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Case Study: Create Dynamic Product Strategies

The Challenge:

A $550M division of a Fortune 500 automotive components engineering and manufacturing firm experienced a flattening in revenue and profit. The General Manager determined the company’s results indicated the need to expand into new, adjacent markets.


How We Did It:

  • Interviewed customers and determined the greatest opportunities for increasing our business with them was to offer high-quality, high-volume products they already purchased from other suppliers.

  • Assessed competitors positioning and programs. I realized our current sales & distribution model put us at a great advantage over their models.

  • I determined that product quality was the primary differentiator for this new market, I identified a driven, high-quality supplier who wanted to significantly grow their market share in North America.

  • When I realized the biggest challenge to winning-over the customer base was their concern over our technical experience, I created comprehensive technical, marketing, warranty, and pricing programs that enticed customers to use our program.

The Results:

  • Increased revenue and profit of business unit by 4% in first year–exceeding goals by 300%.

  • Provided the General Manager with a product portfolio which was independent of other divisions of the corporation.

  • Diversified division’s income stream and opened markets for similar products.

What are you doing in this time of unprecedented change to remain successful? If you are trying to simply hold on until we get back to "normal," then you are failing to take advantage of opportunities to leap ahead of your competition.


If you want some ideas to dramatically improve your product strategy, let’s talk.


Doug

970-578-0915


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©2021 by Doug Ringer. All Rights Reserved.

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