Learn how you can use the Product Life Cycle (PLC) marketing model to project changes in the perception and use of your products
The Product Life Cycle describes the stages of a product from launch to being discontinued. It is a strategy tool that helps companies plan for new product development and refine existing products.
What are the stages of the Product Life Cycle?
Introduction
Growth
Maturity
Decline
New Product Development
The new product development stage occurs before the product's life-cycle begins, consisting of market research leading up to product launch. Hence this stage can include:
Reviewing demand for products
Assessing brand perception
Competitor benchmarking
Understanding consumers' preferences and behaviours
What do the PLC stages mean?
The four stages are shown in the table below, although decline can be avoided by reinventing elements of the product. It is also recognized that some products never move beyond the introduction phase whilst others move through the life…
Examples of how SMEs can use Porter’s 5 Forces to assess marketplace viability
Right now, Porter's 5 Forces is the most useful tool for owners and managers to stay one step ahead of the competition in a challenging market. The Porter's 5 Forces model has always been popular with SMEs in particular, looking to invest for growth and manage risk to their limited resources.
Earmarked as the best marketing model to help small businesses analyze the competition in the marketplace, balancing these 5 forces is a must for your 2022 marketing action plan.
What are Porter’s 5 Forces?
Porter’s 5 Forces is an analytical model that helps marketers and business managers look at the ‘balance of power’ in a market between different organizations on a global level, and to analyze the attractiveness and potential profitability of an industry sector.
Competitive rivalry
Threat of substitute products
Bargaining power of buyers
Threat…
Digital transformation strategy to grow your business: Our recommended planning frameworks to implement your successful digital transformation
More marketers than ever are fueling growth through digital transformation. But with the stakes so high, we want to make sure you get your digital transformation strategy right, first time. That's we're here to guide you through it.
Discover the success factors for creating a digital transformation strategy to grow your business, read-up on the implementation process for your digital transformation next steps, and explore our latest digital transformation research.
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Why create a digital transformation strategy?
Our research shows that today many businesses are realizing the imperative for digital transformation; to compete in digital marketing data and technology, a structured process of digital transformation is needed.
The need for transformation is particularly strong in larger, international brands and organisations that…
A list of digital hacks and tools for full-stack marketers
First of all, think through your most tedious, low-skilled, weekly tasks. If you find them cumbersome, chances are, other marketers are bound to have felt the same frustrations as you. It's likely that, somewhere in the world, someone created the technology to help themselves and others overcome whatever the challenge at hand is.
I always look at pain points as opportunities and so if there's ever something that takes a while to complete, its easy to find a solution (or a hack as some might say). In the below article, I've combined a list of marketing tools and chrome extensions that I regularly use to automate a few of my daily activities, to be more efficient and to get results faster.
That's what being a full-stack marketer is all about. Getting stuff done, and getting results.
"The full-stack marketer is multi-skilled. However,…
Make a living doing what you love, or at least get paid to do what you would be doing anyway
Far too many people have resigned themselves to the fact that their jobs aren’t enjoyable. For these people, their jobs are an unfulfilling but necessary evil in their lives. Of course, we have all had jobs like these in the past. Very few people are fortunate enough to leave education and enter straight into their ideal role.
However, things don’t have to be this way. There is no reason that earning an income cannot be an enjoyable and worthwhile pursuit.It is simply a case of identifying what it is that you have to offer the world, and how you can render your skills and talents for money in a way that makes you happy as a person.
We all, hopefully, have hobbies and interests. These are the recreational activities that we use to…
How to use Growth Hacking to get real results
The growth hacking approach (also referred to as ‘agile marketing’ and ‘growth marketing’) has generated a lot of excitement as a dynamic approach to boost awareness, lead generation and conversion.
Sean Ellis, a marketer and entrepreneur who has worked for companies such as Dropbox and Eventbrite, devised the term ‘Growth Hacking’ in 2010. Originating from Silicon Valley, growth hacking has successfully been used to build high-growth companies such as Hotmail, PayPal, Twitter, Airbnb, Instagram and Uber. Ellis says:
“Startups live and die by their ability to drive customer acquisition growth…[they] are under extreme resource constraints and need to figure out how to break through the noise to let their target customers know they have a superior solution for a critical problem…the best growth hacks take advantage of the unique opportunities available in a connected world where digital experiences can spread rapidly.”
Growth hacking is…
