Mae Wen

“Live Long and Prosper”

Even those among us who are not Star Trek fans (fondly called “Trekkies”) have heard the famous Vulcan salute. In addition to being a great geeky greeting for my friends, the phrase has become my mnemonic for an important marketing concept.

I’m speaking of course about the product life cycle. This diagram represents the typical growth, and consequently maturity of a product or industry as time progresses. For those who are familiar (or unfamiliar) with this graph it illustrated as follows:

Excluding variations in stage names, the graph has remained unchanged for since it’s introduction (pardon the pun) in 1966. Now as a brilliant businessperson, you may look at this graph and go, “Well this is just terrible.  Nobody wants to see their product declining.” And you’re right.

Which is where this more ideal model steps in:

Your goal as a marketing strategist, or any business person for that matter, is to extend your maturity phase for as long as possible. Hence, the goal is to continuously innovate in order to live long and prosper.

Luckily there are as about as many methods to extending your product life as there are Redshirts at a captain’s disposal (I am told more or less unlimited). The secret to success, as is in any mission, is to pick the right one. While there is no perfect formula for product longevity there are a number of fairly straightforward strategies that a firm can use to make sure they stay ahead of that curve.

1. Re-invent the Product  –  Changing the benefits consumers receive can be a tricky balancing act, as is the case of Betty Crocker instant cake mix. Make sure the innovation is data driven by consumer insight so you are innovating in a way that you customers will actually appreciate.

2. Re-position the brand – This is typically done through packaging changes and marketing communications strategies. Re-positioning the perception of your brand in a consumers mind is risky, but rewarding. You run the risk of consumers being overwhelmed by mixed messaging, unable to visually recognize your product, and worst of all abandoning the product if the brand no longer resonates. However, reward is great as well. Successful re-branding strategies such as Dove creates massive positive PR and attracts new customers.

3. Re-educate your customers – We’ve all heard how education empowers, but this applies in marketing as well. Encourage your customers to use your product for alternate uses or increase their frequency of use. Such is the case with Coke AM where consumers were encouraged to drink Coca-Cola in the morning for its caffeine boost.

But most of all focus on reviving the product! By periodically revitalizing, you can extend its longevity and remain in the mature stage. With the goal of re-vitalization in mind, you ensure that your product will indeed live long and prosper.