welcomed warmly and at much, much lower costs. When people pay that much for your product, you have to ensure that they like it. The open source Android software raises the expectations of people from Microsoft and Apple. Consumers ask: can the giants deliver like the open source guys? And if everyday consumers can change the future of these giants, imagine how easily small businesses can be affected by customer feedback.
This is why organizations need to assess their current standing before reinventing. The trick is to find a unique aspect in your product and a communication channel that best suits your business values and goals. Superman’s latest film does not include his iconic red briefs in the costume. The earlier films showed him as a strong, kind, and smiling superhero the world could rely on. But the briefs did not aid in saving the world so the new filmmakers removed it. However, reinventing the hero was important and they made him more relatable by showing his vulnerable, human side.Likewise, highlight an aspect of your product that customer connect to. The better your service them, the more loyal they will be, and will buy more products from your organization. Good thing is reinvention can be done smartly on a tight budget. You do not need to spend millions like Windows or Apple. Many organizations are utilizing social media to spread their brand message, to market themselves, and even advertise. Social media can successfully generate leads as well and many businesses across the globe have used it. So, red briefs on or red briefs off? Your choice.