Product Life-Cycle
One of my favorite tools in determining a copy strategy with a client is using the Product Life-Cycle graph to help the client determine where their business is and what their strategy should be.
The first step is to understand what each stage is, and how it appoints to a business.
The DEVELOPMENT STAGE is hopefully what a small business owner has gone through before they have opened their doors. This is the phase where it is determined WHAT VALUE ARE YOU BRINGING TO THE CONSUMER. If you're not bringing value to the marketplace that isn't substantially better than what is already being offered, then really, don't bother. People aren't going to be your customer because they like you...they will be your customer because you add value to their life.
INTRODUCTION STAGE is about letting your best potential customer know you exist. Surprising, this oh so important awareness phase is where a lot of business owners stay stuck...forever. Bureau of Labor Statistics studies show that anywhere between 60% and 80% of businesses fail within the first five years. One of the leading causes of this is lack of awareness. If you have yet to see your business grow their are two major contributing factors:
A) You are not providing superior value
B) No one knows you exist.
GROWTH STAGE is when your business is booming, life is good, and your customer base is growing! This is the stage that let's you know your plans are working... and when business owners pull back on their marketing efforts. The foundation you have built will surely gain and keep momentum, but this is not the end of the cycle. What goes up must come down, and it's important to be proactive instead of reactive when that time comes.
In the MATURITY STAGE it is better to be Madonna than (what's the name of that girl who was in 16 Candles?) This is the stage of reinvention or certain decline. Apple is the leader in avoiding the DECLINE STAGE of the product lifecycle. This is the stage when people know your product or service, new competitors see your success and start to steal your customers, you lose market share and profitability.
When the Mac was in decline Apple reinvented their brand. When desktop computing peaked, they invented iTunes. When they conquered the music market and new competitors moved in they created the iPhone. When Apple conquered the smartphone market and new competitors moved in, they created the iPad. We don't know what is next from Apple, but we know it will be innovative.
What we learn from each of these phases is that they are inevitable. Some businesses, services, products may have a longer life span than others, but the only way to survive in the long run is to continue to create relevant value for the consumer, and continue to communicate that value.
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