All good things come to an end.

And it's no different for products.

A product is as living as any living being.

Product Lifecycle describes the stages a product goes through from when it's just an idea to when it leaves the market. These stages include Introduction, Growth, Maturity, and Decline.

Understanding these stages helps product managers make strategic decisions that can profoundly influence a product's success and longevity. It guides in adjusting strategies on marketing, development, and customer engagement according to the specific needs of each phase.

Four key life stages of a product.

Introduction: This is the launch phase where the product hits the market. It's characterized by low sales and high expenses, primarily due to costs associated with product promotion and distribution. For instance, consider the launch of the original iPhone in 2007, which created a new market for touchscreen smartphones.

Growth: Sales begin to increase significantly during this stage as awareness grows. Tesla’s Model S experienced rapid growth thanks to its innovative technology and environmental benefits, appealing to a broad market concerned with sustainability.

Maturity: Sales stabilise as market saturation approaches. Microsoft Windows has been in a mature stage for years, dominating the PC operating system market with incremental updates rather than significant innovations.

Decline: Eventually, sales decrease as the market becomes saturated, needs change, or new competitors emerge. Blockbuster Video faced decline with the rise of digital streaming platforms like Netflix.

For product managers, asking the right question is the key.

In this case, asking three right questions holds the key to identifying which stage is your product in. Here are three questions to help identify the stage.

What are the current sales trends for my product?

• Introduction: Are sales relatively low as the product is new to the market?
• Growth: Are sales increasing rapidly as more customers become aware of the product?
• Maturity: Have sales plateaued after a period of growth?
• Decline: Are sales consistently decreasing over time?

How is the product perceived in the market?

• Introduction: Is the product relatively unknown with efforts focused on building awareness?
• Growth: Is the product gaining market recognition and beginning to stand out against competitors?
• Maturity: Is the product well-established, possibly facing competition from newer, more innovative products?
• Decline: Is the product perceived as outdated or less desirable compared to newer alternatives?

What is the level of competition in the market?

• Introduction: Are there few competitors because the product is pioneering a new market?
• Growth: Is competition starting to increase as other companies notice the market potential?
• Maturity: Is the market saturated with many competitors and similar products?
• Decline: Are competitors leaving the market or diversifying their products to adapt to changing consumer preferences?

Where there is a challenge, there is a strategy.

Here are the key challenges and mitigation strategies at each phase of the product lifecycle.

A product never dies is a product never used.

Which product lifecycle stage do you find most challenging to manage? Leave a comment.