Maximize Your Business through “Product Life Cycle” Part IIMaximize Your Business through “Product Life Cycle” Part II https://jesandy.com/wp-content/uploads/2013/02/PLC-2.png 380 269 Jesandy http://2.gravatar.com/avatar/8c9037a9da34ef445aae8a9595367081?s=96&d=mm&r=g
Maturity a.k.a the bombardment phase, heres why: you have a peak sales, majority customers take hit on your target market, instead they are get used to your product. As many choices on your target market, competitors are masses with the main task trying to grab your delicious pie, i assume this level is the gate before product death.
If you don’t play something new or create something shiny to strengthening your positioning, your competitors will torn you apart. There are 2 simple way to cover this up, First: Stick on your Brand Positioning is a must and be honest, read your feedback carefully whats on your customer’s mind, extend them with your 4P (+3P) tools, but never ever run away from your unique positioning. Remember the classic Cola vs Pepsi positioning wars, how cola try to renew theirs but failed. Secondly, Pay attention to any kind competitors on your target market. In these day when information are easily get, they will always try to find your weakness and sometime you found their moves just too fast. They are vary including new player, old “stubborn” players who still undermine yours, or (this one had nearly forgotten) your indirect competitors. Maybe they are not from the same pipe, but they have the same mission: seized your customers. Dig their strenght and weakness deeply, overpower your market, let other players move away from your spot. If you can cover your positioning matters and get rid off your competitor, Maturity level should be everlasting and you will avoid to the next phase. Although there are some cases enter the Decline phases without expectations, it happen because the situation like Economic Global Crisis or Product that overlapped by time.
Although many ways to avoid this level, what if you already on the decline stage? Sales and Profit are going down, your target market are dominated by others, no positive result in any marketing activities. Characteristics seems obvious, your product has meet the dead end. You might do some research if you still unsure about your position but honestly just do it once, if the feedback many of them start saying with a past condition sentences like: “It Was…”, “Oow I Remember That…”, etc. means your time will just finish sooner or later. The margin will soon narrow because profit decreased with the same production cost but the positive side only happen if the product sales on discount, it will be best selling ever :). This opportunity has to be executed wisely although it might great asset for solve the problem. The goal is try to create new slope (see graph below), recycle your product and enter the new stage of yours. Honestly there are 2 solutions to survive, First: Produce new brand positioning or you might say “recycling” your product, instead your brand personalty are become old fashioned, creating something fresh on customer’s mind are the best solution. Or you might try some reasonably action which is Enter (create) new segmented market, need little change on the product itself but only use lower effort rather then the totally create a new one. From time to time, there is one behavior that must be stepped aside, your “Ego”, your ego sometimes tell you: “I still can do this” I still can conquering the market with my old fashioned look”. but they just won’t work, rather save your ego instead of creating something fresh