Learn what the maturity stage is, what happens during this phase, and what to focus on in product marketing.
- Eventually, demand levels off,…your sales peak, and growth becomes a lot less aggressive.…It's here that the market is nearly saturated.…At this point, a product has reached the maturity stage.…Your focus now is to defend your turf…and prolong your product lifecycle.…You're working to maintain brand preference…while at the same time,…trying to keep your price competitive…so it maintains profitability.…You're also going to be making…finer and finer differentiations in your product…as longevity tends to cause competing products…to get closer and closer to being identical.…
Plus, you must be ready for consumers to launch new features…and try to distance themselves from you.…The real goal here is to stop trying…to prolong the inevitable.…You need to start thinking about ways to disrupt…your business model before someone else does.…Take Blue Apron, for example,…this online meal kit delivery service was founded in 2012…and spent quite some time in the introduction phase…before entering a growth phase in 2015.…Competitors saw this and flooded the market,…
- Identify the phase when it would be best to spend the most money on marketing.
- Recall the question you must continually consider in the development phase.
- Recognize why it might be a good strategy for a company to do a refresh on a product.
- Recognize when tertiary competitors can pose a risk to your market share.
- Explain where to place a product’s value proposition in a team aligning document.