Practise Brand Family Planning
Sharpen Your Product Portfolio Strategy
BY JAGDEEP KAPOOR
Just like a family needs to be planned and appropriate number of children should be brought into the world so that they can be properly nurtured, similarly it is important to practise brand family planning with the appropriate number of brands and variants and skuís (Stock Keeping Units) to be launched so that these brands can be developed with care.
In the marketing strategy one of the components regularly ignored is the product portfolio strategy. There is a tendency amongst companies to do certain things inappropriately regarding the product portfolio strategy.
As per my analysis, I find that regularly the following errors are made in the product portfolio strategy.
Firstly, products are launched mindlessly without thought left, right and center. Secondly, there is no regular review of product performance. Thirdly, opportunities in the market place are not regularly analysed for new products. Fourthly, many a times, there is a jumble of products variants and sizes. Fifthly, the service component of product strategy is ignored.
These product strategy mistakes and errors are injurious to the brandís health. One of the key things offered to the consumer in marketing strategy is the product itself. If care is not taken to focus on the product portfolio including elements within the products as well as outside the product like packaging, there would be a loss of opportunity, sale and image.
I would strongly recommend that well defined product strategy be followed which can be redefined regularly during the product strategy reviews.
I would recommend the following five ingredients to ensure an effective and sharp product portfolio strategy
1) Define and refine the product portfolio regularly.
2) Participate in markets where there is good opportunity externally and there is good capability of product development internally.
3) Look at new customer segments with the same product, may be in a different form, variant or size.
4) Look at different products for the same current segments which have an unfulfilled need.
5) Augment the product with service as part of your product portfolio.
Somethings are considered mundane or routine thinking that they do not have the same excitement as would be in advertising. This leads to paying less attention to product portfolio strategy which infact could be harmful to the brand. A sound product portfolio strategy sharpened regularly saves it from getting rusted and ensures building profitable brands.
The Brand family planning concept is critical in ensuring that the right amount of attention is paid to each brand so that each brand, like a child is nurtured and grown as part of the brand family, successfully.
The author is Brand Guru Jagdeep Kapoor, Managing Director of the successful Samsika Marketing Consultancy Pvt. Ltd. Tel: 022 28597700/7701 Fax: 28597699 E-mail: firstname.lastname@example.org
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