Yesterday, I shared how we can use N-of-8 for new product development.
Today, here are some ways we have used N-of-8 to develop brand extensions.
In my experience, there are indeed best practices for life cycle management – in order to build a more sustainable market position and greater market penetration through stronger demand.
First, consider the main reasons for managing the life cycle:
- rediscover the potential of under-promoted brands
- reinvigorate and grow products
- rethink in-licensed products
- retool for new indications/uses
- reorganize product marketing post-merger
- reconsider approach to new channels
Many practices are the same as launch, but obviously you can’t erase previous exposure. The rocket can’t simply be put back on the launch pad. One must reanalyze what worked and what must be improved.
With an N-of-8 workshop, you can accomplish these.