Hello Tribe! If you’re a creative entrepreneur with a never-ending stream of ideas, but limited resources and no full team, it can be tough to know where to start. That’s where understanding the product lifecycle can be incredibly valuable.
The product lifecycle is a series of stages that a product goes through from its conception to its decline. Understanding these stages can help you make informed decisions about how to allocate your time and resources, and where to focus your efforts.
Let’s take a closer look at the product lifecycle, and how it applies to a popular brand, Fenty.
Introduction: This is the stage where your product is first launched to market. For Fenty, this was the launch of their makeup line in 2017. At this stage, the goal is to create awareness and generate excitement about your product.
Growth: As your product gains traction, you’ll enter the growth stage. This is when you start to see increased sales and profits. For Fenty, the growth stage saw their makeup line expand to include more products and shades, allowing them to reach a wider audience.
Maturity: Eventually, your product will reach maturity. This is when sales start to level off, and the market becomes saturated. For Fenty, the makeup line reached maturity as they continued to release new products and innovate their offerings, keeping their customers engaged and interested.
Decline: Eventually, all products will start to decline. This can happen due to changing customer preferences, increased competition, or technological advancements. For Fenty, they have been able to delay the decline of their makeup line by continuously releasing new products and staying ahead of the curve.
The product lifecycle is a valuable tool for creative entrepreneurs who want to make informed decisions about their products. By understanding where your product is in the lifecycle, you can focus your resources and efforts in the most effective way possible. And by following in the footsteps of successful brands like Fenty, you can learn how to navigate the ups and downs of the product lifecycle and grow your business.
