David kenyon Marketing to Propel Mediocre Products pca9

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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?

Business Technologie

David Kenyon

Marketing
To Propel
Mediocre
Products

What Is The Problem?

 New product with limited adoption

 Persistent low market share

 Consistently missing sales targets

 Sales feedback - product is difficult
to sell

Why Is This Happening????

× The product is not competitive in the market
× The wrong audience is targeted

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

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

What Makes A Product Uncompetitive?
 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?
 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

Mediocre Products Succeed Every Day

Why?
How?

Targeting 101

 Have you micro-segmented?
 Why do consumers hire your product?
 Have you asked, tested and watched consumers interact
with your product?

Targeting Gets Results

 Better alignment with those who value your product
 Better sense of willingness to pay
 Better insight into competitive landscape
 Better idea of seller needs

5 Steps to Product Problem Solving

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?

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David kenyon Marketing to Propel Mediocre Products pca9

1. David Kenyon Marketing To Propel Mediocre Products

3. What Is The Problem?  New product with limited adoption  Persistent low market share  Consistently missing sales targets  Sales feedback - product is difficult to sell

4. Why Is This Happening???? × The product is not competitive in the market × The wrong audience is targeted

5. 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

6. 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

7. What Makes A Product Uncompetitive?  Out of price position relative to the competition/ substitutes  Solution:  Alter the product  Decrease the price × Problem: × Expensive × Time Consuming × Competition may also move

8. What Makes A Product Uncompetitive?  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

9. Mediocre Products Succeed Every Day Why? How?

10. Targeting 101  Have you micro-segmented?  Why do consumers hire your product?  Have you asked, tested and watched consumers interact with your product?

11. Targeting Gets Results  Better alignment with those who value your product  Better sense of willingness to pay  Better insight into competitive landscape  Better idea of seller needs

12. 5 Steps to Product Problem Solving 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?

13. Thank You

Notes de l'éditeur

Apple Newton – even successful companies have dog products, the Newton was clunky
Jags were always broken down (poor implementation) and difficult to fix – this perception lingered (last slide)
Price of bet, speed of horse relative to competition – betting is all price and position
Seller of keys
Say Targeting to lead into next slide
Tell Clayton C’s milkshake story
Unsure of last two bullets. These are not direct results of targeting but this knowledge is most likely to be gained when investigating target consumers and what they want.
The right consumers do not see them as mediocre.

David kenyon Marketing to Propel Mediocre Products pca9

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David kenyon Marketing to Propel Mediocre Products pca9

Notes de l'éditeur