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1. Change the name to reflect new market
2. Find new emergine market that have a need for the products
3. Combine distribution strategy like home delivery or monthly delivery
4. Change the name to reflect new market
Boosting your product: Sales profitability is declining:
If you are still meeting your sales target and the profit is low, then I would suggest increasing your sales numbers by Business Development i.e. increasing your businesses areas and number of customers which will allow you to survive for a few years; however eventually you will come to the following solution:
1. Manufacturing case: if you are a product manufacturer and with the market circumstances were you are facing a trouble with a product with low profit and you are no longer able to support the manufacturing process with such low profit then the right decision would be: To cut-off the manufacturing of such product and invest in developing a better version (R&D) with a new marketing campaign. Which I believe is the only way to overcome such a profit loss.
2. Distributer case: as a distributor facing this trouble it’s not easy, if you are controlled by an agreement and supposed to deliver sales target then it’s the management call to decide and change this product or the whole product and cancel all related business agreements for the better good, there are always plenty of manufacturers to choose from, it’s a business and not a charity so move forward to a new solution.
Re invent. Assuming it was a leader, and competition has driven profitability down, cross pollinate it's functions, appeal and utility into another industry or application. Look deeper at markets it is not currently sold in and find a bridge. Minor modifications to a product can change it's entire application appeal.
Thanks for the invitation.
by reconsidering the product itself and by checking our current marketing and sales plans and apply any required changes based on the current market situation.
