What are the most effective strategies for repositioning a product in decline?

I'm in full agreement with performing a thorough root cause analysis. One may find that despite one's best efforts, the product in decline cannot be repositioned and should be allowed to be eliminated. Many times companies spend good money after bad, only because there are significant sunk costs associated with the declining product.

To identify the root cause of a product in decline, it is imperative to take a holistic view utilising internal and external feedback; 1. Marketing - is our marketing and brand addressing the pain points of the client, and are the features and benefits (FAB) of our products being articulated clearly? 2. Sales - are we utilising the correct lead generation process, sales cycle, DISCO and demonstration of our products to prospective customers? 3. Competitors - complete a full review of the competitor landscape 4. Price - is our price providing value for money for our customers? 5. Customers - what do our existing clients think about our product and service? (NPS scores) 6. Product - complete a full review of the product features and benefits

Products and Services in decline cannot always be repositioned for success - that's the most important idea to start. IF they can then we need to understand what changed about the success formula. The audience need? The effectiveness of the outcome? The reputation? The value deterioration? More competitors? These items must be identified, ranked and weighed to decide if repositioning is a worthwhile endeavor. Finding out that it's not worth the time can be even more valuable than salvaging it.

Turning decline into comeback: Repositioning strategies for products on the slide. 1. Diagnose the dip: Dive deep into market research to uncover the root cause of your product's slump. Has the competition upped their game? Did consumer tastes change? Identify the culprit to guide your revival plan. 2. Find your new crew: Re-evaluate your target audience. Are you hitting the right notes with the right people? Explore underserved segments or emerging demographics for fresh potential. 3. Shine a light on what makes you special: What sets your product apart from the pack? Unearth unique features and benefits that resonate with your new target audience. Shout these strengths from the rooftops in your marketing messaging!

Start with the "Why?" and understand, why is this happening. The reasons could be multi-fold, everything from changing market dynamics to internal execution challenges can contribute to this !

Segmentar es #clave. En muchas ocasiones, no tenemos claro al cliente al que vendemos. Esto, es necesario para implementar una #estrategia correcta a la compañía. Saber el cliente al que #vendemos, forma parte del hilo vital de la empresa, orientando todos los esfuerzos en la #venta a este este segmento de clientes. Para ello, hemos de conocer el #mercado, y saber medir a quien vendemos nuestro #producto o #servicio. Tras esa medición, hemos de realizar un #análisis exhaustivo, conociendo la #rentabilidad de cada cliente y la masa crítica que hace que la empresa sea #rentable.

Exactly, exploring new market segments is a potent strategy for repositioning a product in decline. Identify niches with distinct needs, preferences, or values that diverge from the current market. This could entail discovering a novel application for the product, appealing to a different demographic, or creating a unique value proposition. For instance, envision repositioning a declining smartphone designed for young adults as a retro item for older generations, tapping into nostalgia. Alternatively, transform a product sold in mass markets into a premium offering for an exclusive clientele. This strategic shift not only breathes new life into the product but also aligns it with untapped markets, offering a fresh perspective.

Some recommendations: • Use social listening tools to uncover unvoiced customer needs. Transform insights into segments. • Analyze competitor failures. Identify gaps they've left. Fill those gaps. • Forecast emerging trends. Target segments before they're mainstream. • Conduct micro-surveys across diverse platforms. Short, sharp questions. Look for patterns in dissatisfaction. • Reassess features. Link underused ones to latent needs. Create segments around these. • Ignore traditional age and gender segments. Focus on psychographics and behaviors. Actionable segmentation. • Challenge assumptions. Your declining product is not for everyone. Find who it's for now.

Identifying how significantly the product would be differentiated within the new or niche market needs to be balanced against the financial implications of pursuing a narrower market segment

It’s true only when situation is previous target segment exhausted or depends on the nature of product against specific market . Other way of repositioning is to reintroduce the product with new packaging and value proposition.

This could involve adding new features, improving existing ones, or bundling your product with complementary services. Make sure that any enhancements align with your repositioning strategy and are well-received by your target market. Communicate these enhancements effectively to generate interest and excitement among customers.

