A product lifecycle in manufacturing has four different stages: introduction, growth, maturity, and decline. Since each stage is associated with the product’s marketing position, you can implement some strategies to increase the product lifecycle in manufacturing.
In the introduction stage, your aim should be to create such a clear brand identity that you are able to connect with the right partners. This is where you can increase the value of the product by telling your target audience how the product adds value to their life and stands out of the crowd.
So how can you prolong the product lifecycle in the introduction stage?
There are four ways of skimming and penetration through which you can ensure your marketing strategy hits the right note with the targeted audience.
- Rapid Skimming: You can launch the product at a high price with a high promotional level.
- Slow Skimming: You can launch the product at a high price but the low promotional level
- Rapid Penetration You can launch the product at a low price by conducting elaborate promotions
- Slow penetration You can launch the product at a low price by conducting minimal promotions.
At this stage you can also opt for being selective with the kind of consumer base you are targeting, as being selective will boost your product’s demand in the market.
The product then moves through the growth stage.
The goal of which is to boost the profitability of the business and gain more traction. You need such strategies in place that increase sales, market share, and profitability. Some of the effective strategies to boost your product lifecycle through growth:
- Cope up with the growing demand by increasing the distribution channels
- Keep demand and profit high by ensuring that your products price is high but reasonable
- Improve product quality
- Enter new marketing demographics
- If the profit is too low, skim the product prices
- Grow your market share by adding new features to the product
Your product enters the maturity stage once your sales peak.
You might have to change your marketing tactics as by now the market must be saturated with similar products. To prolong the lifecycle of your product, you can either modify it by adding new features or enhancing the existing ones. You can also redefine your target audience or move to a new marketing segment as this will give you a competitive edge by attracting customers that your competitors are not. Product and marketing modifications can help boost your product’s lifecycle.
As your product nears its ending stage, you might notice a decline in sales and profits.
This could be due to changing customer preferences, better alternatives in the market, or technological advancements. There are various ways you can still save your money on your product like:
- Minimize the distribution outlets that sell that product
- Slash the prices to get the customer to buy it
- Find another use of the product
The aforementioned strategies can help you prolong the lifecycle of your product in manufacturing.