How,The,Product,Life,Cycle,Can marketing How The “Product Life Cycle” Can Kill Your Online Business

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How The “Product Life Cycle” Can Kill Your Online Business© Richard Glanvillehttp://[email protected] you noticed how many online marketers are telling you that you needyour own product?Have you heard any good reasons for that?The one reason that I hear is that it will allow you to keep 100% of theprofits yourself.Think about this. I don’t know about you but if a product is good and theprofit high enough, I don’t really care who the creator of that product is. In fact, with master rights, I have a lot of exceptional products that I havenot had to research myself and I keep all the profits anyway. I even haveaffiliates selling these products (and rights) for me.There has to be another reason.Well, there is a very good reason why you should be able to offer a “unique”product. The answer lies in a concept called the “Product Life Cycle”.Once you understand the concept, you will understand why so manymarketers are telling you to get your own product and to develop multipleresidual income streams. Moreover, you will be able to separate the “chafffrom the wheat” and do those things that really need to be done.Having your own product may not even feature on the list.Every product goes through what is called a “product life cycle” that looksa little like this:Introduction with high investment and minimal profitPeriod of growth with greatest profitabilityPeriod of maturity where sales rise but profitability weakensMarket saturation where decline commencesPoint 4. would also explain why the creation of new products is necessary,wouldn’t it?Actually, it wouldn’t.As you read further into this article you will understand why new productcreation may not be necessary.In the first phase of the “Product Life Cycle” we have a product thathas just been created. It needs to be marketed. As it is new, we expect tospend quite a bit on advertising before it gains acceptance and we makesales.The least expensive, and arguably the most effective, marketing that canbe done is to have someone else pay for the advertising. This is howaffiliate programs work.Right now, you are about to learn the truth and power of the “Early BirdAdvantage”.You must remember a couple of concepts here. The first being that inorder to generate the maximum number of sales, a prospect needs to beexposed to the sales message at least seven times. Secondly, we aredealing with a new product. No sales messages have been sent as such.Okay, statistics show that if you want a good response on an offer,you need to get your message out to the same prospect seven times.Do you agree?You shouldn’t. The only people that this might hold true for are ezineeditors. Unfortunately, far too many editors will promote an item onceand then neglect to get the message in front of their subscribers again.All they’d need to do to explode their profits would be to send “reminders”out at least another six times. Your prospect is going to see the message from more than one source. It could very well be that you happen to be the seventh person presentingthe opportunity to a prospect and he buys from you. Right place, righttime. Happens all the time. If you happen to be one of the first promotinga new opportunity, got in early and were prepared to stick around for awhile. That is the power of the “Early Bird Advantage”. The lessons to be learnt from this are:If you create a product, make sure you have an affiliate program. Itwill save you a lot of money and sales will come in faster.If you are fortunate to find a product that you believe in before it getsrolled out, grab it and stick to it.Two things are happening at this point in time that you need to be veryaware of. First of all, the owner of the product is still busy building his affiliate baseand has not yet achieved maximum profitability with his product. Secondly,affiliates had a relatively easy time with little competition for sales.From this point of time in more affiliates will join the program. This isgood for the owner of the program as more sales will be generated. Therewill however be a lot of competition for the affiliates and those affiliateswho do not know what they are doing can expect less and less sales.The inexperienced marketer had better hope that this product generates aresidual income!Eventually, the market will have received high exposure to the product.Customers will have started to use the product and provide feedback andthe creator of the product will be made aware of possible improvementsthat can be made to the product.At this point in time, the creator of the product can start the cycle again byeither offering an update on the product or by releasing a completelynew product that satisfies customer demand.Although an affiliate as such is unable to modify the actual product, hecan change the packaging/ presentation, include bonuses and to some extentrecreate a USP for the product. These changes are in fact necessary foran affiliate to stand any sort of a chance with marketing the product afterthe initial roll out is completed.What can be learnt from planning for the “Product Life Cycle”?Get in early with something you believe in and stick to it;Think of a unique presentation for the product;Build a referral base;Make sure that your opportunity includes a residual income. Follow these guidelines for selecting those opportunities that you alignyourself with. It will serve you well.To your successRichard Glanvillehttp://www.statustron.comPublisher@statustron.com-----------------------------------------------------------------Richard Glanville publishes Home Business Tips, a fresh andinformative newsletter dedicated to supporting people likeYOU! 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