A global life science products company has been a worldwide leader in product innovation and design. Their historic launch of new products began to slow when the cost of research and innovation skyrocketed making it difficult to maintain their pace. The company decided they needed to update their product launch strategy as well as their management of existing product lines in order to gain revenue and extend the life of their marketed products.
In partnership with the company’s CEO, Patina identified two professionals who would be able to improve their product lifecycle strategy. The company wanted a professional with executive experience in the consumer products industry to help maximize product longevity. Patina provided a second professional to support these efforts with over 25 years of experience at several world-class consumer products companies.
Together, the professionals were able to provide significant value beginning with a buy-in from all the relevant departments. They then created customized training programs, cross-functional meetings and strategy sessions to help ensure the longevity of their product lifecycle. The company also implemented training procedures for all new marketing hires that focus on lifecycle management. The professionals initiated a five-year corporate plan to address their existing and future products.