The fear of any business is the decline stage, is a point where you have to make the best decision on the next step of action. The last of the product life cycle stages is the Decline stage, which as you might expect is often the beginning of the end for a product.and is caused by
2) changes in customer preferences
3) global competition, or
4) new regulatory requirements, such as environmental protection laws.
Despite the obvious challenges of this decline, there may still be opportunities for manufacturers to continue making a profit from their product.
Signs to Lookout For
1. Declining Sales
2. Rise in Customer Complaints
3. Cash Deficits
4. Loss of Key Customers
5. Drastic Spending Cuts
Why Products Decline
1. Fierce competitors
2. Lack of customers
3. Obsolete technology
4. Economic downfall
5. Organisation atrophy
Approach Change with a Strategy
We cannot simply flip a switch and expect it to happen. If we are going to effect change, then we Start your research. By investing hours in reading a few marketing books, blogs, or articles and teaching ourself how to use social media, blogging, and PR to develop the right strategy to draw more people’s attention in patronising our product or services. This will take some short period of time. Don’t forget, reviving a product don’t start quickly.
Furthermore by knowing What our customer’s problems and concerns are. What are their personal goals and wishes? Where do they turn for information? Whom do they trust? These are often called personas. The buyer personas will become invaluable in developing optimal messaging, and a deep understanding of prospective buyers and with the prior information gathered, you are equipped to work back from buyer personas to buying process to sales engagement to marketing and so forth. A customer-based go to marketing approach is something that far too few companies implement, but the minority that does enjoy undeniable results. According to a recent Online Customer Engagement Report by e-Consultancy with CScape, only 45% of companies have a customer engagement strategy.
Finally, when your re-engineered processes are in place, it’s time to look for software and tools to automate the new processes. You might wish to consider software to identify triggering events like InsideView or Hoovers, or lead management systems such as Aprimo, Eloqua, Marketo, or Pardot, or a social listening tool to monitor online conversations like Radian6. This will teach you how best to talk to buyers using provocative language that drives behavior.