When you extend your marketing product life cycle, you increase your profits. The longer life you infuse into each stage of your marketing product life cycle, the more money you make.

For a small business owner, extra rewards mean more sales, greater profits, and a more successful business.

This article focuses on the first two stages of the marketing product life cycle because they represent birthing and growing your product.

Birth or Introduction Stage of Marketing Product Life Cycle

A new-born baby demands almost all of your time and much of your money. It needs your constant attention. A new product differs little. It needs constant marketing.

You have to market hard to nurture your baby product. You have to show it off and emphasize how it benefits potential customers.

Although demand is often low at this stage of your marketing product life cycle, you need to recover some of your product development expenses. Thus, many business owners charge more at this stage. This limits demand even further.

But you may want to keep prices low to encourage more people to discover your new product. Keeping prices low and offering promotions and incentives to attract initial customers helps you to attract your new product's greatest admirers and potential buyers. It separates them from everybody else and determines to whom you should direct your product's birth announcements.

Write and time messages announcing your new product. Direct those messages to your target market and concentrate those messages on the greatest benefits that your product offers target market members. You will reap far more profits that way than if you send marketing messages to everyone.

Now that you have introduced you new product to your target market, it's time to move to the second stage of the marketing product life cycle.

Child or Growth of Marketing Product Life Cycle

In this second stage, your product grows quickly because you market it to more distributors, retailers and customers.

You must assure that your target market gets to know and likes your new product. You need sustained marketing growth to help you sell more and increase your profits.

You want your marketing at this stage of the marketing product life cycle, to enlarge your product's support system. It needs to saturate your target market and assure that everyone in your target market knows about your product and how it can benefit them.

To assure consistent and continued growth through this second stage of the marketing product life cycle, use market segmentation. It helps your product grow by:

discovering more target markets for the product, differentiating potential retail partners to determine those providing the best fit with the product and determining the best geographic areas for new growth and the best distributors to reach those areas.

Recommendations

Although this article and many marketing experts present the marketing product life cycle as though it is definite and concrete, in reality products move through the marketing product life cycle differently, just as children mature differently.

The difference between a child and your product is that you want your product to spend as much time as possible in the growth stage of the marketing product life cycle. The longer it is in this and following stages, the longer its life becomes.

You can use market segmentation to find ways to extend the life of your product.

It provides research to successfully market your product through all stages of the marketing product life cycle.

Marketing Products on our marketplace

Read more about how to extend your marketing product life stages at Marketing Product Life Cycle: Adult Stage and Product Life Cycle: