Customer-focused product portfolio

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Why is a customer-focused product portfolio important?

Have you ever been in a shop, feeling overwhelmed by the sheer amount of choice when you were looking for a specific product? Many customers feel confused by the abundance of products and choices. As a result they leave the shop empty handed.
A customer-focused product portfolio will open up new opportunities. It makes it easier for your customers to see the benefits of your products. You will stand out from the competition. This will result in more turnover and improved customer satisfaction, in both a B2C and B2B environment.

Everybody knows that creating and managing a strong product portfolio is crucial to building a sustainable and profitable business. It is just as important as having a strategy or managing your brands.
But while many corporations have processes in place for strategy formulation and brand management, very few have a process in place for managing their product portfolio.
The SunIdee portfolio program offers you the right tools to effectively do this.

What is the best approach for creating a customer-focused product portfolio?

Set-up a multidisciplinary team, involve some of your best customers and follow a step by step approach towards establishing a strong customer-focused product portfolio:

  • Understand your customers’ needs.
  • Use this to create a portfolio framework. This framework is the basis of a customer-focused product portfolio.

  • Plot existing products and services in the portfolio framework and define a plan of action to strengthen your portfolio: repositioning existing products, start new product development projects, and stop products or projects that do not add value for the customer.
  • Create communication materials to communicate the new customer-focused product portfolio.
  • It is strongly recommended to involve your customers in during the process. Through co-creation workshops we can ensure outside-in thinking.

How can SunIdee help you?


B2C

In a B2C environment, a consumer-focused product portfolio will help you properly organize your product portfolio and identify new innovation opportunities to strengthen your portfolio and beat the competition.
By linking existing products and services to consumer insights, you will identify which products are fine as they are, which need to be repositioned, and which can be removed from your portfolio. Moreover, it will reveal which insights you do not address at the moment.
In addition to being an excellent strategic tool, it will also help category leaders to create an outstanding shelf vision, possibly in co-creation with retailers.

B2B

In a B2B environment, a customer-focused product portfolio will help you to generate more business from your existing products and services.
A portfolio approach looks at new as well as existing customers: where are hidden growth opportunities waiting to be seized?!
A possible method is to map the unpaid services you are currently offering, and think of innovative business models to capitalize on those services.
In addition to being an excellent strategic tool for strengthening your product portfolio, it is also an excellent sales tool to cross and up sell your customers. A customer-focused approach will lead to more loyal and happy customers.

Yearly review

Product portfolios should be as dynamic as the markets that the organization operates in. Each year they should be analysed, reviewed and up-dated in order to stay competitive and lead the organisation to future business success.
You will place customer needs at the heart of your organization: by making customer insights the foundation of your portfolio, all internal discussions about new products or services will be linked to customer needs. This will help you become a true customer-focused organization!