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Product life cycle and why it could mean destruction for your business

stocks23289495.jpgWhat is a product life cycle and how does it impact your business, especially when it comes down to the amount of money you could be wasting on your marketing efforts? Product life cycle can vary with each product you have along with the industry you are in but usually product life cycle can be controlled as it follows 4 very specific stages. Here is some information about the different stages that will help you market your products better and understand what you may need to start doing differently to extend the life of your products.

The first stage is actually introducing the product to your customers. How are you telling your customers about the products? Are they getting all the information they need right away or do they still have a number of questions about your products after they hear about them? The introduction stage must be engaging and exciting to your customers in order to peak their interest and to keep the interested in other products your company has to offer. Some products have a high peak right after the introduction stage but they quickly crash and burn soon after. This is why it's so important to do your research and know what is needed on your part to market correctly and to make sure you do all the planning right the first time when it comes to marketing a new product.

Once you introduce the product to the customers and they start to become interested in and start to purchase it, you will enter the growth stage. The growth stage deals with an increase in sales but it can come to an end quickly if you aren't looking for new ways to attract attention and to keep your customers interested in only your products. The launch of a new product always means you will have competitors that are on the edge of their seats to take you down so you need to prepare your company to whether the attacks of your competitors in the growth stage.If you don't add value to your products and you find yourself stuck in the growth phase, it's time for your marketing department to kick it up a notch.

The next stage is the maturity stage. This is when a product has reached it's peak and now it is the biggest product in the industry. Your product is looked upon as the leader in the industry and no one else can make a product that comes close to comparing to it. The biggest problem with the maturity stage is the mindset many businesses fall into. They often think they did their job and there is nothing left to do. If you think you can just sit at the top and nothing will happen, you have another thing coming. A new competitor can take you out at any time so you need to keep a close eye on your market and your industry to see what your competitors are doing.

One day your product will reach the decline phase. When a product is no longer in demand and customers don't see a value in it anymore, it will reach this decline phase. This means you have products that will all but disappear from the market. Take a look at your marketing efforts and find out why your customers are no longer purchasing your products. Are there new products in the industry that are better?

Whenever you create a new product, you must always focus on the product life cycle and find out how long you think this product will be in demand. This can be tricky so it is important to do your research and know your industry well.

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