The life cycle of a flower would be something like this: a tiny seed buried a few centimeters above the ground begins to crack. After a while, said seed explodes and the first plant traits seek to come to the surface in search of a sunbath. Later the buds transform into charming and elegant flowers. However, in the midst of so much beauty, there is an apparent risk. Risk? Yes, because when the plant does not receive the necessary nutrients, is attacked by some kind of insect, or is not able to withstand adverse weather conditions, the flower simply dies, and that's it.

Trying to draw a real-life analogy to make today's topic more accessible, we bring up a marketing event that shares characteristics with the flower growth process, and that without a doubt, you witnessed -as a consumer- but did not realize: the life cycle of a product.

The stages of the life cycle of a product

Each project that is intended to be launched within the market is part of a life cycle of time in which they are born, grow, mature and die, disappearing completely. 

Currently we witness the number of products or services existing in supermarkets, agencies, streaming platforms, factories and in many other sites. As we have been talking about, the life cycle of a product is a tool that helps us identify and classify the stage in which it is located. This conceptualization was established by the German economist, Theodore Levitt, where he stated that, like living beings, products and services comply with each of the stages of development - life cycle -.

Based on these considerations, we can say that this life cycle can be divided into the following phases: introduction, growth, maturity and decline.

The dawn of a flower

In the introduction stage, the product is born and therefore it is necessary to ensure a great first launch on the market. The job consists of dedicating a large amount of resources and efforts to create a recognizable identity of both the product and the brand. Here it happens that customers do not yet know anything about the product and it may even be that there is not even a specific need that justifies its appearance on the shelves or in advertisements. Consequently, first sales are usually very low, accompanied by very slow growth.

To enhance this stage within the life cycle, it is necessary to take care of developing an effective launch campaign and this is because they are extremely important to introduce the product to the market. In this sense, the person in charge of this plan must make sure to find the ideal physical and virtual place, in addition to covering a basic characteristic of any first-time product, such as its quality. Quality is synonymous with reliability and safety in consumption. Likewise, innovating with something new always implies differentiation, even more so when we are addressing a non-saturated market.

The sapling that is no longer a sapling

Now, in the growth stage the product is already on the market so there is a high probability that its competition will appear. In these cases, the next step is to diversify the offer with complementary models of higher quality than the original. As for promotion, it must be focused on the strategic increase of points of sale and distribution channels. Over time, the product achieves greater recognition, increasing consumer interest, thus consolidating its growth. This is the right time for the company to increase production to meet demand. The result: increasing sales.

Pure charm and majesty

During the maturity period, the product is already consolidated, reaching the highest levels of production and sales. Something that always happens has to do with marketing actions focused on maintaining the market's attention in order to achieve the expected sales. With this, sales begin to stagnate, profits stabilize, inventories increase and production meets demand. 

To extend the permanence of a commercial good during a life cycle, strategies must be applied through superior quality improvement and previously analyzed modification of the current characteristics offered by the product. Other actions that usually participate in marketing plans at this stage are related to price reductions, increased promotion levels, and facilitating payment options with the added bonus of eye-catching discounts. These are very beneficial tactics if the company intends to deliver added value and thus generate solid loyalty with its customers.

A withered flower

As is often the case, everything has an end and the product life cycle is no exception. In the decline phase, the product loses its attractiveness to buyers and sales fall rapidly. This scenario usually occurs because the market is saturated or because the company is unable to reduce costs and profits. This triggers an unpleasant image - for businessmen - in which it will no longer be profitable to produce the product. In these cases, there are many unknowns that arise but the most recurrent one exclaims: “what do I do with my flower, do I revive it with more water or let it go?”. 

Before having to make the most difficult decision, we have certain tools that can help us slow down the disappearance process. Perhaps this is the right time to apply super attractive offers and discounts, with the help of advertising strategies that communicate the opportunity to get the product at a lower price. Within the message it is totally valid to highlight the additional benefits of the good, such as price, comfort, quality, quantity, etc.

In the worst case scenario of a life cycle, if the sales and marketing team considers that there is no turning back, there is a very elegant way to withdraw from the tables and it is called “early retirement”. In this part of the life cycle, it is about eliminating the availability of the product before it reaches this last phase to avoid generating a bad image for the company.