Choosing the right product strategy
A winning product strategy takes into account brand and business objectives, target audiences and an integrated marketing and merchandising approach. Product strategy is closely linked to a company’s competitive strategy as it powers the market segment and growth model that a brand pursues.
Here is how brand and business objects, target audience and comms and merchandising differ in the three different market segments:
The Dream. Concept pieces, press and PR, brand partnerships with cultural pioneers, and ATL advertising all revolve around perpetuating a brand’s magic; brands are managed as artistic endeavors, with products being pieces of art and physical stores designed as galleries. Home pages and Instagram accounts have a strong conceptual flair and print and OOH advertising is abstract, non-literal, witty and playful, and often surreal and humorous — ads are works of art themselves. Creative consistency is high.
The Trend. Trend pieces, PR, advertising, social media and influencers are all designed to spur mass consumer demand. Brands are managed as celebrities and constant spotlight is the ultimate goal. Whoever and whatever keeps a brand in the spotlight — collaborations, influencers, drops, and events — is useful. Communications features popular personalities and influencers is reflects the most trendy aesthetic. Ads are memes. Physical stores are mini-Disneylands: amusement parks. Creative consistency is low, as brand expression is shaped by current trends.
Read the rest of this analysis on The Sociology of Business.