Situation:
A manufacturing company was experiencing underwhelming sales for one of their products. They were losing out on significant revenue from these lackluster numbers on a key product line. Additionally, the client was missing a major market that had a need for their product.
Challenge:
- Improve poor sales numbers of a product line
- Reach a new market that had previously not been considered by the client
- Drive revenue growth while keeping margins the same
Expertise Applied:
- Product Marketing Strategy
- Go-to-Market Plan
- Segmentation, Targeting, and Positioning Strategy
Astute Approach:
- Developed a positioning strategy for the product to reach new markets
- Created a plan to best understand the new market including needs, competitors, how we solve their problem, and external factors that could affect success
- Implemented a strategy to effectively introduce the product to the new target market while keeping margins high
Result:
- Revenue from the product grew 1,000 percent after introducing it to a new market
- Product achieved record quarters for sales after the target audience was adjusted to include a segment that had previously been ignored
