Can A Declining Product Regain Dominance of the Market?

    All products to hit the market go through what is referred to as the product life cycle. This life cycle consists of four stages. These stages are introduction, growth, maturity, and decline. The amount of time a product spends in each stage depends on its success on the market. All products will meet an inevitable decline as demands fall, but there are some methods a company can use to increase the life of its product. To better understand these methods, it is first best to understand the life cycle and its stages.

  

    A product's introduction stage is the time of introducing the product to the market. Sales are slow during the introduction stage as the public is just learning about the product and what to expect from it. The goal at this time is to spread the word about the product and attract consumer awareness. Promotion of the product during this phase is vital to its success. Once a product begins to take off it enters the growth stage. This is when customers are using and talking about the product. Due to this increase in attention, sales typically go up during the growth phase. As customers learn about the product, competitors are learning about it as well. Marketing during this phase will aim to make the product stand out from the growing competition and increase product sales. When sales begin to peak the product has entered its maturity stage. It has been established in the market and sales are maxed out. During this stage marketing goals should be to fend off competition and prolong the life of the product. Eventually, sales will begin to fall and the product will enter the stage of decline. This is when there is less demand for the product and consumers lose interest. Marketing is minimal in this final stage. Any marketing campaign will be targeted at loyal customers. Product loyalty may be able to slow down the fall of a product for some time. Decline, however, is an inevitable occurrence that all products will go through. To prevent the product from falling into decline, companies should use new marketing techniques to keep the product in its maturity stage for as long as possible. Companies will need to align their strategies with consumer needs and expectations to avoid declining sales. 

    One method to increase the sales of a product is to add new features and services to keep the product relevant and put it ahead of the competition. An example of this for food and beverage products is new flavors. Releasing new flavors of a familiar product will attract regular customers that want to try something new, as well as bring in new customers that are excited about the flavors. Another good idea is to keep the products innovative. Customers react well to products that continually change to meet their needs and expectations. It helps to interact with the consumers and take notes of what they would like to see in future models. If a company takes the time to listen to its customer feedback and delivers what is requested, it will hold the customers loyal to the brand, increasing sales and staying above the competition.

    Another approach is to redesign the packaging and labeling of the product to keep it fresh and appealing. A company can recreate its product for the younger generation with a new design. The idea is to create an image with a modern charm that will bring in a new wave of customers. It should be considered who the target consumer is and the new brand design should be created to appeal to that target. A fresh new product design will attract a younger customer base to the product, increasing sales and growth in the market. 

    Marketing strategies also play a large role in expanding the life of a product. Companies should keep the product relevant with bold new advertising. Like redesigning the product image, a company can also bring a product back to life with fresh new advertisements and delivery methods. These ads should be promoted on media that it hasn’t been promoted on before. The target consumer should be considered and the ads should run through media platforms this target base uses most. A company should also make an appearance on social media. Having a strong social media presence can attract new customers and regain the attention of previous ones. A trending product can also encourage people to pay attention to it. Social media establishment allows companies to interact with customers directly, and post content that is relevant to current times. Strong power in the social media world can increase popularity and draw in sales. 

    If a company can manage all these critical points of marketing, it could potentially extend the life of its product by many years. Companies that are successful at keeping their products alive remain at the top of the marketing industry. Having products so recognizable they nearly sell themselves. It takes a lot of studying, promoting, and hard work to have a product that dominates the market.