Product Lifecycle

Part of being a product manager includes managing your product through different stages of its lifecycle. There isn’t complete agreement on how many stages there are (is 4, 5, or 8?) There is agreement that you need to adjust your product management approach based on the stage you’re in. Read on to find out more about those stage and how you should adjust your approach in each stage.?

The product manager’s role at each stage of the product lifecycle. The product lifecycle refers to the stages a product goes through from the moment you introduce it to users to when you remove it from the market. Monica Dhiman defines the five stages of the product lifecycle (development, introduction, growth, maturity, decline), and explores the role of the product manager at each stage. (via LogRocket )

From Introduction to Decline: The 4 stages of a product life cycle. Any product introduced to the market is bound to have a shelf life. The journey of a product—from its introduction to its decline—is called the product life cycle. The product, therefore, goes through various stages during this trajectory. With a deeper understanding of this journey, businesses can improve the sales of their product with strategies depending on where the product is in its life cycle. The folks at Emeritus dive into the main stages of the product life cycle that business leaders and entrepreneurs are actively adopting to succeed with their marketing strategies. (via Emeritus India )

How to manage a product in the maturity stage of the product life cycle. Managing a product in the maturity stage of the product life cycle is not a popular topic. You can find loads of resources and tips for how to get started, how to find product-market fit, and how to launch. But there’s hardly any guidance for how to sustain a steady business once your growth chart flattens out. Yet the maturity stage is arguably the most important one for any product—especially in tech, where innovation never stops. Janna Bastow hopes to fill the knowledge gap on managing a product in the maturity stage of the product life cycle. (via ProdPad )

Product lifecycle: Everything you need to make good product decisions. You do a lot as a Product Manager. From managing ideas to launching a product to growing it, and retiring it when it’s old. To be a great PM, you’ll need to know the end to end stages of a product throughout its lifecycle. Product Dave discusses the 8 stages that every product goes through, and what you need to do during each phase. (via David Wang )

Product Lifecycle Marketing 101: What is it, the 5 stages, and marketing strategies for each stage. Every product goes through a life cycle from the moment it enters the market until the end. The marketing plan must include strategies for every phase of a product’s lifecycle to be successful. Team UserPilot covers what you need to know about the product life cycle. Including the five stages of the product life cycle and how you can implement a product life cycle marketing plan. (via Userpilot )

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Product Management News: Week of June 26, 2023

Want Hi-Fi audio on Spotify? It’s gonna cost you. Spotify is close to releasing its Hi-Fi, lossless audio feature, originally promised in 2021. There may be a catch. Supposedly, it will only be available in a Super Subscriber tier that is higher than the current $9.99/month. This move mirrors a new trend where companies are testing out more expensive subscription tiers to test out how much appetite their customers have for higher-priced products with more features. It’s certainly something to pay attention to if you’re working out your new pricing strategy.

You could use generative AI for almost anything, but should you? A recent study by McKinsey found that 75% of the value that generative AI use cases deliver falls across four areas: Customer operations, marketing and sales, software engineering, and R&D. It’s worth looking into these findings to make informed decisions about where to apply generative AI and where it may not make sense.

NASA is trying us AI to communicate with its spacecraft. NASA engineers are developing a ChatGPT-style interface that could allow astronauts to talk to their spacecraft and mission controllers. That way, they’d be able to communicate with A.I.-powered robots exploring space. NASA is planning to deploy early versions on a space station that's part of the Artemis program known as Lunar Gateway. Larissa Suzuki, a visiting researcher at NASA and a technical director at Google, envisions an interplanetary communications network with A.I. built in that can address glitches and other problems. “It’s a technique to do distributed learning—to learn collaboratively without…bringing all that data to the ground.” We may get that much closer to “Open the pod bay doors HAL” but hopefully in a good way.

Customer retention drives a higher operating margin than customer acquisition during an economic downturn. That’s one of the key findings from a study by OneSignal, a customer engagement. The study found that companies are reducing marketing and product spending and focusing too heavily on customer acquisition. That trend seems to ignore industry studies that show acquiring a new customer can cost five times more than retaining an existing one. Ignoring retention strategies is a missed opportunity for ROI and revenue growth. Something to keep in mind as you revisit your target outcomes for the second half of the year.