Product Life Cycle Marketing is also known by the alternate name of Product Life Cycle Management and the acronym PLM. This concept’s ambition is to lower the amount of time it takes to get the product out to market (through new or established RTM Route to Market channels), lower the costs of prototypes, boost the quality of the product, discern possible opportunities for sales and revenues, and lower negative impacts at end of the useful product life. Here is the kicker, if you are in the 7 figure cycle course, the hard lifting has already been done for you!
It requires that a firm understand well its markets, competition, and customers. Through PLM, business systems and processes become integrated with data and consumers. These solutions allow companies to succeed at the increasingly difficult challenge of coming up with new and better products for markets which are now globally interconnected and fiercely competitive.
There are ultimately four phases in the product life cycle that most goods go through. These include Introduction, Growth, Maturity, and Decline. PLC, or product life cycle, draws upon many tools, skill sets, and processes to be successful. It assumes the following:
- All products enjoy limited useful life spans and life cycles
- Products need varying financing, production, marketing, and distributing strategies for each of the four stages in the life cycle
- Product sales undergo progress through the four unique stages. Each phase has its own opportunities, challenges, and difficulties for the selling company to successfully manage
After a product has been created, produced, and distributed to the market, it is necessary for the item’s progression to be effectively managed so that the seller makes sufficient returns on their time and investment while the buyers gain enough value from the product in question. It is essential to the business that they are able to sell their products before they reach the end of their useful natural lifespan. Companies that do not realize sufficient profits from such product launches often go out of business, which is why it is critical that capable and proven people handle the evolution of the product life cycle throughout the product’s useful shelf life.
It is possible to extend a product’s life cycle. This occurs through boosting the sales of the associated product. It can be done in a variety of ways. These include the following:
- Expanding a product line to untapped markets – through market research and effective rolling out of the product or a variation on it to untapped markets, a greater customer base can generally be reached
- Advertising and marketing – with the goal of gaining a bigger listening audience and resulting additional customers
- Reduction in price – there are numerous individuals who prefer to purchase products after they have been discounted (even substantially)
- Adding extra features – by making a product more valuable, this often gains the patronage of consumer buyers
- Special promotional offers – many customers can be effectively enticed through special offers or even jackpot drawings
- Improved appealing packaging – more useful, appealing, or simply new packaging of a product will often appeal to target-market consumers
- Appealing to shifting consumer interests – consumers’ tastes and trends constantly change. It is possible to promote to these changing habits to boost the quantities of customers who are interested in the product itself
The commonality to all of these ideas is that they need advertising and marketing for consumers to become aware of them. The requirement of this advertising is that it appeals to new possible customer bases and not only the same saturated base again and again.
Here is Tim Ferriss on launching a product: