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4 tips for a successful product reinvention

Learn to survive in an ever-changing market
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In the world where nothing is constant but change, for a brand to remain relevant, it must continue to reinvent itself.
 
While reinvention is something that we see too often these days, it is not always done the right way. In many cases, the reinvention even paved the way for the doom of the product, instead of the expected revival.

Pink Soda and Blue Soda founders, Lucero and Amor Bona, suggest the following tips when reinventing a product:

1. Identify your market segments and have a deep understanding of their needs, purchase behavior and preferences.

2. Introduce product variants or extensions that are meaningful to customers, not just for the sake of launching new “me too” products.

3. Change your products with your customers. Lifestyle and purchase preferences change a lot. Be sure that your products tackle these changes to keep it relevant to customers.

4. Create excitement through an improved look or product packaging. Remember that the manner a product is presented or packaged is very important in communicating your value proposition to customers.

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