Smart Brand Strategies to Take a Product to Market
Whether you're preparing to launch a groundbreaking new invention or an exciting new flavor of ice cream, this blog explains the basics and how Remarkly empowers you to develop the perfect strategy fast and intuitively.
Remarkly: Your AI-powered Brand Strategy Ally
When working on a new product launch, as the brand and marketing manager, one of your main objectives is to determine the best approach for branding the product. Should you use the existing brand, modify it, or create a new one altogether?
Getting the right answer to this question is critical. Not only because it has huge implications for your budget, it is always cheaper to use an existing brand than to create a new one, but as important because it greatly influences whether the product becomes a success.
95% of new product introductions fail according to Clayton Christensen, a professor at Harvard Business School.
Up until today, however, the process has been complex and time-consuming. Brand and marketing managers typically start with creating a brand development brief. This document outlines the product attributes and benefits, and the target audience, and often includes a prototype or samples. Then they might do an RFP, followed by weeks of analysis before a recommendation is reached and the creation process starts.
Remarkly completely upends this approach. With our AI-powered tool, we have simplified the process so that you can enter information by yourself and generate a recommendation in as little as one hour (maybe even less)! Furthermore, Remarkly gives you the strategic rationale for the decision so that you can easily share it with senior management and your team.
Once you have the brand strategy recommendation and signed it off with senior management, you can proceed with the brand creation process. Aligned with your strategy and objectives, the brand positioning, messaging, and visual identity are more likely to lead to increased brand awareness, customer engagement, and ultimately, sales.
Why it works
Remarkly’s tool enforces consistency and data-driven analysis to minimize guesswork and human bias. In order to get to a recommendation, the tool deploys your input to analyze four crucial aspects of your product: strategic importance, brand conflict, brand fit, and value-add. This ensures that your decision is based on a thorough assessment of the product's potential in relation to your brand thus increasing its chances of success and the smart deployment of your marketing budget.
References: “Why 95% of New Products Miss the Mark (and How Yours Can Avoid the Same Fate).” MIT Professional Education, 21 Nov. 2022, https://professionalprograms.mit.edu/blog/design/why-95-of-new-products-miss-the-mark-and-how-yours-can-avoid-the-same-fate/#:~:text=Why 95%25 of new products,professor at Harvard Business School.
