Where is your product in its life cycle, Know the life of your product

Where is your product in its life cycle

product life cycle

Know the life of your product in the market

Have you ever wondered why your product when it entered the market was number one in sales and now it is not?

This is because every product that enters the market has a life cycle, just like human beings.

The comparison is caused by the constant evolution of markets, trends and also people.

In a market where new products of the same range are added every day, where the consumer is constantly attacked with information and advertisements and, where we are communicated all over the world within the reach of a click, we see what they do with so much ease in Europe or Asia, everything ends up changing and what they loved first now no longer.

How to have a product always current in the market?

Make changes. A constant adaptation to the market.

What changes do you have to make in your products and services?
That each brand discovers through market research and being aware of trends from around the world.

You will return to both questions almost at the end of this article, but for your understanding we explain the stages of every product and how in each phase something can be done so that it does not fall and you do not have to proceed with its removal from the shelves.

Phase 1 – Introduction

After making the plan marketing the product is launched on the market and perhaps it is the moment with the most uncertainty because you are completely unaware of the public’s reaction.

It is also the phase that has the most cost because in terms of marketing, you have to first implement a brand recognition or approach campaign, then a remarketing and then launch a final offer, in any of these three campaigns it is possible to attract customers, but most are obtained in the latter.

It is normal if the sales are not as projected because the market still does not have the complete knowledge that you exist.

The most important thing you have to do at this stage is analyze the consumer:

If it is as you had projected it?
What was your average consumption per month?
What comments did you make about the brand that are worth your attention?

It is important to sit back with your team and reevaluate everything they had written to add to the actual field experiences already.

Phase 2 – Growth

This is everyone’s favorite stage, the wish is that the sales of your product are represented with an upward graph.

This stage is distinguished because your product has already become known and accepted by the majority.

The most important thing to do at this stage is:

-Keeping with promotional campaigns and brand recognition. If they already know you, don’t disappear.

-Monitor your competition more closely, the new one and the one that was already on the market before. The new competition tries to enter the market with a differentiator to your brand and to the others that already exist, it is important that you know what that differentiator is and in case it begins to generate a change in the market try to adapt.

The old competition because if they are in a high place you want to be together with them. See what they do that you haven’t yet.

Phase 3 – Maturity

This phase is the splendor of your product, you have reached the right price and place. Sales continue to increase until they reach a point where it is always the same average earnings per month.

This is the longest phase, a product can last several years here.

It is easy to read, but having reached the maturity phase implies constantly analyzing the market and your consumers, in addition to resisting low sales and high sales during the first months.

One piece of advice we can give you to get to this point is to take good care of your cash flow, many brands are not here because they ran out of money to meet basic operating needs such as paying suppliers or payroll.

A cash flow guarantees that you can cover any eventuality.

Phase 4 – Decline

What every brand fears, that its product goes out of style or loses relevance.

Here sales go down and sometimes continuing to make the product increases. Which makes it almost untenable for the brand to stay alive.

So how do there exist brands that have lasted for almost a century?

Easy: They never enter the decline phase. For this you need to readapt your offer, redesign your products and services, in such a way that you always remain current.

How to keep your product always current in the market

By nature, if you don’t do something, your product goes into decline. To avoid this, you have seen the necessary actions in many brands.

For example, how does a detergent renew your product? The only thing it is supposed to do is clean the clothes, what again can you add to that? Microparticles that go through the last thread of your shirt to clean stains and also protect the color. Does it sound familiar to you?

What does Apple do every year with all its cell phones? It updates them and releases a modern, improved and more powerful version.

The point is always to feed and change your product in the maturity phase. What you should focus on is no longer the price because people have already tried it and it has worked for them, here you compete for the value and personality that you gave to your brand in all those past years.

Conclusion:

To be current in the market you need to change. Change is the only constant in life and in markets.

For that it is important that you always be attentive to trends and that you invest in research, how much budget will depend a lot on the sector where you develop.

The investment that must be made to manufacture the new iPhone is very different from the investment made in a restaurant to remodel it and add new dishes.

START NOW!

-Make a plan marketing , without prior research you will be testing the market with pure experience and it is more likely that it will fail.

At Bioxnet we can help you develop a customized digital marketing plan. Contact us.

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