Company with Declining Sales
Company Stage: Mature
Industry: Supplier of training and professional development.
Client Name: Withheld
New sales were in decline. Retention rate was down. Renewals were for smaller numbers. Clients and prospects were informing the sales staff that its products were outdated and not geared to a broad audience.
The market had become commoditized. Buyers were choosing lower cost providers. Attempts to differentiate were not successful and product differences were unclear to the buyer.
Upon my recommendation, the company partnered with the leading industry association and conducted a needs analysis. A co-branded published report was created.
- Put the company in touch with the user community’s most urgent needs.
- Produced a roadmap for new product development.
- Partnering with the industry association;
- Positioned the company as thought leader in the industry.
- Differentiated the company from its competitors.
- Brought relevant topics that buyers cared about to the sales conversation.
- Identified products that were in high demand.
- Because of the high demand, products could be sold for a premium.
- Additional revenue was generated from sales of the published report.