{"id":11735,"date":"2022-02-10T10:52:07","date_gmt":"2022-02-10T10:52:07","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/10\/defining-your-product-life-cycle-marketing-goals\/"},"modified":"2022-02-10T10:52:07","modified_gmt":"2022-02-10T10:52:07","slug":"defining-your-product-life-cycle-marketing-goals","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/10\/defining-your-product-life-cycle-marketing-goals\/","title":{"rendered":"Defining Your Product Life Cycle Marketing Goals"},"content":{"rendered":"

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In the early 2000s, DVDs were the primary way to watch videos. Netflix streaming launched in 2007<\/a>, and the DVD player is now a technological antique.<\/p>\n

Products, much like humans, live on borrowed time. From the moment they launch, they\u2019re on a journey towards decline.\u00a0<\/p>\n

How this journey plays out is what marketers try to predict by using the product lifecycle as a model.\u00a0<\/p>\n

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According to the classic sales curve, products go through four stages:<\/p>\n

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  1. Development and introduction;<\/li>\n
  2. Growth;<\/li>\n
  3. Maturity;<\/li>\n
  4. Decline.<\/li>\n<\/ol>\n

    During introduction and growth, products rise along the curve as sales grow before reaching the peak of maturity and its eventual decline.<\/p>\n

    Whether your product follows this curve or a different path is determined by product life cycle management\u2014the decisions you make to evolve and promote the product at every stage.<\/p>\n

    In this article, you\u2019ll learn how to set goals at each product life cycle stage to maximize profits.<\/p>\n

    Demystifying product life cycle marketing<\/h2>\n

    Your marketing strategy<\/a> should adapt to each stage of your product life cycle. If it stayed the same, you\u2019d miss out on opportunities to reach customers as your product matures.<\/p>\n

    Product life cycle marketing aligns marketing efforts with the life cycle stage of your product.\u00a0<\/p>\n

    The product life cycle above is a roadmap for your product. Developed by German economist Theodore Levitt<\/a>, it provides a view of how the product progresses from introduction to launch<\/a> to eventual decline.<\/p>\n

    The life cycle makes it easier to visualize your product\u2019s stage and adapt your marketing strategy<\/a> as you unlock new distribution channels and marketing assets. Adaptation is the difference between accelerating the curve and becoming obsolete.\u00a0<\/p>\n

    For example, focus on building awareness and generating demand<\/a> if your product is in the introduction phase. If you\u2019re in the maturity phase, leverage your brand equity to lure customers away from the competition.<\/p>\n

    Smart Insights\u2019<\/a> RACE (Reach, Act, Convert, Engage) Framework life cycle marketing model shows how marketing efforts might evolve in line with the classic sales curve.\u00a0<\/p>\n

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    \"Smart