david kenyon marketing to propel mediocre products pca9
Post on 13-Sep-2014
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One doesn’t always get to design a killer product or a great service offering. There are several instances where product marketing gets stuck with a mediocre product and is expected to make it successful. What key steps must organizations take to ensure its adoption and success in the market place. How can companies leverage these experiences to design the next product/service?TRANSCRIPT
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Marketing To Propel Mediocre Products
David Kenyon
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What Is The Problem?
New product with limited adoption
Persistent low market share
Consistently missing sales targets
Sales feedback - product is difficult to sell
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Why Is This Happening????
× The product is not competitive in the market
× The wrong audience is targeted
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What Makes A Product Uncompetitive?
Features/benefits are either less interesting to customers or disadvantaged relative to the competition
Solution: Add necessary benefits and features
× Problem:× Consumers still may not value product× Lingering perception
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What Makes A Product Uncompetitive?
Implementation or manifestation of product is lacking
Solution: Invest additional R&D to decrease complication
× Problem:× Expense/Time× Solution may not exist
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Out of price position relative to the competition/ substitutes
Solution: Alter the product Decrease the price
× Problem:× Expensive× Time Consuming× Competition may also move
What Makes A Product Uncompetitive?
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Ignores key attributes of sellers: margin, incentives, knowledge
Solution Add RSA spiffs, sell-out rebates Invest in training
× Problem:× P&L Impact× May not change customer perception
What Makes A Product Uncompetitive?
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Mediocre Products Succeed Every Day
Why? How?
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Targeting 101
Have you micro-segmented?
Why do consumers hire your product?
Have you asked, tested and watched consumers interact with your product?
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Better alignment with those who value your product
Better sense of willingness to pay
Better insight into competitive landscape
Better idea of seller needs
Targeting Gets Results
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1) Do I understand my customers?
2) What is my target segment?
3) Does my product need an overhaul?
4) Do I need to reposition my product?
5) Do I need to retarget my marketing efforts?
5 Steps to Product Problem Solving
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Thank You