When a leading not-for-profit education company saw its flagship product losing significant market share, they needed solutions. Why were customers increasingly opting for the competition? How could the company do better at meeting its customers’ needs? What consumer friendly product enhancements could they launch, and how quickly could they do it?
Approach: Think + Do
To determine which product enhancements should be pursued, we scoped the project and led a pricing strategy vendor selection process. Our team led the development of the business case for gaining C-level and board approval, and once the strategy was set, we managed a cross-functional team of product experts in designing enhancements and testing customer reactions. We then designed and implemented a comprehensive go to market strategy.
- 550,000 customers used the new product features within the first four weeks of launch, translating to $25 million in gross revenue.
- New functionality was launched on time and under budget, with no operational or customer service issues suffered during launch.
- An impressive 80% of key stakeholders/customer influencers participated in use of the enhanced features.