Balancing Valued Tradition With Innovation
When your product is a beloved classic, how do you update it to attract new customers?
Sooner or later, most successful companies face the challenge of updating a cherished old product. Make no changes, and you risk becoming irrelevant to new customers. Change too much, and you may alienate your most loyal customers.
So how do you leverage a historically strong brand with sensitivity to heterogeneous customer preferences? To explore this question, we studied Italian opera companies, which face this dilemma every season. Many of the best-loved operas in the repertoire are more than 150 years old, and the most devoted operagoers have ...
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