In our sector, which focuses on mass-market electrical products, we often lead the way in setting new trends. For instance, a decade ago, we pioneered a uniquely designed doorbell. Upon its release, it quickly set a trend, influencing the market globally, including in Russia, the countries we operate in, and even China.
The lifecycle of design trends varies across products. Interestingly, the demand for design updates often comes from retailers and network buyers rather than end consumers. Consequently, each product category in our portfolio has a specific rate at which we introduce new designs annually, acknowledging that our products, while not fast-moving consumer goods, still require periodic refreshment.
At our company, we identify the need to align with trends through three primary triggers:
- When we plan to introduce a new product model to replace or update our current range.
- As we expand our offerings to include more niche products.
- Through creative insights that emerge when our team members work on related projects.
A notable success story was the development of a USB-equipped electrical extension cord. This idea led to the creation of a USB tee-splitter, a product new to our markets at the time. Our research confirmed its uniqueness, and its launch put us in a 'blue ocean' scenario, where we faced no competition for a significant period. This product became a hallmark of our brand, recognized and appreciated by many, including students in lectures I've conducted, who often associate our brand with this innovative tee-splitter.
