Reinvention is a popular way to reinvent an existing product. This can be done by extending the product line, creating a new product that is designed, executing and messaging to appeal to the new user segment. Reinvention helps in surviving in this dynamic world and helps in tracking new market segment.
Kumar Srivastava (Senior Director of Product Management) in his article at entrepreneur.com, talked about questions asked before starting a replacement cycle because entrepreneurs need to understand in detail what has changed in the user’s world. Questions are:
• Has the user base changed or evolved?
• Has the purchase and onboarding decision process changed?
• Has the interaction mechanism or value chain changed?
• Have the experience expectations changed or evolved?
• Have the support and training expectations changed?
Read more at: http://www.entrepreneur.com/article/246539