Conscious competence dictates that you should study every move you make instead of haphazardly taking action. When you are in the business of putting any kinds of products out to the market, an understanding of the product life cycle will help you more than almost anything else.
You must know the product life cycle before you can capitalize on it. Here is a guide on the product development life cycle stages and what happens in each.
What Are the Product Development Life Cycle Stages?
The product life cycle is broken down into stages. Each has its own characteristics and guidelines you should follow when going through them.
Here is what you need to know about the product life cycle:
- Developing the Product
In this stage, you are just getting your feet wet studies with studies and investing in the marketing of your product. You are not bringing in revenue during this stage.
This is the timeframe in which you can also begin taking in investors that will carry you through the rest of the process. Take your time in planning out your product so that you can avoid some costly mistakes.
- Introducing the Product to the Market
This is the big introduction of your product to the marketplace. You might have a big marketing blitz leading up to the launch.
Manufacturers and retailers today are also taking preorders. This is the timeframe that you get people excited about your product and begin to build and map out market share above all.
Make sure they’ve you informed everyone about exactly what it is that you do and why they should consider your product.
- Grow Market Share for the Product
Once you have established your base and gotten people excited about your product, you should work diligently to grow your market share.
This is the time in the product’s life that you expand beyond your current customer base and draw in larger numbers and bigger revenue. This is when you go wider with your marketing and pump some serious money into getting the word out about the product.
- Sales Maturation Stage
During this stage, the product has just about run its course, and you’ve squeezed about as much juice out of the product as you are going to. Recognize this is a natural stage in any product life cycle, rather than a sign that you are doing something wrong.
Even when an artist comes out with an amazing album with hit singles, there comes a time when fans grow tired of the same songs and want to hear something else. At this time, record sales will hit its peak.
Consider this analogy when you’re going through the life cycle of any product.
- The Product Declines
What goes up, must come down. During the decline stage, you are going to start seeing your sales and attention taper off and lessen little by little.
As this begins to happen, you might want to discontinue your product, relaunch it, rebrand it, or otherwise figure out how to make the most of this stage.
Learn the Ins and Outs of Business
These are the product development life cycle stages that products of all types go through. When you learn how to handle each stage you will find success with your endeavors.
Let these tips help you as you start prepping a product for the market.
Danny White is a freelance writer who offers to ghostwrite, copywriting, and blogging services. He works closely with B2C and B2B businesses providing digital marketing content that gains social media attention and increases their search engine visibility.