Optimal Product Process™ 3.0 Phase Six: Maximize
This post describes the sixth phase in the Optimal Product Process: Maximize. Download the entire Optimal Product Process E-Book 3.0: CLICK HERE
Without a commitment and consistent effort to maximize the product’s success, a company risks leaving significant profit on the table.
After the initial launch, the product requires ongoing marketing and other activities to ensure that it continues to be as successful as possible. This includes demand generation, competitive responses, public relations, ensuring customer feedback is included in the next revision of the product, and also supporting the sales force and channel. In some companies there are dedicated Product Marketers that ensure the product gets what is needed to keep sales going and achieve revenue in addition to full-time responsibilities of planning and working on new products.
Overview of the Maximize Phase
Product Managers: continue support of sales on an exception basis and look for product adjustments or additional product opportunities. When sales drop, plan end of life activities. Marketing: develop marketing plan and integrate the new product into ongoing marketing activities. Measure, review and adjust activities to maximize sales.
End of life plan
Analysis of product data and marketing programs, creating new marketing programs, demand generation, sales enablement, tracking of key metrics
Decision at The Gate
Is the company ready to begin the maximize phase and spend additional dollars and resources to achieve the revenue, profit and strategic goals for the product? What worked and didn’t during the launch?
Download The Optimal Product Process E-Book 3.0
This book describes the seven phases of the Optimal Product Process: Conceive, Plan, Develop, Qualify, Launch, Maximize and Retire. It also covers the roles, responsibilities, tasks and documents associated with each phase. The Optimal Product Process is built on the worldwide-standard Association of International Product Marketing and Management (AIPMM) seven-phase framework. The seven-phase framework defines the Product Lifecycle’s seven phases and corresponding tasks that every product or service encounters from conceive to end-of-life.