Don’t you forget about me. Re-marketing older products for new revenues.
As marketers it’s easy to get excited about a new product launch, you’re changing the game, disrupting the status quo, revolutionizing the industry. The product has exciting new features that provide real benefits to the prospect. Let’s Gooooo!
But what about those legacy products? No longer so exciting. They may be “me-too” solutions or even commodity products that are difficult to hang a hook on. However, as a marketer you’re responsible for promoting the whole line, not just the shiny new stuff. So what do you do?
We develop spread sheets, schedules, and budgets for new product launches all the time, so why not extend this to the legacy products and re-market them to revitalize their revenue stream?
Marketing older products in the line can:
Increase awareness that you have that product for sale,
Reach markets that that rely on established technology, and
Improve the opportunity for bundled sales or to position your firm as a second source
Ways to market legacy products
Market on performance.
The advantage to legacy products is that usage data is available. You may have sold X amount or racked up Y trouble-free hours of usage. There is value to proven technology as a low-risk purchase. Strong product performance data can provide the confidence to offer superior warranty coverage or suggest case studies that show savings because of low maintenance/replacement costs.
Market on brand reputation.
This is an awareness strategy that can reduce the need for customer research during consideration, “You know us for X, we put the same quality into Y.”
Market on lead times.
Can you offer reliable lead times that equal or beat the competition? The ability to consistently deliver on time is a value.
Market on convenience.
Does your website or distribution channels provide easy-to-find product data? Do you have online product selector tools? Is it easy to purchase? Can you provide accurate shipping status? Hassle-free buying is a value. (BTW, if you have problems in these areas fixing them should be a priority.)
Market on service and support.
If you can provide the upfront support to help the buyer choose the best solution, make the purchase process frictionless, and respond quickly if something does go wrong, that is mitigating risk and adding value.
Market on price.
The market has established what this technology is valued at. That makes competing on price both obvious and difficult. If you can beat the prevailing price structure while maintaining a solid margin, you have an advantage. Offering free shipping is another price sensitive tactic.
Before you re-market your legacy products
Do you understand where your products fit in the current competitive landscape?
Include your sales and distribution teams in your planning, what information can they share and what do they need to make the sale?
Are your products supported on your website with current data and supplemented with usage stats?
Are their graphic assets or positioning that can be refreshed to support the re-marketing efforts?
Re-marketing older products can provide a spark to existing sales without a lot of work—as long as don’t you forget about them.