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Connect with us to discuss how we can assist you with using analytics to enhance product feature selection and lower the costs of production.
Business Challenge
Existing market is stagnating or shrinking
The challenge you face
- The market in which your business is operating is shrinking.
- Traditional customers no longer afford the products you offer and are downgrading.
- The products that customers are buying produce the lowest margins.
Implications of not addressing the challenge
- Revenues decline.
- Margins decline.
- Business stagnates or fails.
What does success look like
- The cost of producing products and / or the cost to serve decreases enabling the business to continue offering products at a lower price.
- Disengaged customers resume purchasing products.
- Margins stabilise.
Algonomix solution
- The solution involves experimenting with the reduction of product and service features to determine what customers deem essential and what customers don’t perceive as valuable and are willing to forego. The experimentation goes hand in hand with data-driven measurements. Product features and service elements that add cost without the corresponding customer benefit are eliminated, enabling business to lower the cost to serve.