All products move through a product life cycle. What is product marketing mix? What is product development? What is marketing? How do these product and marketing elements fit in your marketing, and business, plan?
And why is it important to understand your product's life cycle from a small business marketing strategy perspective?
For this discussion, consider products and services to be interchangeable. Both have life-cycles. Also recognize that your small business has its own life cycle.
What is marketing and its impact on product? How can marketing manage your product's life cycle? What is product development's impact on product marketing mix? How quickly do products move through the life cycle? You need a thorough understanding of the answers to these questions - and how they relate - when planning your marketing mix.
Your small business marketing strategy must include a product life cycle review.
All products or services move through product life-cycles. Typically these life-cycles move through four stages: entry or introduction; growth; maturity; and finally, decline.
While some life-cycles can be extremely short (for example, the pet rocks, trolls, pogs, etc. of the 80s and 90s); other product or service life-cycles can last for hundreds of years (paper, printing, etc.). As a product moves through its life cycle, the marketing approach must be adapted.
All of the information below is based on the product or service being genuinely new to its market (could be available in other markets) and based on the product or service being genuinely good and valued by the market.
Products and services move through these distinct life stages, and so do small businesses.
It is crucial for small business owners to understand the challenges of each product life cycle stage and how each stage must be handled for continued business growth and success.
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Kris has worked with our association to produce a marketing plan some years ago that helped us achieve an increase in our membership of 26 percent.
This past year she worked with us again to produce a comprehensive strategic plan that we are implementing. The plan focuses on our strengths, weaknesses, opportunities and threats and market segmentation.
It provides an in-depth situational analysis, opportunity analysis, marketing mix program, and action plan (with measurements in place to enable us to track progress, or lack of it).
Kris has also presented a number of workshops for our members: Website Optimization Tips; Effective Business Networking Techniques; How to Optimize LinkedIn; and Marketing 101.
We value her knowledge and commitment.
The work that Kris and her company, Voice Marketing Inc. have done for us has helped us to continually improve.
Marilynn Knoch, Executive Director, BC Printing and Imaging Association (BCPIA)
Marketing is a requirement for all businesses: without marketing strategies and tactics your business will struggle to survive.
Not all marketing activities are planned: you might be building your brand recognition through a social media campaign (that's marketing); you might be conducting market research to analyze your competitors and/or segment and target your potential market or to develop the most desirable features, advantages and benefits of your products or services (that's all marketing).
Marketing is pretty all–encompassing; and a challenge for many business owners. The additional challenge is recognizing that the different stages of your business life–cycle: start–up, mid–cycle, mature or late–in–life.
During start–up you need to develop your marketing strategies to grow sales; for example, you might want to use a market penetration pricing strategy to build sales quickly.
During mid–cycle, you need to grow your customer base (often through lead generation) and that need requires different marketing strategies, such as cold calling on prospective clients, email marketing, newsletter and blog sign ups and distribution (all to grow your list of prospects).
During the mature cycle, you need to build your marketing efforts around your brand; your competitive advantage can be in your reputation, history, and identity and on what differentiates your business from your competitors.
Marketing your products and services is not something that you do once (such as a marketing plan) and then never change or do again. You need to be continually researching and building your strategies and tactics to be ahead of the market, and ahead of your competition.
The market is constantly evolving; ever more rapidly with the impacts of globalization and technology. You need to invest resources into marketing to ensure that you build and sustain your business.
If you need support in your marketing efforts, or if you'd like a review of your marketing plan, contact us for more information on our marketing services.
If marketing is not your core strength, or if you don't have enough staff to commit to developing your marketing efforts (and acting on the plan), outsourcing your marketing strategy and implementation will allow you to concentrate on developing your business.
Start with a marketing plan that includes the necessary research, strategy development and implementation action plan. We provide you with the plan tactics, budget, schedule and key performance measurements.
Execute the plan yourself or have us at Voice Marketing Inc. manage the execution for you.
Once the plan is implemented, we report on the actions we've taken, the performance of the tactics employed, and on the results.
You'll feel confident that your business marketing is being effectively managed and continually evolving.
We specialize in providing services to small business owners and understand that marketing efforts must be customized for each business' unique needs.
In today's business environment, it's important to build a strong online presence; it will help you grow your business.
Marketing online requires different strategies and tactics than offline marketing.
Voice Marketing Inc. can help you build marketing programs in both online and offline environments.
When the traffic to your website is less than what you need or want for your business, when the few visitors who get to your site bounce off or leave in a hurry, then you need help with your website content development.
Contact Kris at Voice Marketing Services for help in writing content for your website.
Voice Marketing Inc.: Helping you build website content that search engines love and site visitors love to read.