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
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
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