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The lifecycle of a brand
Creating a brand that thrives.
A brand lifecycle has two parts
Brand development and implementation.
Generally speaking, every brand or product has its life cycle which spans from the time it is launched to the time it exits from the market. This cycle covers five stages, namely product development, introduction, growth, maturity and decline.The life cycle of each and every brand or product is different, and different advertising strategies should be adopted at different stages to suit the marketing targets and market environment in order to achieve the best marketing results.
Product Development : This is the stage of design, production and research carried out by a company to ensure that its products can meet consumer needs through sufficient market survey. The company will also improve its products in the light of market response and gradually build up its brand.
Introduction : During this stage, the product is introduced into the market and publicity campaigns are launched to promote its functions, features, quality and usage and attract customers to try out or buy the product.
Growth : The branded product begins to build up its following among consumers during this stage. The cumulative effect of marketing begins to show and the market share expands. However, the company must further step up its advertising efforts, and the advertising must highlight the characteristics and value of the product.
Maturity : Brands or products in the maturity stage have a considerable market share and have reached their sales peak, with growth beginning to slow down. Brand influence at this stage is at its height and the kinds of marketing strategies to be adopted are many.
Decline : Brand awareness is high but sales are on the decline. Other characteristics of this stage include falling prices, weakening competitiveness and emergence of new products.
The same product or the same company may experience different life cycles in different markets. Some brands or products may experience exponential growth in their life cycle.
As an entrepreneur, you are responsible every day to put in place new ideas. Having new ideas is very important to your business success. But, it’s not enough to achieve that success. You need to implement them. But, the right implementation process will require from you to use different business experiments in order to test and validate the ideas. Here are four reasons why you should begin with business experiments in your company.
You will install many of your ideas, but the question is do they bring the results. It’s not about any results, but results that you want from their implementation to bring.
To be sure, and base your decision on facts, you will need to start using business experiments.
In such a case, the problem is that often you don’t have any real evidence how your ideas will practically work. Because of that, it is important for you to base your decision regarding the implementation of ideas on strong data-driven techniques.
Here, the business experiments come as an important activity for your company.
It’s not enough to have a good feeling about the ideas, that you will have for sure. You need numbers because you can’t make a plan and follow until the success, your business operates in an uncertain environment and it is not possible.
With business experiments, you will base your decisions on facts, not on assumptions
The feedback you will get from business experiments can bring dramatic improvements in your profit
The business experiments will not ask more extra work from your side
If you use business experiments, you will learn from failure
If you have installed formal business experiments in your company you can be able to understand what really works. Intuition and decisions based on the assumption will become history for you. You can use business experiments for any part of the business.If you run business experiments you will save your time and money. It is true because you will abandon implementing something that will not bring the desired results for your company. Using business experiments is not time-consuming work for you. If you design them in the right way, you can implement them. It’s true because in most of the experiments almost 90% will be the same activities that you use without testing. The only difference will be planning the experiments and analyse the results.With this new knowledge, you can refine and tweak your ideas to make them better. It’s a continuous improvement process. As an entrepreneur, are you willing to fail ?. Because only with small fails and mistakes you can avoid more costly mistakes in the future. If you want to learn from successful ideas and failures, you will be in the position to decrease the level of uncertainty around your ideas.
This is how your brand will not only survive, but thrive in an ever-evolving market.