A good product can bring profitability to a young company, accelerate earnings at a mature company or even put a new company at the center of a brand new industry.
From our experience, success stories are driven by three factors:
1) Selecting the Right Market: Choosing an attractive market is the foundation of a successful product. A good selection can lead to uncontested dominance in a rapidly growing and profitable market. But, a poor selection can throw a company into the middle of competitive warfare and create financial losses.
2) Designing the Right Product or Service: Designing a product or service with attractive features is not the right mindset. Product and service design must be strategic: distinguishing between what customers say they want vs what they will pay for; providing what the company can justify on an economic or strategic basis; and factoring in competitive offerings and strategies. Call 1-877-284-6463 or click here to learn how our Product & Service Design services can make your products more strategic.
3) Executing the Right Marketing Strategy: Contrary to the adage “this product will sell itself,” products do require sales assistance:
- Pricing: Pricing is more than striking a compromise between “pricing yourself out of the market” and “leaving money on the table.” Pricing must be strategic and address many other factors such as revenue predictability (e.g., one-time fee vs on-going payments) or product line interactions (e.g., loss leader pricing). Read how our Pricing Optimization services can make your pricing policies strategic, or review a case study.
- Promotion: Before a customer buys your product, they need to be convinced that your company’s product or service provides significant benefits over two always-present options: the competition and the status quo. This often requires hard evidence. Read how our Product Benefits services can give you the evidence you need, or review a case study.
- Distribution: Design of the right distribution channel strategy is critical – it not only provides a vehicle for getting the product or service to the customer but also influences how the product/service is promoted to potential customers. An endless list of potential channels and channel partners make this task very complicated. Read how our Distribution Strategy services can sort through the options and give your products the coverage and support they need, or review a case study.