Now let’s proceed to the next step.
You are a Product Manager of a company with products that have high market share and margin, in a niche market. The five core product lines have undergone very little change in the past decade yet still hold very high share. Competition has been small, but is growing quickly.
The company has strong relationships with the top Original Equipment Manufacturers in the marketplace, but is not yet seen as an innovator of new products. These top customers have entered a long product development cycle with emphasis on new product innovation instead of the typical incremental changes that typified the past 10 – 15 years.
Your Main Goals are:
1. Creating strategies to maintain share in the core lines, while introducing the next generation products
2. Conducting research that will lead to proposals for new innovative products
3. Exploring avenues to introduce current or new products to adjacent markets
What would be your second major step in the above scenario?
In no particular order, I would:
- Meet the key customersandestablish trusting relationship. Meeting with influential non-customers would be helpful.
- Learn where they want to take their business.
- Learn how we might contribute to that plan.
- Learn how they might add our expertise to their (product development) processes.
- Determine how we can become an integral part of their product roadmap.
- Determine what other firms they consider partners.
- Research equipment manufacturers who use products similar to our current offering. Meet with them to determine interest or possible fit.
Originally posted 2014-09-11 07:00:52. Republished by Blog Post Promoter