Stage 6: Maturity
Adjusting your product and business to adapt to the current envrionment
Navigate each of the processes below by reading more, downloading support files, and/or watching some of our online webinars. Each of them provides more context and support throughout the Goldsmith Model.
Process 6.1 - Production Support
Continually improving the technology to maintain maximum value
Over time, product designs, materials, and manufacturing processes will withstand many changes and innovations. These modifications are made with the intention of pleasing the customer or users. Taking these opportunities to better the technology will result in greater customer satisfaction and loyalty; resulting in a better share of the market. The modified design of your product may not look similar to where it began, and that is normal. This is the result of meeting the expectations of the consumers over an extended period of time. The value of Production Support reveals itself through a lasting, competitive product.
Process 6.2 - Market Diversification
Prepare for the future by addressing changing market conditions
At this point, if sales begin to plateau or decline, it may be a sign that the product is reaching the end of its life cycle or losing significant market share. Whatever the case may be, it is time to reevaluate your product mix. This could come in a variety of ways, whether it be to find new markets, continue innovating the design or exit the market. These answers lie within the market itself. By revisiting previous processes in the present, you are able to decipher the best decision to make. The value of this step shows itself by your new understanding of the changing market conditions
Process 6.3 - Business Maturity
Maximize profit potential of the business and prepare an exit strategy
Once all of the milestones have been achieved, and the business is functioning at a satisfactory level, the complete Business Plan should be rethought out. When reconstructing the business plan, keep in mind that the objective here is to maximize profits for the exit strategy. At some point, there will have to be an exit strategy put into effect to ensure the longevity of the business past your involvement.