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…
Planning and optimising across the whole customer journey is the most effective way to win and retain customers.
Anyone who's worked for an Ecommerce business, or indeed just about any kind of business, will know that customer retention and re-activation is the key to driving consistent growth in profit.
Attracting entirely new customers at the top of the funnel can often become the focus of Ecommerce campaigns because you naturally want to get more and more people into that funnel to convert and thus make you money. But if you have not invested sufficiently in creating an engaging customer lifecycle which converts and re-engages your customers to tempt repeat purchases then attracting new customers will not be the most effective tactic. You should be focusing on improving the customer lifecycle itself.
I'm going to show you why with a nifty little tool I like to call maths.
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6 tactics to get started with Customer Activation
As a marketing leader you know that each customer experiences numerous touch points with your company throughout their lifecycle. With Lifecycle marketing it’s the job of marketing to ensure that each interaction has a positive impact and moves the customer on to the next stage. But how can you measure the success of your combined efforts and their impact on your customer’s lifecycle? It's time to think about Customer Activation...
Customer Activation means motivating customers to move to the next stage of their lifecycle faster than they would on their own.
But, how do you activate your customers when you’re interacting with millions?
You need to think about your customers' lifecycle from potential customer to eventual advocacy. Cultivating relationships with your customers throughout their lifecycle is key to extracting maximum value from them.
Unfortunately many marketers fail in activation through not delivering effective, relevant emails. The problem…
