“Think about the wheel and how you would reinvent it.” Mathews Bow Technology
A secret marketing tactic that successful companies use is to continuously update existing products while really marketing the benefits of the updated products.
The most successful companies in any industry usually have figured out the cyclical nature of their business. These companies are experts are working to develop new innovations on their existing, successful products to make them just a little better with each new selling season.
After coming up with a slight, but remarkable innovation to their existing best-seller, the truly successful companies are experts at communicating the benefits of the updated product to their customers so each customer feels like they must have the updated version. Their current model has become obsolete.
Let’s take a closer look at the secret tactic of successful companies…
Update Your Existing Products
The trick to using this tactic successfully is to figure out what your best-selling products are and then working to continuously improve the product while adding a slight (but the most valuable) addition each season.
Customers have a continuous thirst for the best products that answer their frustrations. If you have a product today that solves a customer’s frustration you have something that is valuable.
However, what is valuable to your customer today may not be tomorrow. There are always competitors working hard in their garage to create something that’s better.
The most successful companies across all industries have figured this out and work hard to create updates to their successful products and introduce them just before their peak selling season.
Companies across all industries update their current best-selling products to continually create a need with the customer. Companies in the shoe industry like New Balance are updating their athletic shoes each season to create demand for their products from their existing customers. A customer who purchased the New Balance 987 last season will have to buy the updated New Balance 988 this spring season so they have the latest update of their favorite shoe that includes additional cushioning in the insole to soften the landing.
That’s not an exact example from New Balance, but let’s takes a closer look at some actual examples of this tactic in the hunting industry…
Mathews Bows and Archery Accessories
An example of a very successful company that does this in the hunting industry is Mathews, Inc.
For nearly two decades, Matt McPherson of Mathews, Inc. has been an innovator in the archery industry. Matt’s true genius for design in archery is his ability to continually create the bows that give hunters the best chance for success in the field. Matt’s most successful business strategy, one that has worked since the inception of Mathews, Inc., is the continuous update of his existing bows.
Just as the rut comes to whitetail country every year in the fall, Mathews, Inc. released a slightly updated bow that features some breakthrough technology that revolutionizes the archery industry. And the new bows usually sport new names.
Each season, the new Mathews bow may not seem like a huge innovation, but the company does an exceptional job of marketing the slight innovations that make a big impact for the customers. Single Cam technology was one of the first innovations for Mathews. Parallel limb design came later along with perimeter-weighting and harmonic dampening. Each of these innovations has their clear benefit for the bow hunters.
While each new bow may not change much from season to season, the bow design has changed quite a bit since the 1998 version…
New Archery Products
My first set of broadheads was a set of Thunderheads from New Archery Products.
I thought they were the best broadheads available. I had seen my favorite bow hunters on ESPN outdoors using them to harvest some of the biggest whitetails I had ever seen.
Over the years, I used Thunderheads with success. I remember when the innovation of ribbed technology came. It was a simple update to the Thunderhead (ribbed shaft), but to me it meant that I would be a much better hunter in the woods.
I had to have it.
The new feature?
Dual serrated blade.
The Thunderhead Edge.
A wise person once said, “You only have strike gold once.”
This saying is true in the sense that companies can work to come up with a truly remarkable product that hits a homerun with customers and continue adding slight upgrades to that product with each new selling season to maximize profits from the innovation.
Figure out the cyclical nature of your product industry and work to create a product that is truly remarkable and that hits home with your customers.
Once you hit that homerun, work to slightly improve that product and release it with marketing power just before each peak selling season so your customers need to have it.
Find the frustrations, solve the problems, and continue building and serving a need.
It’s a formula that successful companies use.
And it’s one you can copy.
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Image courtesy of Reinante El Pintor de Fuego