Today’s show will demonstrate how to create new markets through the development of new products. On the show today is a Chief Executive Officer who has grown his company by creating new markets. Our focus will be on how to attract new customers to an existing product, and how to convince current customers to buy more of an existing product. This is a deep dive on the product portion of the corporate strategy. To follow along, download our 10th annual workbook, How to Make Your Number in 2017. Turn to the product phase of the corporate strategy on pages 72 – 77 of the PDF.
Joining us today is Mike Doobay, the Chief Executive Officer of Affinitiv, a customer experience marketing company. Affinitiv helps OEMs and dealers make informed decisions to retain customers, build loyalty and drive sales through a combination of predictive analytics, integrated technology, and in-field experts. Watch as Mike demonstrates how to create new markets through the development of new products, how to attract new customers to an existing product and how to convince current customers to buy more of an existing product.
It’s a fascinating story of impressive growth that serves as a solid use-case to demonstrate growth through new products. The benefit to our audience, which is consisting primarily of CEO’s, marketing leaders, sales leaders, and product leaders in the B2B space, is by watching Mike, you should be thinking about all the different ways that you might bring innovation to your customers to spark revenue growth.
Why this topic? 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.
Watch as Mike explains how the corporate strategy focused Affinitiv as a specialist to be unique and therefore drive impressive growth. Mike is competing against these much larger marketing services firms that are generalist, yet Mike’s team knows the automotive industry better than a generalist because Affinitiv is entirely focused on that industry. The corporate strategy Mike outlines tells his sales and marketing team what markets they will compete in and how they will beat the competition.
When thinking about, “How am I going to grow?” you should have a command over your business. What is your market share? How do you segment your market? What’s the spend? Who has the propensity to buy? who are my competitors? What is my competitive differentiation? Mike’s demonstration is a use-case of a CEO who knows what he’s talking about, and you should aspire to be like him if you’re able to answer these key questions for your team.
If you would like help with your corporate strategy, visit The Studio, SBI’s multimillion dollar, one-of-a-kind, state-of-the-art, executive briefing center. A visit to The Studio increases the probability of making your number because the sessions are built on the proven strength and stability of SBI, the industry leader in B2B sales and marketing.