How do you evaluate and optimize your product lifecycle across different channels and platforms?

The product lifecycle stages typically include: Introduction, Growth, Maturity, and Decline. For Monday.com, Introduction involves launching the project management tool, followed by Growth as it gains users and expands features. Maturity is reached when it becomes a staple in project management, and Decline may occur if it fails to adapt to changing market needs or if newer competitors emerge. Regular updates and innovations can prolong each stage.

SaaS is a software distribution model in which a cloud provider hosts applications and makes them available to end users over the internet. In this model, an independent software vendor may contract a third-party cloud provider to host the application. Or, with larger companies, such as Microsoft, the cloud provider might also be the software vendor. SaaS is one of three main categories of cloud computing, alongside infrastructure as a service (IaaS) and platform as a service (PaaS). A range of IT professionals, business users and personal users use SaaS applications. Products range from personal entertainment, such as Netflix, to advanced IT tools. Unlike IaaS and PaaS, SaaS products are frequently marketed to both B2B and B2C users.

The Product Lifecycle (PLC) defines different stages that a product can moves through in the marketplace as it enters, becomes established, and exits the market competitive environment. In other words, the product life cycle describes the stages that a product is likely to experience. It is a useful tool for managers to help them analyze and develop strategies for their products as they enter and exit each stage. To evaluate each stage you should consider number of your product users and the streamline for new features demanded by market and consumer users.

Evaluating and optimizing your product across channels and platforms involves understanding how it performs at each stage of its lifecycle. You can analyze data like sales figures, user engagement metrics, and customer feedback to identify which channels drive the most growth and brand awareness. This allows you to tailor marketing strategies for each platform. During introduction, focus on creating a buzz on social media or influencer marketing channels. As the product matures, expand to broader channels and refine content based on user preferences. By constantly analyzing performance and adapting your approach, you can optimize your product's lifecycle for each unique platform.

Leveraging my experience from early-stage product development at a fintech platform to enhancing mature products at a multinational cab aggregator, I've learned that strategies must be keenly aligned with the lifecycle stage. In the growth phase, the emphasis was on adoption and awareness, refining the onboarding experience, and intensifying marketing efforts to broaden the user base and enhance product visibility. Transitioning to the maturity stage, the focus shifted towards monetization & profitability, employing tactics to optimize revenue streams without compromising user satisfaction. This included conducting detailed A/B tests to fine-tune the service offerings, ensuring that profitability was maximized without compromising cus. exp

More often than not, you'll want to monitor KPIs that measure some form of product-market fit. Retention or customer lifetime value are very popular proxies here, as well as some form of stickiness metrics such as DAU/MAU. Whatever metric you choose, you'll want to find something you can act on in a reasonable timeframe - otherwise, you will be too reactive and leave money on the table.

Identify key metrics and KPIs by aligning with business goals. For UFC, metrics could include PPV buys, TV ratings, social media engagement, and ticket sales. KPIs might focus on PPV buy rates, audience retention, fighter popularity, and event profitability. Tracking these metrics throughout the product lifecycle provides insights into audience engagement, market trends, and overall product success, guiding strategic decisions and optimizations.

Identifying key metrics and KPIs (Key Performance Indicators) is vital for assessing a product's success. These metrics provide quantitative insights into the product's performance, allowing product managers to track progress, make informed decisions, and drive improvements. E.g include user acquisition, retention rates, revenue, customer satisfaction, and conversion rates, among others. By monitoring these metrics over time, product managers can gauge the effectiveness of their strategies and prioritize areas for growth and optimization.It serve as valuable tools for product managers, helping them understand how well their products are performing and whether they're meeting their objectives.

Evaluate and optimize the product lifecycle by analyzing data and insights across channels and platforms. For example, Zara uses sales data, customer feedback, and social media analytics to track product performance. By monitoring trends and consumer preferences, they optimize inventory management and design new collections, ensuring relevance and success across various channels and platforms.

After setting metrics and KPIs, it’s important to collect and interpret data to gauge your product's performance across various channels and platforms. Utilizing tools such as analytics platforms, surveys, interviews, and user testing can provide a comprehensive view. Segmenting data by variables like customer demographics, behavior, and feedback helps in identifying patterns, trends, and areas for improvement. This approach allows for a nuanced understanding of how your product is resonating with users and highlights opportunities for enhancement.

To evaluate and optimize product lifecycle across channels and platforms, companies employ data-driven analysis of user behavior and engagement metrics. For example, Amazon continuously optimizes its product lifecycle by analyzing customer interactions across its website, mobile app, and voice-enabled devices like Alexa. They track metrics such as click-through rates, conversion rates, and customer feedback to refine their product offerings and user experience across diverse channels, ensuring consistency and effectiveness.

Monitor product optimization by tracking metrics like user engagement, conversion rates, and feedback. Utilize analytics tools to assess performance across platforms. For Ford, analyze website traffic, conversion rates, and customer surveys post-optimization. Gauge user satisfaction through reviews and social media sentiment analysis. If conversions increase and user satisfaction rises after implementing a new car customization feature on Ford's website, it indicates successful optimization.

The work is only done if the result has been delivered The best way to work on product optimization is through CRO. And within this context, delivering the software enhancement is just part of the work, which can even be repeated many times until the result is achieved. Responsibility for the result must be collective, so the best way to achieve objectives with lean teams is to share it broadly. It doesn't matter if you are an engineer, designer or marketer, you need to be a results specialist if you want to have high performance in your position.

Beyond the mentioned steps, consider the evolving market trends and competitor strategies. Lexus can conduct regular market research to stay ahead. Also, prioritize seamless integration between online and offline channels. For instance, Lexus could ensure a consistent brand experience from their website to showroom visits, offering online test drives and personalized vehicle recommendations based on user interactions online. This integration enhances the customer journey and optimizes the product lifecycle across channels.

Our main mission as product managers is keep our family of products in the growth stage as much as possible. While in reality it's looks challenging to maintain,and protect our postioning at the desired stage,growth,we as product managers,never say no to challenging tasks. Who said that PM job is easy. Expectations are high,and we must stand up to surprising,irregular events that go beyond the limits of planning, and surpass normal risk measures.