Star Power Connects With Market to Improve Product Performance
Customer Profile: Leading provider of solution-focused training products and services for the real estate industry. Responsible for development and execution of innovation strategy including product development and marketing plan, strategy, processes, and campaigns. Provided leadership, direction and coaching to team of 10, reporting to the CEO.
Challenge: Reconnect with real estate market to determine needs and understand pain.
Solution: Attend industry events, speak with industry experts, and survey/observe current, former and competitor's clients.
Result: Identified and prioritized new product projects.
Challenge: Improve product performance.
Solution: Survey market to determine product and brand perception and identify unmet needs. Evaluate product portfolio to determine performance and identify product gaps. Create a formalized product development process that included best practices and voice-of-customer input throughout process.
Result: Product launch revenue increased by 41%. Time-to-market decreased by 31 days.
Challenge: Improve monthly cash flow.
Solution: Created online monthly membership site.
Result: Produced over $30k/month in recurring cash flow.
Challenge: Regain momentum lost from struggling industry and declining market.
Solution: Developed affiliate program to improve word-of-mouth marketing.
Result: 6 month revenue of $85k.
Challenge: Improve lead generation and conversion efforts.
Solution: Improve web design. Launch social media marketing campaign including blog, webinars, seminars, LinkedIn, Twitter, and Facebook.
Result: Improved lead generation by 29% and conversion by 31%.
Challenge: Reduce new product development expenses
Solution: Improve new product forecasting. Create digital membership site with high profit margins and minimal expenses.
Result: New product expenses reduced by 42%.
Challenge: Reduce excess inventory
Solution: Determine value of inventory. Create packages that add value to clients and sell through excess inventory. Market new product packages.
Result: Excess inventory reduced by over 72% with acceptable margins.
Challenge: Excess inventory - improve inventory management process
Solution: Improve product forecasting by upfront research, more accurate projections, and accounting for product cycles and seasonality. Set min/max levels for all products and review levels weekly. Automate inventory processes. Offer products in digital format.
Result: Offering digital products reduced inventory levels while improving overall profitability.
Challenge: Improve seminar ROI
Solution: Convert seminars to webinars.
Result: Generated 650k in revenue while dramatically cutting costs.
Challenge: Create fresh new scripting product
Solution: Interview market to determine scripting needs. Interview clients who purchased past scripting products to determine likes, dislikes, and areas for improvement. Write product requirements, create product road map, and develop new product.
Result: Sales of over 140% of plan.