Successful companies aren’t necessarily about creating new products. They’re mostly about finding creative ways to repackage old ones.
When we think of a successful company, we automatically think of a massive company that disrupts entire industries with groundbreaking new products or services, like robots, artificial intelligence, etc. We have a tendency of thinking that successful companies create revolutionary new products just like Apple, Amazon, and Google did. However, nothing could be farther from the truth.
Big companies with revolutionary new products are rare. That’s because it’s much harder to “reinvent the wheel” than it is to simply create something that already exists. Most companies tend to “repackage” old products by selling them in a way no one ever thought of before.
Take the Snuggie for instance. Don’t lie, you’ve seen a Snuggie before. It’s fun. It’s fluffy. It’s comfy. But it’s by no means “new”.
Before its popularity as a product exploded in mid 2008, many other companies had tried and failed to launch similar products. Sleeved blankets had been around for many years before the Snuggie, but nobody wanted to buy them.
Then Snuggie started branding the product as a new “cultural phenomenon”. Suddenly everybody wanted one, and now they’re for sale almost everywhere. I’m wearing one now.
No, successful companies don’t have to offer new kinds of products or services. They just have to sell old products in brand new way.