Expanding your marketing to reach a new set of stakeholders can have an effect similar to creating a new category. These new stakeholders may help you position your product or service in an entirely new way.

Such was the case for the former Wyeth Nutrition, a maker of premium infant formula. By extending its marketing efforts beyond retailers to include, doctors, Key Opinion Leaders (KOLs) and mothers, Wyeth grew rapidly. Their success attracted the attention of Nestle, who paid several multiples of Wyeth’s annual sales to acquire their premium products and marketing expertise.

Mary, Tom and Sean discuss how Wyeth approached this expansion of their stakeholder focus, and how they made key decisions. You’ll hear strategies for improving your effectiveness with new and different types of customer groups, positioning your brand powerfully, and avoiding being “sandwiched” by competitive pricing approaches.

In this episode you will also learn:

• Why KOLs are especially important to a premium-priced product
• Why you should approach KOLs similarly to customers, understanding and appealing to their distinct and specific needs
• How to prepare for “success scenarios” — when competitors will throw all kinds of strategies at you in an attempt knock you from the top

Here’s some quotes from the team’s discussion:

“Especially in a premium market, you really need the endorsement of experts to help customers justify paying more.”

“The endorsement of a KOL can be better than any advertising.'”

“Where possible — when it comes to a ‘sandwiching’ pricing strategy — be the one making the sandwich!”

We hope you learn some valuable strategies from the discussion!