Manufacturing Industry (Product Marketing Case Study)

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: 

Astute Approach: 

  • Developed a positioning strategy for the product to reach new markets 
  • Created a plan tbest 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 
product positioning

To avoid being susceptible to confirmation bias, start questioning your research methods and sources used to obtain their information.

Expanding the types of sources used in searching for information could provide different aspects of a particular topic and offer levels of credibility.

  • Read entire articles, rather than forming conclusions based on the headlines and pictures. – Search for credible evidence presented in the article.
  • Analyze if the statements being asserted are backed up by trustworthy evidence (tracking the source of evidence could prove credibility).
  • Encourage yourself and others to gather information in a conscious manner.

Confirmation bias occurs when people tend to look for information that is confirming their beliefs/hypothesis, but this bias can be reduced by taking into alternative hypotheses and their consequences.

Considering the possibility of beliefs/hypotheses other than one’s own could help you gather information in a more dynamic manner (rather than a one-sided way).