Product Growth: What You Need To Know
On this beautiful day, I would like to share the importance of PRODUCT GROWTH.
But before I let you all know what product growth is, first and foremost you have to know that product growth is part of the product life cycle.
I know you don't like to read long and lengthy paragraphs, so here is the TLDR of Product Life Cycle > Stage of a product from the beginning, the rise, and decline that the product will experience between being introduced to customers and being discontinued.
There are many sources that mention multiple different stages of product life cycles, but here is what I thought was a relevant source of information.
Here is a picture to touch up your train of thought:
Credits to: TWI Global
But today, we are going to discuss product growth! Yeah, everyone loves this stage, isn't it?
But before digging too deep, first you have to know what product growth is. Product growth is the stage after a product successfully navigates the market introduction stage and is ready to enter the growth stage of its life cycle.
The next question will be: WHEN can the product be categorized in the growth stage?
To answer this, I think we can safely say that
- It’s when you see growing demand
- Promote an increase in production.
- promote the product becoming more widely available.
- It’s when the product becomes more popular and recognizable, meaning an increase in revenue and sales.
- It’s when your marketing campaigns will likely be geared towards differentiating their product from others as opposed to introducing their goods to the market.
- Hold up—this is when competitors may enter the market with their own versions of your product, either direct copies or with some improvements.
So, what to do?
- To be a growth stage
- Focused on making consumers aware of the product and its benefits
- Create an innovative solution
- Choose the right market (market fit) & marketplace
- P.S Maybe for some people starting from extending existed innovation/product might be better
- After growth to be mature
- Increase a product's value by identifying new ways to satisfy users and attract newcomers
- At the same time, nurture or even more innovate on branding, pricing,
- You can definitely comply with product-led growth rules, but do not forget to keep your product mature, meaning maintain those rules while steadily improving product differentiation.
Last but not least, you need to dig up everything possible to be at this growth stage, such as
I think you can find the rest on the internet, lads. I wish you every bit of luck you can find to be or stay relevant in these times. Good luck and never stop learning!
Written by: Vincent Oei