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Effective Advertising Strategies Based on Product Life Cycles

July 27, 2019, Written by 0 comment

Before you design your new advertising campaign, it is important that you understand the life cycle of your products and services. Furthermore, you need to understand your customers’ buying habits in order to have a successful campaign. In today’s market, both buyers and sellers expect fast results. However, for a business it isn’t that simple and it takes time to turn prospects into paying customers. 

Products’ buying cycles have shortened. But for companies, the time it takes to convert new customers hasn’t changed. When customers buy your products it is based on their previous buying habits. This makes it even harder for companies to try to change their customers’ buying habits.

Designing your new advertising campaign around classic marketing theory will help you to target your customers. The classic marketing theory classifies all product life cycles into five product stages.

  1. Product introduction
  2. Product growth
  3. Product maturity
  4. Product decline
  5. Product phase-out 

Furthermore, the person who purchases your products and services are classified into three distinctive buying phases.

  1. Innovative adaptors – always the first to buy
  2. Majority adaptors – waits to see the first product reviews
  3. Stragglers – always the last to buy or try new products

When you understand the three profiles of your customers’ buying phases it is easier to create your advertising campaign for your product’s five life cycles. For any new product you introduce to the market, your first advertising campaign needs to be focused on the innovators or early adaptors.

In your product life cycle, innovators make up 20% of your sales when you release a new product. Product innovators do their own research on new products that they purchase. They conduct their research online before ever contacting your company to purchase your products. 

The other 80% of your business’ paying customers fall under the majority and straggler category. These buyers prefer to read product reviews, look at different advertising, and try tested products that are recommended to them by friends, co-workers, and family.

Through advertising, your business will entice and educate new prospects in the different buying stages. Therefore, when designing your advertising campaign for a new product you need to motivate the majority and stragglers into trying something new. This won’t happen over night and will only work one person at a time. Furthermore, if you have designed a strong advertising campaign over time you will continue to remind, motivate, and change the majority and stragglers buying cycle.

Keep in mind when you design your advertising campaign that it is important to emphasize that your products will be there when they are ready to buy. Always repeat your advertising message and continue to remind the majority and stragglers where they can purchase your products.

Remember when you launch a new product on the market it is important to design your advertising campaign based around your product life cycle and customer buying phases. In the end your product advertising will automatically become part of your product life cycle and customer buying habits.

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Effective Advertising Strategies Based on Product Life Cycles
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Effective Advertising Strategies Based on Product Life Cycles
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Through advertising, your business will entice and educate new prospects in the different buying stages. Therefore, when designing your advertising campaign for a new product you need to motivate the majority and stragglers into trying something new.
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Brandets
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