TGG Service: Repurposing
Finding Untapped Revenues from Existing Products or Technologies
From The Economist: “Studies have found that 40-90% of patents are never exploited or licensed out by their owners.” That’s a lot of non-productive intellectual property (IP)!
We find untapped revenues to help clients maximize bottom line results. We do this by identifying new markets and new uses for existing products or technologies. We provide a “soup-to-nuts” service that includes: researching and qualifying opportunities, initiating relationships, negotiating deals and delivering actual revenues. Repurposing engagements typically run 6 to 18 months.
If you answer yes to any of the following questions, you are a candidate for repurposing.
- Do you have an existing product that is underperforming?
Has your market changed? Is competition intensifying? Are you experiencing sales or distribution channel inefficiencies?
- Do you have a mature product facing declining revenues?
Do you need a new perspective and fresh ideas for removing impediments to success and growth?
- Do you have a technology that you suspect may have unrealized potential?
Are you unsure how to spot new opportunities or reach new customers, especially in unfamiliar markets?
By repurposing existing IP, technologies, or products, we find untapped revenues. By doing this we’ve helped mature companies survive changing markets, enabled young companies to realize their potential, and made it possible for troubled companies to avoid disaster.
We apply a disciplined and rigorous approach to repurposing. A typical project includes:
- Evaluating the Product or Technology. We begin with critical questions: What business problem does your product solve? Who cares? Who wants this problem solved? Why do people pay you rather than your competitors to solve this problem? How does this product differ from competitive offerings or available substitutes, and what makes it better? How is the product priced and sold, and why?
- Identifying Opportunities and Developing a Business Case. Next we look for opportunities by identifying problems your product or technology might solve. We are experts at identifying and determining where else a product or service might deliver value, and if it could be competitive over existing offerings. We are also experts at identifying the most efficient sales and channel strategies to use to sell and distribute new offerings, and we look for opportunities to limit the time and money required to repurpose so that new revenues will drive straight to the bottom line.
- Preparing a Business Plan and Kick-Starting Revenues. We help clients avoid unnecessarily diverting team resources by kick-starting new initiatives on their behalves. From negotiating with channel partners, to creating marketing materials, to initiating early sales, we help clients realize benefits as quickly as possible from their repurposing activities.
Diligent research and practical experience are keys to successful repurposing. We help clients look at their technologies and their businesses differently in order to see new potential. It’s surprising how often the results are dramatic!Susan Wayo