According to many experts, every product has a life cycle. This life cycle includes four or five stages and in order to ensure that your product development activity will be profitable in the long run. You have to get familiar with all the stages. It’s crucial to remember that products can’t stay on the market, unchanged and unmodified, forever.
Product growth is one of the stages of this life cycle. If you want to ensure that your product gets a good position in the volatile market you have to pay attention to this stage. The same goes for those who want to boost sales and enhance profit margins.
Once the product development is finished and the growth phase kicks in, business owners can expect reduced expenses, better consumer awareness and increased profits. But all these things can’t be achieved if you can’t figure out how to get sustainable growth.
Sustainable product growth: What can you do about?
Sustainable product growth is all about the growth that can be kept stable without using additional resources in the future. But, how can one achieve this objective? Is sustainable product growth possible? The short answer is yes. There are a few things that you can do at this stage.
Analyze customer data
First and foremost, it’s crucial to conduct an in-depth analysis of customer data. After all, they are the ones that will use the product. There are many ways in which you can collect information like this. In most cases, companies create customer satisfaction surveys and use them as forms that can help them get the necessary data to find out what matters to their clients and check their comments.
You don’t have to use classic surveys to do this. In some cases, taking an innovative approach like using social media platforms to get information is way more effective. For example, you can use your Facebook business page to ask your clients for comments. Remember to engage in conversation with the customers that will provide the most insightful comments. Thanks to modern technology, product growth doesn’t have to be a difficult and daunting task.
Create referral offers
Another thing that you can do is to create referral offers. If you take brief research, you will notice that many well-established companies with popular products have referral offers for their users. So, this obviously means that these offers are useful.
Imagine a situation where you have a brand new product and you are trying to make it popular. A good referral program can make your product viral. With a small fee or some other type of incentive, your product can reach thousands of people.
It’s quite easy to build up tension and grab the attention of the public when you are about to launch a new product, using unconventional or guerrilla marketing tactics. However, the product growth stage that we are talking about means that the product is already present on the market and that excitement that comes under the veil of mystery is no longer present.
So, if you are interested in product growth, you have to alter your marketing approach. By analyzing your target audience and the users that have already left feedback, you can create more precise campaigns that will highlight the reasons why users might want to purchase your product.
Make changes in the price of the product
To support this phase, you might also want to consider changes in the price of the product. This depends on the period of time which has passed since your product was launched. Occasional discounts can definitely boost your product growth and expansion. This will lead to an increased number of sales.
Sustainable product growth strategy
In the end, we should highlight the fact that product growth should be part of a bigger, more detailed growth strategy. By implementing a suitable, sustainable growth strategy which includes product growth as a vital element of the strategy, you can rest assured that your business can expect better long-term results.
Thanks to professional consultancy agencies that have trained, qualified and experienced growth managers and experts, you will get access to a wide range of growth strategies that are tailored to your needs.
Every business has specific needs and requirements which mean that you can’t expect a “one size fits” all solution. Due to the fact that the business world is changing, mostly affected by the latest technological advancements, it’s a good idea to use external help for your business whenever you are interested in product growth and business growth in general. With the right team on your side, you will be able to overcome the challenges and expand your business.