Know your product's lifecycle

by WF- Enzo Administrator
3 replies
All products regardless of whether they're sold online or offline have life cycles. The traditional product life cycle is usually shown as:

In a nutshell, everything starts at the Introduction stage, where marketers pour resources to introduce a product, gain brand recognition, among others. It is expected that sales volume will increase until it reaches the Growth stage where sales volume steadily increases and costs are reduced due to economies of scale. The public is also aware of the product, and there is increased competition with other entrants in the market.

At the Maturity stage, the intended target market is pretty much saturated, and sales volume is at peak. Price may further drop, too, due to competing products, while marketers pour over to emphasize brand differentiation and develop different unique selling propositions to stand out among the rest. A product will eventually reach its Decline stage, where as the name suggest, sales volume drop and profitability diminishes.

That is the traditional life cycle. There are alternate product life cycles too, as illustrated:

We've discussed the traditional PLC, so next comes the Fads, which were five-seconds-of-fame products but quickly disappeared from the social scene as people became bored of them. Fidget spinners were hyped, but quickly faded out.

There are also seasonal products, which come and go depending on the trend and in the clothing industry, season. I mean, who would buy a winter coat in the middle of summer? Starbucks is also known to sell seasonal products, and their sales are known to increase as Christmas approaches when they start introducing their holiday drinks once fall starts.

Classics are those which have been in the market for as long as we know, and which will always bring consistent sales volume (cars, for example), while revival/nostalgic products are those which have been long dead or at least pulled out from the market, but a manufacturer or business decided to take an interest in it and well, reintroduced as some "nostalgia feels" kind of thing. Vinyls and cassettes used to be obsolete until musicians started releasing new singles and albums in those formats.
#lifecycle #product
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  • Great intro to the different PLCs! This is actually super important info to know for us marketers. It helps tremendously when you're deciding on which steps to take next with your product, and what you can expect.

    Without correctly identifying the PLC that corresponds to your product you're likely to invest a lot of resources without seeing much of a return. So identifying the correct stage is super important.

    Here's another chart that is super helpful to consider with regards to PLCs:

    This shows the risk that your product will not follow any of the charts above, and will instead fail. You may not get enough sales for takeoff with a traditional PLC (which is the desired end of the "Introduction" phase), and the product may not take off. The chances of failure are highest in the beginning, before the product acquires sufficient social proof on the market.

    If you find that despite your best efforts, sales are just not taking off at all during the Introduction stage, perhaps it's time to re-think your offer, re-think the product, or, if nothing works, just scratch it out, and figure out another product that your audience would need.
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  • Profile picture of the author Jamell
    Thank you for the insight .Fads, classics and seasonal products .This Will help me in future !
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  • Profile picture of the author Odahh
    There is also a flip when products exclusive to the rich are made available to the middle classes and the poor because of mass production . Chicken and beef example of thibgs only rich people could afford a hundred years ago . And except for saffron most spice are far more affordable than they where historically.

    But then what happens is what where staple foods of the poor get glitzed up and made trendy for the rich grass fed ,free range ,organic, wild caught.

    Going back to your post the decline stage tends to also be the stage the product either becomes a commodity . Or becomes obsolete .

    Or a new trend is big companies becoming woke. And pulling a gillete or nfl or star Wars the last Jedi.
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