Every company looks to hit the product jackpot. Find that golden idea and have it lift up all the others that come from it.
That’s awesome, we congratulate you if you’ve reached the end of that rainbow. But here’s something tricky to try: have you ever considered up-rooting that successful product and trying something else?
Crazy thinking, but it’s doable. Put it this way: brands are in the business of standing apart from the others. Of being the one that audiences stay loyal to. But if the output is always same o’ same o’, no matter how successful it is, another brand will manage to get one step ahead.
There is always another product, another brand, another slogan, that audiences will be keen to latch onto. Self-cannibalizing, within reason, is what differentiates the powerhouses.
See how the most profitable businesses replace their best products, all made crystal clear by Harvard Business Review.