The company had achieved an innovative break through on how it created its juice concentrated products. The innovative technology preserved taste, nutritional value and color. The implication to their customers would be tremendous and position the company as a thought leader and value added partner versus just a supplier. The company engaged the Growth Strategies practice at Baker Tilly to help them define a product launch and marketing strategy for the new technology.
Baker Tilly used their new product launch tool set to evaluate multiple dimensions of the market, competition, product, pricing and propensity to develop a comprehensive product launch plan. The plan was rooted in the expected revenue from the new product and the expected conversion of existing customers. Specifically Baker Tilly:
The company achieved its revenue goals for the new product in each of the first three years since the product launched. In addition, the company was able to secure seven new customers in the first year after launch and subsequently an additional ten new customers in years two and three. Any cannibalization of product was made up by the premium pricing that the company was able to receive.