Zealots of your brand will readily embrace new offerings and share with others. In fact, they often are a great source for discovering new innovation points. They understand your brand, they experience your products/services frequently and they care about your brand. Product development should always include your brand’s zealots.
Consider that staid upper Midwest company – 3M. (stated tongue in cheek).
Minnesota Mining & Manufacturing — 3M — is “about inventing hundreds and hundreds of Next Small Things,” reports Marc Gunther in Fortune (9/27/10). “Our business model is literally new-product innovation,” says Larry Wendling, head of 3M’s corporate research. No kidding: “The St. Paul company produces a mind-bending 55,000 products.”
As CEO George Buckley notes, “even in the worst economic times in memory, we released over 1,000 new products.”
The percentage of 3M’s revenues from new products is back up to 30 percent. It all adds up to a $23.1 billion business. – Reveries.com