This post describes the sixth phase in the Optimal Product Process: Maximize. Download the entire Optimal Product Process 2.0 book: CLICK HERE
After the initial launch the product requires ongoing marketing and activities to ensure that it continues to be as successful as possible
Many companies make a huge mistake at this point in the product process.
They launch the product, do some initial marketing and then “let it ride.” They assume that this initial effort is all that is necessary to keep the product sales, revenue and profitability maximized. And they couldn’t be more wrong.
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 ongoing 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 goals. In other companies the Product Manager may be asked to do this in addition to full-time responsibilities of planning and working on new products.
Without a commitment and consistent effort to maximize the product’s success, a company risks leaving significant profit on the table.
Sometimes just the smallest adjustments in the marketing, enablement of the sales force, product mix or other factors can double or even triple the product’s profits and/or market share. Don’t ignore this critical phase or you may cripple your overall ROI.