23:29
Faizan
The term "product adaptation" can be used to describe a "follower mentality" in product innovation strategy or a particular aspect of business development. The need to develop an adaptation strategy can lead to changes in pricing, delivery and packaging. Ultimately, creating an effective product adaptation strategy is a critical factor for all businesses that wish to attract a dynamic customer.
Set Your Goal
For exporters, product adaptation is a primary concern. The decision for moving forward on a product adaptation should be based on the incremental sales gained from altering the product. Any strategy must reach back to creating value for the business. This can include taking a follower product innovation strategy or tweaking your product to meet the needs of different market segments. The former will lower expenses, the latter will increase your sales footprint.
Velocity of Adaptation
The main driver behind product adaption efforts is profitability. The secondary driver is often feasibility. Research your market, create effective customer surveys that focus on the customer from marketing to logistics. The speed of adaption can also drive strategy direction. Agile organizations can adapt to changes in consumer demand faster than their peers.
Common Adaptations
A foreign retailer or distributor will require product modifications to please their customers. The question for the exporter is whether the incremental revenue is sufficient enough to justify the cost of adaptation. If manufacturing product, compare the final price to the competition before agreeing to adaptations. Product adaption is also based on the degree of commitment your organization has in that market. A good adaption strategy will consider quality, appearance, purchase, end-user experience, translations, tastes, ingredients (and prohibited ingredients), regulations and colors.
Set Your Goal
For exporters, product adaptation is a primary concern. The decision for moving forward on a product adaptation should be based on the incremental sales gained from altering the product. Any strategy must reach back to creating value for the business. This can include taking a follower product innovation strategy or tweaking your product to meet the needs of different market segments. The former will lower expenses, the latter will increase your sales footprint.
Velocity of Adaptation
The main driver behind product adaption efforts is profitability. The secondary driver is often feasibility. Research your market, create effective customer surveys that focus on the customer from marketing to logistics. The speed of adaption can also drive strategy direction. Agile organizations can adapt to changes in consumer demand faster than their peers.
Common Adaptations
A foreign retailer or distributor will require product modifications to please their customers. The question for the exporter is whether the incremental revenue is sufficient enough to justify the cost of adaptation. If manufacturing product, compare the final price to the competition before agreeing to adaptations. Product adaption is also based on the degree of commitment your organization has in that market. A good adaption strategy will consider quality, appearance, purchase, end-user experience, translations, tastes, ingredients (and prohibited ingredients), regulations and colors.
Posted in: Products & Brands
