How can you create a marketing strategy for a product with a short lifecycle?
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VP of Marketing in Software8 months ago
Short Product lifecycle means that the product would be obsolete in a few months or may be even weeks. Some tips to consider: 1. Know your market - demographics, verticals, ICP, competitors, SWOT, positioning etc.
2. Define your goals - this might vary or may be similar; parameters can be sales volumes, customer satisfaction, brand awareness
3. Choose your channels - paid, owned and earned media (social media, podcast, webinar, influencer marketing)
4. Create your content - showcase product features, benefits and differentiators. Always tailor your content towards your audience segments, channels and goals.
5. Implement your plan - accordingly with your timeline, budget and resources. Communicate the results with your stakeholders.
6. Feedback from data - use insights to improve marketing strategies and optimize the product lifecycle.
Who is the Audience? - Are we targeting quick-adapting consumers or dynamic businesses? Understanding who will be most intrigued by a product with a short lifecycle is crucial for tailoring our message and channels effectively.
What Makes Our Product Urgent? - How can we highlight the product's uniqueness and limited availability to create a sense of urgency? Is it a limited-time tech gadget for consumers or a seasonal business solution?
Which Channels Reach Them Fast? - Are social media and influencers the quickest route to our consumer base, or do we need targeted B2B platforms like LinkedIn and industry webinars for businesses?
How Should We Price It? - Would a competitive entry price attract more consumers, or should we opt for premium pricing if targeting businesses seeking exclusive, high-value solutions?
Can This Launch Enhance Our Brand? - Regardless of its short life, how can this product elevate our overall brand experience and loyalty among either consumers or businesses?