Since you’re just starting out with your business or product, most people don’t know you, so it’s your job to introduce them to your business and tell them what you do. Social media ads, paid search ads, and introductory website content are all good strategies to employ at this stage. 2. Growth finds success. At this stage, you’re getting a lot of publicity, and you’re constantly gaining new customers and expanding your budget. In many ways, it’s like the “honeymoon phase” of the product life cycle. Example: Air fryers The air fryer was first invented in 2010, but it wasn’t until 2015 that it exploded into popularity.
It then spent the next five years progressing
Through the growth stage. Between 2018 and 2020, air fryer brands hardly even had to run their own marketing due to the popularity of the product across social media — people were Argentina WhatsApp Number List constantly posting about how much they loved their air fryers. How to optimize for growth During the growth stage, you should aim to keep expanding your product line. That means you should continue your brand awareness marketing, but also start shifting your focus from “here’s who we are” to “here’s what makes our products so great.” Since people will search for your products a lot at this stage, search engine optimization (SEO) and paid advertising are two of the best strategies to use to reach these leads.
Maturity The most profitable of the product
life cycle stages is the maturity stage. At this stage, your business has become well-established in the market and is generating a steady flow of revenue. However, competitors Argentina Whatsapp Number List are now springing up left and right trying to sell the same product. Example: Netflix Netflix may have had humble beginnings, but by the mid-2010s, it had become the biggest streaming platform in the world. Countless films and TV shows were available there at various points, from The Office to Indiana Jones. However, despite Netflix becoming a staple of Friday movie nights across the globe, its success also spawned a bevy of competitors like Hulu and Disney Plus.
