If you are a small business owner, that extra profit can mean the difference in success or failure, a good business or a great one. Getting off to a good start in the marketing product life cycle requires marketing to breathe life into your product.
Introduction (Birth) Stage of Marketing Product Life Cycle
A new-born baby demands almost all of your time and much of your money. It needs your constant attention. A new product differs little. It needs constant marketing.
You have to market hard to nurture your baby product. You have to show it off and emphasize how it benefits potential customers.
Although demand is often low at this stage of your marketing product life cycle, you need to recover some of your product development expenses. Thus, many business owners charge more at this stage. These limits demand even further.
But you may want to keep prices low to encourage more people to discover your new product. Keeping prices low and offering promotions and incentives to attract initial customers helps you to attract your new product’s greatest admirers and potential buyers. It separates them from everybody else and determines to whom you should direct your product’s birth announcements.
Write and time messages are announcing your new product. Direct those messages to your target market and concentrate those words on the greatest benefits that your product offers target market members. You will reap far more profits that way than if you send marketing messages to everyone.
After you have christened and promoted your baby product to the world, it’s time to nurture your product’s growth through childhood with a marketing growth spurt.
Growth (Child) Stage of Marketing Product Life Cycle
As your marketing grows, you must continue to win more customers, retailers, and distribution avenues.
The more from your select group of businesses and clients who support your new product, the faster you can start getting a return on your investments. Thus, this second stage requires growing your marketing so you can start earning profit.
Your marketing goal at this stage of the selling product life cycle is to introduce your child product to as many target market members as possible. You want them to see how your product can benefit them.
The best way to grow your product through this second stage of your marketing product life cycle is by using market segmentation. It will help you by:
determining what new target markets are likely to want and need your product, selecting new retailers who are a good fit with your product, and expanding your geographic reach with new distributors.
One Quick And Easy Way To Create Your Product.
Internet marketing is based on someone selling a product. Unless you are an affiliate marketer selling other marketer’s products, you must sell a product yourself. If you want to sell your product, the problem becomes how to create your product.
Creating your product seems like a tremendous task. Product creation is what holds some would-be online marketers back from getting started. Product creation can be much easier than you think. Here, I am going to outline a very simple way to create your product.
A very easy way to create a product is to do some interviews. Not only is this easy, but it also underlines the fact that you don’t have to be an expert in the field you are creating a product for, you just need to be able to find the experts.
To illustrate how this works, let’s use an example. Suppose you wanted to create a product about golf. You are not an expert at golf, and you know your own game needs a lot of work, so how could you create a product about golf?
Even though you are not an expert, you know that every golf course in the area has an expert called a pro. All you need to do is get a digital recorder and convince 5 or 6 area pro’s to do an interview with you.
Are you ready to go out and create your product now? Just pick your niche, find the experts, interview them and you have your product. It is that easy. With your product, you’ll be on your way to online success.
The marketing product life cycle only provides a model of how products and your marketing should grow. Products move through the cycle differently, just as children advance through life differently.
Although you don’t want a child to extend childhood into their thirties, you do want your product to stay in the growth stage as long as possible. The more time it spends in this and the remaining two stages, the longer it will make you money.
You can extend your products time in each of these stages by using market segmentation.
You can use market segmentation research to enhance your marketing in every stage of the marketing product life cycle.