Define your product life cycle marketing goals

Step-by-step Playbooks
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Based on https://cxl.com/blog/product-life-cycle-marketing/ by Tom Whatley.

By visualizing the stages of a product journey, product life cycle management promotes a proactive approach to marketing. When you know what’s coming next, you can plan ahead to make each phase profitable. Let’s recap the goals for each phase:

  • Development and introduction phase . Secure internal buy-in and generate product awareness.
  • Growth phase . Widen your audience, increase market share and encourage brand preference.
  • Maturity phase . Maximize profits while defending market share.
  • Decline phase . Slow down decline and reduce marketing spend.

Steps

Set up your marketing goals and strategy for the product development and market introduction stage of your product’s life cycle.

Get internal buy-in, generate product awareness, fuel your competitive intelligence, discover how customers perceive your rivals, create clear messaging guidelines, and ramp up excitement with a go-to-market strategy.

Set up your marketing goals and strategy for the growth stage of your product’s life cycle.

Establish your authority, build your brand, plan out product updates, and keep sales documentation up to date.

Set up your marketing goals and strategy for the maturity stage of your product’s life cycle.

Find a balance between winning customers away from your customers and building brand equity, nurture customers and build brand loyalty. Research ways to prolong the profitability of your product.

Set up your marketing goals and strategy for the decline stage of your product’s life cycle.

Cut marketing costs, focus on promoting your product to late adopters, and gather learnings to use for future products.

Last edited by @hesh_fekry 2023-11-14T10:09:02Z

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@heshfekry The title is wrong for this one (and its sub-playbooks). The blog post really doesn’t go into setting or defining goals - it’s more about the planning.

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What would you suggest the titles for hub and playbooks to be? we can make some suggestions and run them by the original author.

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@heshfekry It’s more along the lines of ‘Plan your marketing for the product life cycle’ or ‘Map marketing activities to the product life cycle’, I guess? More doing, less goal-setting.