1. The introduction stage – in which the product is branded, priced, promoted, and distributed.
2. The growth stage – in which the product quality is enhanced, pricing is adjusted or maintained, distribution increases, and promotional tactics are fine tuned.
3. The maturity stage – in which the product is altered to make it differ from competitors, pricing is often lowered to compete, distribution is enhanced with incentives, and promotional campaigns are altered to address competition.
4. The decline stage – in which you continue to enhance or rejuvenate your product, lower the cost of the product in order to keep sales moving, or eventually discontinue the product or sell it off.

No product lasts forever without change so it is important to not only understand this process but recognize when it is time to admit you have moved into the next stage and/or when the product has lived a full life and needs to be retired in favor of a new one.

Remember to ask yourself the following questions:

• Is it time for us to focus on the next stage of the product life cycle?
• Can we estimate how long the next stage will last?
• Is there any way to make this stage last longer?
• Are we prepared for the challenges the next stage will present to us?

Success in sales means being prepared to take on any challenges you find yourself faced with. If your product isn’t selling, you need to be ready to make changes to either the product itself or the way it is presented to the public. Most important, and most difficult, is admitting when it’s simply time to move on.

Are you prepared to move on to the next stage of the cycle or, if necessary, a new product?

Sean

Sales Expert - Marketing Consultant – Motivational Speaker