Understanding the product life cycle is necessary for big or small businesses. Managing international brands or own solopreneur created a personal brand, understanding of the relation between branding and product life cycle is significant.
Several businesswomen create phenomenal products and invest in their branding. But somehow ignores the fact that each product has a specific lifespan.
Stages of Brand and Product Life Cycle
Brands and products go through five life stages and like humans products get obsolete in the last and final stage. These stages are:
- Introduction Stage
- Growth Stage
- Maturity stage
- Decline Stage
Branding and Product Life Cycle
Marketers need to revise their branding strategies as per the stages of the product’s life cycle. Let’s explore this in detail.
Branding Strategy in Development Stage
At this stage, product ideas are conceived, analyzed, nurtured, branded and even tested before market introduction.
At this stage, the development of the product is the main priority. A major part of the capital is invested in product creation and testing. A slight diversion from product development can kill the product in its first stage itself. So, the product is the focal point here.
The Introduction Stage
The brand is introduced to customers at this stage. At this stage, businesses heavily spend on advertising. In-store promotions, trade shows, content around the problem points of customers, and brand awareness are the key focus parameters of branding strategy.
The Growth Stage
At this stage, the sales of products start growing exponentially. This gives rise to competition, so articles, feature descriptions, advertising, and product innovations become marketers’ priority.
The Maturity Stage
At the maturity stage, competition becomes fierce and margins start diminishing. Therefore, marketers start creating segments within the market. This stage focuses more on niche identification, strategies to reach niche customer base and diverting more investment in advertising and branding. A loyal customer base is a lifeline here.
The Decline Stage
At a declining stage, brand sales decline, margins decline significantly and new products start replacing in distribution chains. Ideally, marketers should introduce their products in new markets.
How Product Life cycle and Branding Awareness help Women Entrepreneurs
Our business bio platform always brings valuable information for women entrepreneurs. Product life cycle information helps business women to strategise their branding plans wisely. They can identify the ongoing stage of their product and invest in advertising channels accordingly. Moreover, they will get insight to timing the innovation and new product creation process in future.
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