The product lifecycle is one of those things you hear about and only think of using when it comes to how long your company will live. Well using this idea with marketing can help you increase the effectiveness of your marketing budget.
The first stage of the product lifecycle is introduction. This is just like a baby’s first breathes in the world. No one knows about your product or why they need it. The goal of your marketing at this stage should be to give information on the product and explain the usefulness of it. You want people to understand the product especially if it is a new product category. Your main purchasers at this stage will be trendsetters. Trendsetters tend to be the first to try out a product or service and then other consumers follow suit.
Your next stage is the growth stage. This is a time where you want to increase awareness. You can do this by marketing to a broader audience while still targeting your market. The consumers who are usually next to purchase are mavens and you can utilize them to help market your product. Now with the internet and icons on social media you are able to use these personalities to help bring awareness and attention to your product.
The third stage of the lifecycle is the maturity stage. This is the time where people know about your product and may already be using it. This is where you want to have your marketing targeted at reminding consumers. Having a lot of advertisements in different media will help you do this. Another way to remind customers of your product is by launching a new product line. This can not only make your current customer rebuy, but it can help start your product lifecycle over with a new product.
The last stage is the decline stage. Sadly, this means your company may not last much longer or it may become a novelty product. During this time you should decrease your marketing budget. There is no need to keep marketing a product that has become irrelevant to consumers.
Overall, you are able to use the product lifecycle stages in order to help you direct your marketing messages. This can help you increase your longevity of your lifecycle while simultaneously increasing your revenues. When to pull out your marketing budget on a product line is a difficult decision and one that most businesses struggle with.
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- Google AdWords: Google AdWords is a free tool that allows you to create PPC (pay per click) advertising on the Google Search results. You can easily target your advertisements based on keywords and phrases. Google AdWords also gives you the ability to advertise videos and images on partnering sites.
- Facebook: Facebook is an industry leader in re-marketing. In other words, Facebook advertising can assist you in targeting consumers who already know about your products or have already visited your webpage. Giving you an opportunity to target consumers who have left their shopping carts full without purchasing the items.
- Google Circles: Google Circles allows customers to review your business leading to a better SEO (Search Engine Optimization). Not only will you be more likely to land higher on a search results page, but your company will have a star rating visually presented next to it. It also allows for consumers to directly access reviews right off of the results page.
- LinkedIn: On LinkedIn you can advertise job openings and your company to potential consumers. In order to target the consumers you can post interesting articles that followers can see on their feed or create sponsored that target consumers based on job title, seniority, etc.
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Everyone is part of a specific generation. We hear all the time about the Baby Boomers and the Millennials, but what about Generation X? And how do you market to each of them?
We know them as the children from after the war. According to US Census data there are around 77million people in this generation. It is a declining generation due to their age at this time. Unlike the millennials, they do usually have more money to spend due to retirement and other factors. Contrary to popular belief they are large users of the online interface. However, they are mainly using search engines and email not social media. Effective tools when targeting this market would be TV commercials and the use of Google AdWords.
Generation X is often forgotten about because of their smaller size and difficult classification. They are only about 61 million people in this generation in the US and were born between 1965 and 1982. This generation consists of people that are at the peak of their careers and are large consumers. Interestingly, they carry many attributes of both the baby boomer and millennial generations. They use social media like millennials making it a great way to market to them. Coupons and direct mail are also great ways to market to them because of the more traditional values they hold.
According to Goldman Sachs these are the children born between 1980 and 2000. They are currently the biggest generation at 92 million people. Despite the fact that they are the largest generation they are also the most price sensitive. It is said that 53% of consumers in this generation price compare while in a store. They do this through technological means. Not only are the millennials the most tech savvy, but they are also bringing attention to health and wellness in the market place. The most popular techniques for marketing to them are social media outlets. They are very brand loyal, in other words you need to make your brand known!
Filed under: Branding, Marketing, Radio, Uncategorized | Tags: advertising, branding
- Be Creative. Radio is said to be “the theater of the mind.” It allows you- for a minimal cost- to create the most interesting man in the world, or an economy motel chain with a light on for you. A sharp agency can make your product (mnemonically) tap dance rings around your competition.
- Address Your Buyers. It’s drive time. Do you know where your audience is? You shouldn’t be spending money talking about semi-conductors to a group whose highest aspiration is obtaining front row tickets to a Taylor Swift concert.
- How You Say It Is Important. Skimping on production costs is like eating a chimichanga without sour cream and guacamole. It’s better than nothing, but doesn’t come close to reaching its potential. If your ads sound like they were recorded in the can, consumers will think your business is too. Insist your agency go the whole nine yards for quality production.
- You don’t think radio can affect your image? Imagine Hulk Hogan doing a spot for feminine deodorant product. See what we mean?
- Talk To One Person. Fascinate your listeners. If you just preach to them you’ll sound like your high school teacher. And get as much response.
- Start Strong. The first and most important step is to get their attention. We can do this without physically harming your customers.
- One Message. Reduce your commercial to one single message. This will keep it memorable…and from sounding like an auctioneer on a caffeine binge. Remember to sell one thing at a time otherwise you will confuse the audience and they are already easily confused!
If you’re not getting a clear signal that your radio advertising is working, give us a call. You’ll get a lot less static and make a lot more noise.
Filed under: Branding, Design, Uncategorized | Tags: advertising, design, graphic design
It’s easy to look at a logo or a brochure layout that appears to be very simple and conclude that did not take much time to design. That conclusion is very far from reality. Graphic designers follow a methodical design process, and every step of that process requires time to complete.
Designers need to research, ask questions, formulate a creative brief that guides them to developing a solid final design. After the brief is established, a bulk of our time goes into creating ideas and concepts. Depending on the number of rounds of revisions, the refinement phase may require additional time. Stronger concepts are refined until the final design is approved. The design process applies to everything from logos to web sites and requires several weeks to several months depending on the scope of the project.
Other aspects of design can be time-intensive. A layout of a document like a brochure, a newsletter or a magazine spread is more than copying and pasting text from a Word document. There needs to be time allowed for typesetting to optimize readability, for formatting to create consistent appearance, and for proofreading so that the message isn’t compromised by errors.
Achieving an effective design solution cannot be rushed. Hastening projects along also leaves room for errors to occur which is a waste of time and money for the client and the designer. Remember, the wise words of Benjamin Franklin, “Take time for all things: great haste makes great waste.”