BY MIKE GRILLO, GRAVITY
For established brands and DTC companies alike, new product innovation is the lifeblood of sustainable growth and customer retention. The ease at which new players can enter any given category means competition is stiffer than ever.
While we know bringing new products to market quickly and efficiently is paramount to growth, it’s extremely difficult to do it cost effectively. Making a hit product that thousands of customers will love is like making a hit song. The best team with the most amazing marketing plan and biggest budget can fall flat. There are simply too many external factors that can make or break a product’s success.
What brands can do, though, is build infrastructure to rapidly concept, prototype and test products while minimizing the upfront investment to get to market. The steps aren’t set in stone, but look something like the following.