“How do I deal with the onslaught of generics now that my technology/innovation is maturing?”
This question weighs heavily on the minds of consumer marketers, but many B2B marketers don’t seem to recognize competition until it is too late. The earlier you address this challenge, the better. Here are few dos and don’ts to consider:
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Most importantly, ensure you are managing all the elements of your marketing mix, those 5 Ps (Product, Promotion, Place, Price, and People). Keep them additive and interdependent. Never change one without knowing the impact of the others. Don’t raise prices alone just because you think you can.
Want to read more about how we help businesses find the roadmap to success? Learn more about Market Driven Innovation, or read our other blog posts on innovation.
About the Author
Ron Sullivan is a Senior Partner at Breakthrough Marketing Technology. He has worked with many businesses on innovation, new product development processes, strategy, building new business models, channels and distribution, and pricing optimization. He has significant expertise in study design, data analysis, and market intelligence.
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