Every product or brand has a finite lifespan – things eventually grow old or no longer appeal to customers. This is why it is essential to keep an eye on how your brand grows, be it through advertising or design as a whole. Read on to find out how to determine your brand’s lifespan today.
What is a brand lifecycle?
The term usually refers to the detailed analysis of a brand’s life while within a market. A brand lifecycle has 5 stages – development, introduction, growth, maturity, and decline. The words should make some sense to you even without definition, but all products and brands usually go through these five stages before their exit from the market as a whole.
How do I determine my lifecycle?
In order to properly analyse your brand’s lifecycle and apply it to the present – you can take a read on these five stages to determine where you are at the moment:
Development: The creation of all the tiny little aspects within your brand before it is brought to market.
Introduction: The introduction of your brand and product to the market, usually sales are slow at this stage.
Growth: The slow, gradual growth of your presence in the market as sales creep up due to reputation or word of mouth.
Maturity: This is where your product or brand usually reaches its peak – and demand slows down at this point.
Decline: Sales usually drip off here, and this is where you usually exit your brand or product.
What can analysing a lifecycle do for me?
If you are frequently bringing new products to market, it is essential for you to understand how long your cycles last and why they do so – since this will allow you to develop items that can even last longer than your first few attempts due to this foresight and analysis.