Establish a regular review of your product portfolio as part of your business cycle. This is necessary to understand the performance of your complete portfolio, to achieve portfolio balance, to keep pace with changes in the marketplace and to maximise the value of the portfolio.
The output from this review will feed into your innovation process along with recommendations for portfolio growth and optimisation.
To allow you to carry out a thorough review of your portfolio, all products need clear goals, and solid metrics that allow you to track performance.
Take my 4 minute training video and learn what’s involved in analysing your product portfolio.
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My Innovation Series addresses some challenging aspects of innovation.
To learn more about the Innovation Process and what’s involved in taking a product to market, check out my free online Diploma in Innovation Management for Food & Beverage Manufacturing where I step through all aspects of the innovation process from concept to shelf.