Nov 01, 2019
DON'T BE THE NEXT POLAROID

I have a keen interest in products and what I do day to day is help people turn ideas into desirable products and experiences, that sell. If you want to view what I do and see some more great content check out my site www.mdzdesign.com

So, I know what you're thinking - what does Polaroid have to do with the products we are creating or our product portfolio?!?


Hear me out >>>


There are a few key reasons why Polaroid didn't survive - out of date product offering, a shift in consumer needs and desires, increased competition, slim profit margins. But the biggest overarching factor is that the company simply failed to invest, identify or adopt new ways to reinvigorate their product and its end-user experiences to be desirable to the modern audience. This is a key opportunity for growth. As decision-makers take the time to reinvest in your used to be best selling products to see how to improve them, instead of pushing what used to work in the past. This is how you maximise results. Don't be another company where people say:

'the world had moved ahead, but they didn’t.'

This happens all the time in the consumer product industry, think of great companies like Nokia, Kodak, IBM, Hitachi, Palm, Tie Rach, Toys R Us, HMV etc. These companies held on to the products, strategies and brand values that made them money in the past, but fail to adapt to the shifting world.

Now, if your traditional products and user experiences are still working for you then - great! No reason to stop doing what continues to work. However, if those traditional longer products from before aren’t working as well as they once did for you, or as well as you need them to, then it’s time to take a hard look at your product from the perspective of your audience in today's new world.

The thing is - our behaviour, needs and wants as consumers have shifted. Where, how and what we spend our time, money and attention has shifted dramatically. The products we now buy to express ourselves and carry out specific activities have changed. The fact is that the economy is strong and most sectors of the consumer product industry are robust. So if you’re older products are not easily selling, if you’re scratching your head wondering why you're sales figures are declining, or secretly asking your 'friends' to confirm if they would still buy your old product - something’s wrong.

Does your product still appeal to the right (best fit) market and fit in with their current lifestyles?

If not, what can you do to make sure that it can?

Because it’s not just about spending more money on a bigger marketing campaign/promotions to get more purchases. It’s also about offering your customers a better solution - being more relevant and memorable, better aligning your offerings with their problems, adding value for them where they need support, and building strong product solutions to increase brand awareness or gain repeat purchases.

I really enjoy solving these bigger types of problems and working with people and teams who want to re-design their products to add more value. Slowly, I am getting more interest or conversations with small-medium size SME's who have an existing consumer product that want is not selling as much as it did, or no longer fitting within a broader architecture and looking at ways to refresh it to get better results. If you fall into this category and want to see how I may be able to help you then schedule a call by clicking below: 

www.mdzdesign.com/book-a-session

...in the meantime, happy to hear your additional thoughts on this too. 


Stacey

www.mdzdesign.com

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