Back to Glossary

Product Lifecycle

What Is Product Lifecycle?

It refers to the different phases a product goes through starting from its inception to its withdrawal from the market and “postmortem” analysis.

Introduction Stage Best Practices

  • Create awareness via promotion and advertising;
  • Offer promotions or discounts to attract early adopters;
  • Focus on providing excellent customer service to build loyalty;
  • Monitor and gather feedback to ensure improvement;
  • Develop strategic partnerships to expand reach and credibility;
  • Educate customers on the benefits and uses;
  • Ensure sufficient inventory and distribution to meet initial demand;
  • Set realistic sales targets and closely track performance;
  • Evaluate market response and adjust the approach as needed.

Growth Stage Best Practices

  • Expand distribution channels to reach more customers;
  • Diversify offerings to cater to different segments;
  • Invest in marketing to maintain momentum and build a brand reputation;
  • Optimize your pricing to maximize profitability;
  • Continuously analyze market trends and competitor activities;
  • Enhance client support to retain and satisfy customers;
  • Encourage reviews and testimonials to build social proof;
  • Implement a customer referral program to leverage word-of-mouth marketing;
  • Collaborate with influencers or industry experts to increase brand exposure;
  • Regularly monitor key performance indicators (KPIs) to track progress and adjust strategies accordingly.

Maturity Stage Best Practices

  • Focus on retaining existing customers through loyalty programs and discounts;
  • Innovate and strengthen the features to maintain a competitive edge;
  • Look for opportunities to expand to new markets;
  • Streamline operations and reduce costs to maintain profitability.
  • Introduce line extensions or complementary offers to maximize revenue;
  • Conduct customer surveys and collect feedback to identify improvement areas;
  • Optimize marketing efforts to target specific customer segments;
  • Collaborate with strategic partners to reach new audiences;
  • Analyze customer data to identify potential upselling and cross-selling opportunities;
  • Foster a strong company culture to maintain high employee morale and productivity.

Decline Stage Best Practices

  • Explore options to revamp or reinvent the product;
  • Consider discontinuing or phasing out gradually;
  • Focus on selling off remaining inventory to minimize losses;
  • Shift resources to other projects;
  • Refocus product lifecycle management toward identifying potential niche markets where your offer can still be relevant;
  • Implement cost-cutting measures to maintain profitability;
  • Leverage customer relationships to promote alternatives;
  • Assess the feasibility of merging the product with another offer;
  • Explore partnerships or collaborations;
  • Conduct a thorough postmortem analysis, learn from the product’s lifecycle phases, and improve future endeavors.

Product Lifecycle FAQ

Most products are at which stage of their product lifecycle?

Maturity product lifecycle stage. Sales growth has slowed down, and competition is more intense.

Is the digital product lifecycle different from the standard?

While the digital lifecycle follows the same sequence, the duration of each step may vary compared to physical products. Digital ones can move swifter through the lifecycle due to factors such as rapid technological advancements and changing user preferences.

You May Find It Interesting

Mirakl Gepard Partnering
2 min read
Gepard Updates

Gepard Has Received Official Status As Partner Connector For Integration With Mirakl Platform

Gepard is proud to announce that it has officially received status as Feed Management Partner integrated with the Mirakl marketplace.

Read more
Implementing PIM For Niche Industries

Implementing PIM Application For Niche Industries: Challenges And Best Practices

Read how niche eCommerce businesses can benefit from the PIM app and explore the cases of market-specific industries that implemented PIM.

Read more
Machine Leaning In PIM Software

Machine Learning In PIM Software: Benefits For eCommerce

Explore the benefits of ML-powered PIM software for eCommerce and learn from the most successful machine learning practices.

Read more
Gepard ihn the TGOA PIM report
2 min read
Gepard Updates

Gepard PIM Has Been Featured In The Group Of Analysts PIM Market Report 2023

Don’t miss the chance to dive into the PIM market forecast for 2030 and the latest tech solutions updates

Read more
PIM Solutions Privacy & Security Challenges

PIM Solution Privacy & Security Challenges

Explore the most popular PIM product data security & privacy challenges and learn how to fix them with our detailed list of data safety tips.

Read more
Understanding The Impact Of PIM On Supply Chain Efficiency And Cost Savings

Understanding The Impact Of PIM On Supply Chain Efficiency And Cost Savings

How can PIM software solutions streamline the supply chain management? Find out the main challenges and read about PIM best practices.

Read more
Gepard Emerging Europe Programme
2 min read
Gepard Updates

Gepard Joins Emerging Europe Global Visibility Programme

Gepard, an all-in-one PIM platform, team is proud to announce our membership in the Emerging Europe Global Visibility Programme.

Read more
Fucida Gepard Cooperation
3 min read
Gepard Updates

Fucida Europe Selects Gepard To Automate The Product Content Integration With EPREL Database

Discover more about the news that Fucida selects Gepard to automate the product content integration with the EPREL database.

Read more
Top 10 Product Catalog Management Best Practices

TOP 10 Product Catalogue Management Best Practices

Find out what is product catalog management, its challenges, and best practices, and read how you can benefit from its automation.

Read more
10 Fascinating Books For The eCommerce Specialists

10 Fascinating Books For The eCommerce Specialist In 2023

A good read is a great way of upskilling and learning new strategies in eCommerce. Here is a must-read eCommerce booklist in 2023.

Read more

Let’s Get In Touch

Need to contact us? Just use this form

Gepard Privacy Policy
Success
Gepard in PIM Market Report
Gepard Has Been Featured In The New PIM Market Report 2023 By The Group of Analysts
Don’t miss the chance to dive into the PIM market forecast for 2030 and the latest tech solutions updates.
Download Report