How to use the product life cycle

1. Establish competitive authority

In the introduction stage, you’ll focus on positioning your product as the best, cheapest, most luxurious, or whatever benefit you’ve chosen as your focus, in the market. The strategy here is to make your product stand out from the competition and establish your brand as the expert in its industry. 

2. Build pricing strategies

Your pricing strategies will change throughout the product life cycle. Introductory pricing is about positioning yourself against the competition. During growth, pricing can fluctuate depending on adding features and benefits, availability, and other factors. In maturity, competitive pricing may lead to decreases. And in decline, you’ll almost always see a decrease in price or a return to the introduction to start over again.

3. Create a successful marketing strategy

Your product’s performance is directly related to how you market it. Each stage in the product life cycle offers opportunities to test and refine your marketing strategy. In the introduction stage, you’ll be exploring channels, testing ads, and working to connect with your target audience. The growth stage finds you using great content to connect on your chosen channels. In maturity, you may try different channels, new messaging, and other ways to delay the slip into decline.