Are you in marketing and need to develop a plan for a maturing product? In this interview, Debbie Davis, Vice President of Global Marketing, provides a comprehensive blueprint of how to take a mature product and create a new marketing program that will enhance value, solve challenges and give sales reps new innovations to share with customers. Debbie describes how her team developed a solution for customers who needed to collect data and track ROI for product effectiveness and was able to win leadership support.
- Start by changing the focus of the message to be solution driven. Consider ways that other products can be leveraged together across categories and services to offer greater features together.
- Look for ways to help sales reps continue to have opportunities. Look for additional features that weren’t considered before to help reinforce existing customer loyalty and stay ahead of the competition.
- Share data proof points on the value proposition. In the short term if you are in healthcare, using scientific studies and customer case studies to help support your idea and in the long term and are at a lower cost point than quality improvement studies and clinical studies which are take longer to complete.
- Create a road map. Identify unmet customer needs and what the next generation technologies might be able to be used to produce a more consumable model for sales and leadership.
- Prepare an evidence plan. Use the information you have gathered and before presenting any ideas, be sure the plan is tailored to key stakeholders. Include a focus on the return on investment.
- Enable Customer Driven Solutions. Debbie shared how her company created an online tool that customers could partner with the company where they could collect data on their own and use the clinical and financial metrics to generate charts and data over time.
A benefit of enacting a customer centric plan focused on additional features and solutions is that product loyalty increases when they feel personally invested and they ownership and validate proof of concept. Integrating innovation and a solution that hasn’t yet been tried before can be a key differentiator in staying ahead of the competition.
If you would like ideas about how to transform a maturing product on the trade show floor, reach out to me, I would love to help!