Map the solutions to the problems identified in the "why". In other words solve the core problem!! For example, if the problem is in positioning, address that OR maybe it's time to revisit the pricing cause competition is pricing aggressively in the market. All of this needs to be guided by the overall business strategy. As with most things in Product Management, this is much harder than it sounds !

Don't forget to consider these potential means of innovation and improvement: • Embed customer co-creation. Use forums, social media for ideas. Make them design partners. • Harness data analytics to pinpoint dissatisfaction. Innovate directly at pain points. • Pilot small-scale innovations in selective markets. Measure. Scale successes. • Apply cross-industry innovation. Borrow ideas from unrelated fields. Adapt. • Invest in sustainability. Make your product greener. Market eco-innovation as a key feature. • Simplify product. Remove clutter. Enhance user experience with minimalism. • Integrate technology not as a feature, but as a solution. Solve real problems.

One of the examples of such strategy was of Aspirin (Acetylsalicylic Acid), initially a pain reliever, repositioned itself as an antiplatelet drug for cardiovascular health. By emphasizing its benefits, it transformed from a common painkiller to a life-saving medication and it significantly changed the value perception of this drug.

Practical tips regarding pricing and value, from my experience: • Deploy psychological pricing. Use charm prices effectively. Appeal to emotions. • Introduce tiered pricing. Create entry, mid, and premium levels. Broaden market appeal. • Bundle products. Combine with complementary items. Increase perceived value. • Highlight unique selling propositions in marketing. Justify price with unmatched benefits. • Conduct A/B testing on pricing strategies. Find optimal price points through real data. • Leverage scarcity. Limit availability or offer time-bound discounts. Elevate perceived value. • Personalize offers. Use customer data to tailor pricing. Enhance value perception individually.

Fee based Financial Planning helps you retire in peace. The above is the value proposition that I try to deliver across to my potential clients. The landscape shift from selling products to customer centric approach enhances value. Customer buy when they find the value that fits that their requirements. Pricing is a by product of identifying the needs of your target audience. The pitch is- what does your product do to enhance customer experience. Work around the positioning and other related strategies keeping this core thing in mind. Making the Customer proud in owning your Product/Services is a great starting point. Anything that appears personalised to a customer is bound to be a winner!!

Differentiate the product from competitors by highlighting unique features, benefits, or values that set it apart in the market. This could involve product improvements, new packaging, or innovative marketing.

Develop targeted marketing campaigns to raise awareness and generate interest in your repositioned product. Use a mix of channels, such as digital advertising, social media, email marketing, and PR, to reach your target audience. Also, tailor your messaging and content to address the specific needs and pain points of your audience and highlight how your repositioned product can solve their problems. Measure the effectiveness of your campaigns and adjust your strategy as needed to maximize results.

Apart from repositioning of the product be it amongst same set of segment or new segment , additional distribution set can always ensure upside business . Exploring different geography with new set of distribution is always advisable to trigger new business.

In addition to lack of attention and curation. I would re-evaluate the inner and outer circles of strategy. 1. Going back to the white board and redefining the problem space and re-aligning with the strategy 2. Market forces (competition) alignment. 3. Changes in customer needs, behaviors and motivations.

There is a classic phrase "prevention is better than cure", and that applies to this case quite nicely. If there is product stagnation or decline, it's usually because of a lack of attention, curation over time. While there are remediations that can be done, the effort to prevent the product from getting to this state are orders of magnitude less than pulling out a recovery.

Algumas vezes precisamos ser muito pragmáticos para evitar perder tempo e dinheiro investindo em produto que não interessa mais ao público. Sim, produtos entram em declínio por não serem mais importantes para as pessoas. A vida muda, as necessidades mudam, as pessoas mudam e se o seu produto não se encaixa mais nesse contexto, admita, e vá em busca de algo que seja relevante para o atual momento social, cultural, empresarial, industrial, etc. Um aparelho de fax foi muito útil, importante e dava até um certo status durante algum tempo, mas um dia ele deixou de ter essas qualidades. Fica a reflexão.

Sometimes, the solution is not repositioning the product but killing it. A thorough evaluation may reveal that repositioning efforts might not be enough to revive its standing. This assessment should consider whether the investment required for repositioning could be more effectively allocated elsewhere, with an eye on long-term business strategy. Letting go of a product that no longer aligns with market demands or the company's strategic direction is tough but sometimes necessary.