Focus on Product and Service Offer - Jeremy Gray

Jeremy Gray - "Practical Solutions to Difficult Problems"

Show Objectives – The Why
Last week we discussed whether you should re-invigorate growth via investment in the existing business or via a pivot to new products and customers. This week we will look at how you can fine tune your strategies using the Boston Group Consulting Matrix which has stood the test of time as a proven way to review your business.

​As your business grows your product or service offering will move through the product life cycle of Introduction, Growth, Maturity and Decline. The length of the life cycle could be measured in months, years or even decades depending on your industry. The strategies needed to maximize profitability will change over time. The BCG allows you to take a snapshot of where your products or services are in the product life cycle and develop appropriate strategies.

Key Issues – The Owners Perspective:

• What is the strength of my product portfolio?
  
• How do I assess the performance of my current offering?
  
• What benchmark should I be using?
  
• How do I optimize my current offering?
  

What you need to know – The What?

• How is my underlying market performing?
  
• What is my market share? Is it growing faster or slower than the market?
  
• Distribution share and why this is important
  
• Product profitability – a quick measure versus deep analysis
  

What you need to do – The How?

• Plot your portfolio against the BCG matrix
  
• Review the balance of your product offerings
  
• Understand why each offering is in its respective quadrant
  
• Develop strategies for each segment
  
• Move towards the optimal balance for your company
  
• Find ways to extend your product life cycle
  

At IBGR we are dedicated to helping you grow your business. If you have any questions on this topic please do not hesitate to contact me at jeremy@business-in-asia.org
If you are a dentist and would like to learn about proven strategies that can improve your revenue and earnings, please visit my website dedicated to you
 https://thedentistscfo.com/

F3.08.3AA