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Revamping Old Products Can Bring New Growth

To stay competitive in any market, many companies focus on the new. The idea of creating fresh ideas and products with the hopes of increasing revenue is very attractive to these companies eager for growth. This can be risky if decision makers don’t understand exactly how these new products will affect them in the long run.

 “Too often the preoccupation with finding or creating shiny new products can cause you to take your eye off your most profitable and lowest-risk opportunity: reviving your current product by innovating around it.”

Gatorade did this in 2008 when they reinvented old products to create new ones.

Read More at The Harvard Business Review >