| | Industry: HR Outsourcing Company
| The Situation:
- Plan in place to launch sister-product
- No information available on market or customer needs
- Extreme fear in sales force of new product cannibalizing legacy product clients
- Product development team at odds with executive leader on pricing, technology, benefits and features of new product
- Enormous cost overruns in product development process
The Intervention:
- Development of comprehensive market research product including multiple focus groups, surveys, interviews with C-level prospects in all initial, prospective US markets (8 markets)
- Strategic planning of product based on market research findings and analysis of the deficiencies (and overkill) within the proposed product and its technology
- Distinguished in strategy distinct market niche for both products to ensure no cannibalization.
- Creation of pricing and sales strategy to directly leverage market research data
- Creation of sales metrics and performance metrics to drive new sales and sustain legacy customers
Results:
- New product completed and sales underway
- Parallel sales team for new product established, trained and “on the streets”.
- New product sold to 6 beta customers for year-long real testing
- Cost overruns halted
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