Streamline your sales process with airSlate SignNow's full life cycle sales for corporations

How to create outlook signature

hey guys welcome back to the shipmate youtube channel this week we're talking about the product life cycle that's right your products go through the circle of life too [Music] so guys today we're talking about the product life cycle and we're going to talk about you know the different stages your product goes through throughout its lifetime until that product no longer exists and is discontinued so without further ado let's get started the first step in the product life cycle is the introduction right this is when you're doing a lot of uh product development r d you're tweaking the product you're designing it you're doing some initial sales you're getting out there you're you're finding these early adopters and innovators and you're getting your product in their hands right you might not have a lot of sales but you spent a lot of money and you know your product is just starting to prove its viability it's it's a new product it's a baby it needs to be nurtured you need to you know pay a lot of attention to it spend a lot of ad dollars and really you know nurture it into the next phase which is growth so when a product hits the growth phase this is when it's going to be gaining a little more momentum usually you see a lot of ads spend a lot of ppc ads and things like that around the product and this is where you start to cross that profitability threshold right this is where you know there's more early adopters there's more uh you know people adopting the product using the product and you're starting to see substantial sales and they're growing month over month week over week you have ever increasing sales and you know usually at this point you're starting to taper down r d the products becoming pretty well developed there's you know maybe some minor changes to packaging or whatnot but the product is pretty much figured out it exists uh in the form it's probably going to stay in for the rest of its life cycle you know there might be some tweaks later but for the most part you got it all figured out and you know this product is beginning to get some traction and it's growing the next phase is maturity now maturity is an interesting one because depending on the product maturity can last anywhere from a few weeks all the way up to decades right so maturity is when this product has kind of reached its uh peak sales right like the product is no longer growing uh it's kind of tapered off the sales have become more predictable but it's still selling pretty good usually at this point it has good market penetration you don't have to spend as much on the sales and marketing side of things you know people are pretty aware of the product they buy it when they need it and this is uh really where you make your money because your expenses are down you've already paid for all that r d and the ads early on and now you're really just milking that product for profit so maturity is a really interesting phase because there's some products like for example the new iphone that goes out of style every year right and you have other products let's say toothpicks right like when does a toothpick go out of style right it doesn't there's a constant demand and because of this you know different products reach maturity in different amounts of time and they stay there in different amounts of time but maturity is really where you're going to milk that money the final stage is decline now decline is kind of the slow and steady death of your product usually you'll see sales begin to taper off and decrease and might even completely dissipate uh usually this is because of one of two things either the market is saturated with your product right like you know you can only sell so many uh new iphones before everyone has one right or the product has been basically made obsolete by either competitors or a newer version so you know at this stage you start to see the sales taper off a lot of times sellers will just let the product exist until they're out of inventory but at this point you're kind of winding it down maybe making your last couple orders but you know that the end is in sight usually what happens when uh this phase happens uh you have a lot of spending in r d to create either an entirely new product that's going to replace this product in your catalog or you're completely doing a redesign and creating an entirely new updated version that is significantly better than the current version that exists and you know you're kind of just tapering off the product until it no longer exists you see this with like vcrs there's nobody selling vcrs anymore like they have completely and totally disappeared from the market there's nobody manufacturing new vcrs but then you can take something like the iphone example and you can still technically buy two models back of the iphone from apple uh not a lot of people are doing it everybody wants the new one but they still sell it until they sell out of it and run through their stock so you know these are two different examples of a product in decline so guys it's really important to know where you are at in the product life cycle because it can help inform your ad spend it can help inform your r d it can help inform a lot of your macro business decisions based on where you are at and you know where various products in your catalog are at because if you have a lot of products that are aging that you know you've been selling for years it might be time to do a refresh or if you have a bunch of new products it might be time to you know invest a little bit more money in ads and really try to foster those things into a growth phase i hope you guys learned something today about the product life cycle it's a really important part of running a business and understanding how consumers interact with your products so guys if you could do us a favor give us a like give us a share give us a subscribe we're currently in a growth phase right here and we need your help to keep growing thank you guys so much and we'll see you next week you