Product Development Success – Crayola
Highlights by David Willden.
You would not expert an old company like Crayola to launch a company reinvention of itself – and to see they successes they have.
The name of the Crayola was originally Peekskill Chemical Works – founded by Joseph Binney in 1864. The company began producing school related products in 1900 – starting with slate school pencils. In 1902 they produced dustless school chalk, and then in 1903 they developed Crayola crayons – the product most of us are familiar with.
Until 2006, the company seem to be in a rut. Their products were popular during holidays and the back-to-school season – but fairly inactive the rest of the year.
The crayon maker began to rise up as a significant player in the toy-making industry. Their holiday sales that year increased more than double-digits.
So, what did they do?
They conducted a brand equity study. They found that their customers were bored still with their products. The company knew they needed to redesign their product development function. They hired Prichard away from Pixar to reinvent their marketing and product development efforts.
To learn more visit the USA Today article below:
Crayola has launched an image revamp as the crayon maker emerges as a serious toymaker. Before the end of the decade, sales of Crayola’s toys and uber-crafts may pass sales of its core line of crayons and drawing products, says CEO Mark Schwab.