Companies must align product portfolios with their consumers' values to effectively optimise them

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 03, 2020, 10:40 AM GMT+0

Interacting with R&D and marketing teams can help identify and remove low-value features from product portfolios.

Having a consumer perspective allows companies to review the performance of their products and optimise product portfolios. However, for brands to reduce product portfolio complexity they should focus their efforts on “cost-efficient ways of meeting their consumers’ expectations.”

The article notes optimising product portfolios has been a priority of many brands. Optimising and aligning product portfolios with consumer values can help brands effectively recover from the impacts of the pandemic and remain competitive.

Companies must define cost targets for each brand or a “cluster of products” and understand market trends and consumer drivers. Brands must understand the cost drivers and the impact it has on their supply chains to develop “smart differentiation” processes for optimising their product portfolio.

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