Tag Archive for: Business Growth Strategy

Evening, a mindful living personal care brand, seeks to overcome challenges in product innovation following the success of their Aromatherapy Eye Pillow. Despite having a loyal customer base, recent introductions like Scented Candles and Soap Bar have failed to gain significant traction. To address concerns about the product life cycle and ensure sustained growth and profitability, Evening conducted research using various analytical tools including RBV, Value Chain, PESTLE, and Porter 5 Forces. The findings were analyzed through the VMOSA framework to develop a vision and mission statement, and the Three Horizon Model was utilized to align objectives, strategy, and action plans. This integration allows Evening to balance current operations with future growth, fostering innovation, resource optimization, and alignment with long-term objectives. Analysis of Evening’s current state indicates the need to explore new business opportunities as the current model becomes less effective. To attract customers seeking research-backed offerings and overcome competition in the oversaturated skincare industry, Evening must venture beyond small-batch products. The key areas for innovation identified are: 1) creating products and experiences catering to shared wellness activities and embracing slow beauty and slow living, 2) incorporating multisensory integration to enhance consumer well-being outcomes, and 3) embracing personalization and technology by leveraging AI-driven solutions. To implement this growth strategy, Evening should consider recruiting a business partner, collaborating with a marketing agency, and creating a portfolio of new business ideas.