product line rationalization
Focusing attention and resources on a company's most successful, profitable, and strategic products/product lines will streamline operations and reduce product support costs.
Low volume, low margin, and non-strategic products/product lines reduce overall company profitability. Additionally, these types of products complicate and confuse a company's go-to-market strategy.
ProductQuest Strategies coaches our clients to identify underperforming products and access overall strategic fit. Included with this approach is development of plans to retire products that offer low financial contribution and do not align with a company's go-to-market strategy.:
Identify low volume, low margin, non-strategic products:
ProductQuest Strategies starts with helping the product marketing team assemble a working group. Regularly scheduled team meetings are then organized, and updates provided to senior leadership.
Develop a plan to retire non-strategic products:
Based on the working team's recommendations and senior leadership approval, detailed plans are then developed to retire non-strategic products. Multi-functional members are added to the working team to help manage the retirement process.
Refine go-to-market plan to focus on strategic products:
ProductQuest Strategies then coaches to product marketing team to refine their go-to market strategy to put laser focus on profitable and strategic products. This will streamline and add clarity to overall marketing messaging.
The process begins with a no charge Introductory Get Acquainted Virtual Meeting.