“Among the lyrics, which evoke a timeless truth: Don’t throw the past away, You might need it some rainy day, Dreams can come true again, When everything old is new again” Peter Allen & Carole Bayer.
This may sound all to familiar, a new product is launched, the excitement builds, the new product or service becomes mainstream and suddenly every man and his dog owns one (growth). After this period, there is usually a decline in product interest and marketers can at that point decide if they want to “re-invent” or perhaps re-energize the product to squeeze out further sales. Just some examples off the top of my head include products such as the Microsoft XBOX 360, introduced to market at a high price point as interest is matched to this, it then goes through different alterations and stages, an overhaul in the dashboard, a drop in price, new games, new accessories etc.
In the background Microsoft is signing up with game publishing houses to secure new titles for their platform to maintain momentum. so the focus became less about the platform and more about the games under development. When the product was at it’s highest point and possibly on it’s decline, the XBOX 360 was overhauled into a number of new shiny sleeker, slimmer, colourful options. Even a copy of the latest block buster title was thrown in. Other examples you may recall have been the iPod, toothpaste etc. I am sure the list will go on and get more interesting. Can you imagine how difficult it would be to re-capture market position if you were selling sugar?
What examples can you reflect on in this space? Where have you seen old products being re-introduced into the market as new products. Has this been successful or unsuccessful? Time to market is critical in this instance. You don’t want to introduce an old product too early or too late and it very much depends on the current trend. Marketing management plays an essential role here, you’re not just introducing a new product, you’re introducing one that everyone has seen before, possibly a timeless collection.
Who recalls the old Polaroid cameras, now the new Polaroid cameras?