Step 3: Products
Create new markets through new products. Attract new customers to an existing product. Convince current customers to buy more of an existing product.
Not all revenue growth is equal. Some revenue growth creates more enterprise value than others. Revenue growth that comes from increasing market share for a product does not create much long-term value because competitors can easily retaliate. Revenue growth driven by increasing prices of certain products comes at the expense of the customer, who can retaliate by buying less and seeking substitute products. Revenue growth driven by products that create new markets, attract new customers and convince customers to buy more is the most valuable type of revenue growth.
- Product Strategy
- Product Lifecycle Management Plan
- Product Forecast
- Competitor Analysis by Product
- Pricing Plan
With this step complete, it is now time for Step 4: Competitors.