Beauty Conglomerate Implements New Stage Gate New Product Development Framework
THE CHALLENGE - The client partner with various beauty brands was presented with a unique challenge - maintaining a balance between agile innovation and deliberate guidance. Achieving a balance between moving too fast without appropriate planning or too slow to stay competitive was proving difficult and was causing inefficiencies in operations and hindering revenues. This resulted in a complicated situation that required expert attention to minimize the challenges and leverage opportunities.
THE WORK & SOLUTION - LMV & Co leveraged interviews with product development, brand presidents and department heads to gain essential insights into the needs and opportunities in the marketplace. Our research was employed in the design of a stage gate process that encourages strategic planning for innovation and inter-departmental collaboration for enhanced work flow development. This process guarantees our clients are equipped with the resources and strategies to drive successful and sustained brand growth.
KEY DELIVERABLES
--Future state process flow
--Standard operational procedure documents
--Team training and coaching
--Improved communication
--Strengthened success of innovation
--Business supporting templates and tracking tools
#1 Natural Hair Care & Skin Care Brand Evolves Strategy in Global Omni-Channel Retail
THE CHALLENGE - This well-established brand had long been successful in one industry, yet had grown stale without innovation and improvements. New ownership sought to revive the brand and help it capitalize on multiple industries. To do so, they began a reformulation and redesign—but without data and research-driven methods to support these efforts, the process lacked professional rigor. To succeed, the brand needed a reliable and analytic-driven strategy to develop new product lines, upgrade existing ones, and to position the brand for growth in multiple industries.
THE WORK & SOLUTION - After comprehensively assessing the brand's DNA, it was revealed that there was tremendous strength in its point of difference. Additionally, opportunities for improvement emerged, leading to critical research that aimed to ascertain how reformulation and design could drive growth. Updating positioning was also key to the process, and a market assessment was actioned to plan a customer development approach into new industries. Lastly, integrated marketing campaigns ensured brand consistency and an optimized balance of consumer engagement..
KEY DELIVERABLES
--Evolved brand mission and vision stateement based on SWOT analysis
--Assessment of retail readiness
--Assessment on formulation and design
--24 month retail roadmap
--Recommendation on digital and social growth strategy
--Actionable customer development plan
150 year old historic gold rush era mountain tourist destination revived, driving substantial growth
THE CHALLENGE - Revitalizing a historic 150+ year old hospitality business located in the Sierra Mountains. This family owned business had a reputation as the place to be for multi-generational memories over the years, yet had slowly diminished through stagnation upkeep and an overall lack of renewal and energy. LMV and Co expertly grasped the opportunity to refurbish this landmark, applying their expertise to transform the property and to preserve its distinguished legacy.
THE WORK & SOLUTION - Implemented a robust immesion strategy to gain insight into the significance of this legacy business and its potential. This strategy enabled the uncovering of consumer needs in regards to merchandise and services, as well as understanding cultural dynamics while searching for innovative solutions to revenue growth and cost containment. Changes for growth were accepted by the historical customer mindset.
KEY DELIVERABLES
--Revamped operational model to a strong P&L structure that allowed for investments.
--Strategic assortment strategy focused on uniqueness and exclusivity.
--Created educational and shoppable ecommerce platform.
--Designed services desirable to the tourist consumer.