We know by now that even long-term wildly successful campaigns receive major overhauls. How else are brands supposed to keep consumers on their toes?
What happens when a major brand decides to expand its product set in order to suck in – pun intended – a new kind of customer?
That's exactly what Dyson with the release of its Supersonic Hair Dryer over the summer. Even with the $399 price tag, customers seem to be flocking to this revamped version of an essential appliance.
Dyson's diversified product line shows that the company is successfully avoiding corporate drift.
Continue reading to learn how brands successfully pivot.
Stick to Your Vision
Knowing when to stay the course or change direction is one decision that often makes or breaks a business. When a company decides to stay thew course too long, and misses opportunities, this is called corporate drift.
Avoid corporate drift, yet still making smart business decisions is what keeps successful brands on the map.
No matter what new venture a company undertakes, a clear vision acts as the solid foundation that ultimately steers a brand in the right direction.
While a company’s vision outlines what or who it is, its mission describes how it intends to accomplish its goals. It helps tell the story of the company and earn customer loyalty.
A clear vision and mission also help ground a company when expanding.
In this case, Dyson’s vision for quality engineering and design translated seamlessly into a booming haircare sector.
Likewise, a strong vision helped BirchBox CEO Katina Beauchamp distinguish her company from “copycats” when the marketplace for subscription delivery services started to boom.
According to Beauchamp, “One thing that they cannot touch about your company forever is vision, and eventually that really does translate into your brand."
Define Your Market
Successful brands know their market. Even more, successful brands invest in research to learn about new markets and go after new customers.
Any brand looking to expand its product line must understand all aspects of the new customer they’re trying to reach.
How old are they? What are their shopping and buying habits? Where are they talking?
Research like this is important for understanding your audience and anticipating what they’re going to want out of a new product.
If you examine Dyson’s, current customer -- Boomer homeowners with disposable income -- it’s clear that the company's entry into quality hair care products doesn't seem that far fetched.
Their current customers are willing to pay for a premium product because they are brand loyal, have an established trust with Dyson and use their products as a status symbol. The Supersonic Hair Dryer has the same effect.
So what do you think? Will you be buying one?