As I listened to various earnings reports last quarter from companies of all types, I was struck by the remarkably similar message that was coming through: Results mostly met or exceeded the downwardly revised profit targets, but generally missed revenue and sales targets.

This message will likely resonate with readers of this journal-we are in a period of low growth both in the United States and elsewhere. Even though Chinas GDP is growing significantly faster than that of the U.S., it is still much slower than it has been in the past. Companies have dealt with this issue largely by cutting costs and trying to improve their competitiveness with target customers, as well as through improved customer interfaces (such as the internet and mobile devices).

Is top-line growth important? Of course it is. Cost cutting is a great strategy but is eventually limited in its application. So how can we grow the top line in a slow- or no-growth market such as lubricants? It might be instructive to look at Apples evolving strategy, although we cannot declare it yet to be a success. However, they are a hugely successful company that has prospered massively due to the growth of mobile devices, and now is facing a mature (at least in the developed world) market and slowing growth. How are they dealing with this situation?

First, I would draw attention to their product upgrade strategy. Similar to the lubricants market, Apple is on a somewhat regular cycle of product upgrade, although in its case the product upgrade is more self-imposed than in our industry. However, what is notable is the way the company intently researches the features and benefits that each cycle of product introduction will include. Each new introduction is not necessarily radical, but builds evolutionary improvements into the new product. For example, in the case of the iPhone, they continue to build in improvements in phone size, camera performance, durability, battery life and other aspects that are important to the customer.

How does this relate to lubricants? I would urge you to consider with each product introduction how you are building in the features and benefits that your customers want and need, rather than just satisfying a new specification. This goes beyond the physical product and applies also to the augmented product that you sell. For example, you should analyze the packaging, labelling, product support, product order and delivery, and other aspects of the overall customer experience as well.

Another key aspect of the companys strategy seems to be services. The Apple Services business is growing 19 percent year-over-year and itself is expected to reach the size of a Fortune 500 company in 2017, according to CEO Tim Cook. What an inspiring statistic! Are you developing a services business? You may think that it is much easier for Apple to do so, since they are so connected to their customers through Apples own technology. However, I believe there is much unharvested lubricant customer information that could be accessed through technology, and that information will lead to better design of products and services. Consider how you are accessing and mining your customer and customers customer information and using it to improve your own products and services, enhancing your competitiveness in your market.

Apple also works to expand its geographic penetration; it is clear that China and India are important to the companys long-term growth. How has your company determined the boundaries of its geographic penetration? Perhaps there are customers with unmet needs outside of your current geographic reach. Lower oil prices and transportation costs may have improved your competitiveness in markets that are further away. Actions of competitors in these markets may have changed and could open up the door for your entry. Investigate whether merging or acquisition could improve your long-term success in a low-growth market.

Finally, it is clear that Apple is working on innovative new products outside its current lineup. The company introduced the Apple watch, although it doesnt seem to have caught on as well as they might have hoped. Nonetheless there has been news recently of a patent they filed around a wearable product and continuous heart monitoring. This could be an interesting glimpse into the future of wearable devices. In addition, they are rumored to be working on some kind of car technology and on the future of the Apple TV. It is clear that they are investing significant money into these new options. I view this as a sort of diversification strategy into new devices and new markets, in order to radically grow their company size and longevity.

While none of our companies has the resources of an Apple Inc., I wonder if we have considered how to diversify our offering for the long term. Perhaps there are gaps in your product slate that it would be beneficial to fill, especially if these are products you could sell to existing customers. Perhaps there is a more radical way to think about your companys position in the supply chain that will cement your long term differentiation and profitability. Now is a good time to strategize about such opportunities.

A final lesson from Apple is around pricing strategy. They generally introduce new products with much fanfare and at premium prices, and rely on their product differentiation and consumer brand loyalty to sell the product. Ask how your company can command premium prices in the marketplace through product differentiation, brand loyalty and quality reputation. Consider too whether being early to market with new products could enable higher pricing and enhance your reputation, and whether some marketing hoopla around the product launch could create beneficial excitement and buzz.

We may not be selling iPhones, but our products are loaded with sophisticated technology that provides benefits for customers, OEMs and the environment, and this should be celebrated.

Growing the top line in a low growth business and economic environment is challenging and requires innovative products and services, and close attention to pricing strategy and geographic penetration.

Sara Lefcourt of Lefcourt Consulting LLC specializes in helping companies to improve profits, reduce risk and step up their operations. Her experience includes many years in marketing, sales and procurement, first for Exxon and then at Infineum, where she was vice president, supply. E-mail her at saralefcourt@gmail.com or phone (908) 400-5210.