How can you use the product lifecycle to boost your sales?

Agreed with above statement it help determine advertising schedules, price points, expansion to new product markets, packaging redesigns, and more.

The product lifecycle is the sequence of stages that a product goes through from its introduction to its decline or withdrawal. By knowing where your product is in the lifecycle, you can  tailor your sales strategy, communicate the right benefits, and overcome objections. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965.

The Product is in the introduction stage your goals may be to generate as many leads as possible and qualify them to fit and interest,so that convert them to revenue generation,If your product is in the decline stage, your goal may be to renew existing contracts and upsell or cross-sell complementary products. The goals of product life cycle management (PLM) are to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life.

Step wise process to show how to use the product life cycle to boost your sales and achieve your goals 1 Identify the stage. The first step is to identify the stage of your product in the lifecycle. ... 2 Align your goals. ... 3 Adapt your pitch. ... 4 Anticipate objections. ... 5 Here's what else to consider.

This phenomenon is commonly referred to as BANT (Budget, Authority, Need, and Timing). Determining BANT should be part of your routine qualification process. 1. Lack of Budget Objections based on price are the ones you'll come across most frequently. That's because all purchases come with some level of financial risk. 2. Lack of Track People do business with people they like, know, and trust.In an in bound Sales conversation, 3. Lack of Need This may seem like an objection on the surface, but it's actually an opportunity to give information to the prospect 4. Lack of Urgency The goal here is to identify if timing actually is an issue or if the prospect is brushing you off.

Focus on marketing and innovation during introduction, expand reach in growth, optimize efficiency in maturity, and manage decline gracefully. Adapt your approach accordingly for sustained sales success.