Product Features or Market Fit?
A Canadian software company engaged The Lanigan Group to conduct a strategic review of its recently released product when it failed to generate sales. The Board of Directors needed to know if the product features were wrong for the market, or whether they had targeted the wrong market with the product.
Within two weeks, The Lanigan Group reviewed the company's:
- Market opportunity,
- Product architecture,
- Development process,
- Sales process,
- Go-to-market alternatives, and
- Ability of the team to execute its plan.
As a result of the review, the Board had the information it needed to successfully tighten its market focus and to set in motion the product and personnel changes necessary to improve its market fit.
By creating a more compelling product offer for a more focused market, the company relaunched its product which has become the leading product in its category. Sales are now growing at a compounded monthly growth rate of 60% and the company has never lost a sale to a competitor.