Quadrant 2

Introduce new products for existing markets

Introduce new products

soma-quadrant2Overall Goal

Increase the number of products that each customer uses by 15-20% each year.

Quadrant 2 is all about selling other products and services you offer that your customers have not yet purchased. The most important of these are: Upgrades, Add-ons; and Bundles or Packages. Quadrant 2 offers some highly attractive growth opportunities for a company that is setup to take advantage of it.

Below you will find a Best Practices checklist for optimizing high growth within Quadrant 3 for Marketing, Sales, Customer Service, and Innovation.

Marketing Checklist

 

GOAL

Continually market to existing customers about how the value of their existing products increase significantly when used with another product that you sell, but that they don’t currently use.

 

KEY OPTIMIZATION ACTION ITEMS
  • Have an accurate database of which customer has which products installed.
  • Build an automated marketing that works on the logic, “If customer has product A, then use Campaign X. If customer has products A and B, then use campaign Y”, and so on.

Sales Checklist

 

GOAL

Build an effective account management team that is very good at selling new products to existing customers with the goal of increasing revenue per customer.

 

KEY OPTIMIZATION ACTION ITEMS
  • Set up an account management system that uses the marketing database to call on customers to cross-sell and upgrade them to higher tier products.
  • Build your compensation plan to reward such account penetration.

Customer Support Checklist

 

GOAL

Make customers highly successful at using your new products within 30 days of acquiring these.

 

KEY OPTIMIZATION ACTION ITEMS
  • Build a library of training material and resources to enable customers to self-train to use new products.
  • Build scalable support infrastructure such as chat and self-help portals to provide quality customer support with less impact on the Support organization.

Innovation Checklist

 

GOAL

Introduce new products and services on a regular schedule—at least every 2-3 years.

 

KEY OPTIMIZATION ACTION ITEMS
  • Set up a Product strategy team that continually reviews the product pipeline and prioritizes new projects.
  • Set up agile development practices to enable rapid and iterative releases of products so as to enable quick changes based on shifts in customer priorities and preferences.
  • Set up Product Management to translate big initiatives that come from Product Strategy into clearly defined tasks that are implemented through the agile development process.