Marketing a product upon its introduction to the market isn’t enough to give it a prolonged life. Marketing must continue throughout the entire life cycle to sustain the sales and achieve longevity in the marketplace.
The growth phase of the product life cycle is — in many cases — the most developmental. This phase is about big wins in the marketplace, increasing market share and becoming an industry leader. Payouts (that can roll over to the maturity phase) can be huge with the right tactics.
Once your sales have reached their peak, they may begin to slow as your product reaches maturity. At this phase, similar products are hitting the market, buyers are exploring their options and the rapid sales exhibited in the growth phase will plateau. To keep generating revenue from the product, it’s important to remain in front of your audience.
Here are some effective ways to market through your product’s mid-life:
- Begin with your website. Your website can serve as the hub for your brand. It’s the place your buyers will come to for information on the product, so you’ll want it to be user friendly and easy to understand. Consider creating a landing page specifically for that product with specifications and key product benefits, allowing buyers to easily find what they’re looking for.
- Utilize Inbound Marketing. Inbound lets your audience find you by putting out relevant information. Use resources like a blog on your website, white papers or webinars to generate sales leads and become an industry thought leader.
- Utilize Outbound Marketing. Outbound marketing utilizes traditional methods to call your audience to action. Once they think of you as an expert through inbound marketing, you want your audience to buy—an ad or billboard can be just the push they need.
- Define your product among others in the industry. Remind buyers why your product is unlike your competitors. Renew focus on product differentiators and help your buyers build a connection with the product that makes them want it over the others.
- Mix Defensive and Offensive Tactics. Once sales begin to slow, make improvements to the product, have special sales or hold promotions and use these means to shore up market share. Restate your product’s relevance and remind the public why it’s revolutionary. Offensive tactics are also useful in sustaining sales by identifying and targeting new audiences to reach.
The growth and maturity phases of the product life cycle can mean big changes for your sales and overall reputation of your product. When these phases are marketed correctly and effectively, it can set the stage for an extended life well into the decline phase of the product life cycle.
For an example of successful marketing at each stage of the products life cycle and more tips for marketing your own innovation, download the white paper Marketing & The Product Life Cycle.