| 10 signs your business is ready for a revamp |
Understanding life cycle of your products and services is important to consider when marketing your business. By being aware of customer demand, buying motives, buying patterns and industry trends you can assess if your businesses services/products need a revamp.
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- Introduction – new development and integration into the market place resulting in low customer awareness, sales, high production costs.
- Growth – sales increase as customers accept the product and service resulting in an increase in competitor activity, high costs, increase in sales and profit
- Maturity – sales growth levels off as sales become mostly repeat sales and market becomes saturated, competition is strong with focus remaining on advertising and customer service expertise along with brand following
- Decline – characterized by declining sales resulting in a decline in profits. Consideration to withdraw product/service, innovate or introduce new line is the main area of focus.
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- Sales are declining
- Customers are complaining or leaving
- Staff turnover is increasing
- Inefficient and lack of enough product/service processes
- Unable to locate information and resources
- Untidy and disorganized office premises
- Market share is not increasing
- Competitor activity is fierce
- Unable to meet customer deadlines
- Unable to develop new product/service lines
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- Assess the life cycle point of each of your products and services
- Assess the length of each cycle
- Identify new opportunities to improve and innovate your products and services
- Closely monitor for sales decline and develop a marketing mix strategy to boost sales again
- Adjust your marketing mix strategies during each life cycle of your products/services to maximize profits ie. price, position and promotion
- To maintain profit levels as one product/service declines the next product should be launched
- Reassess your competitors and their marketing activities/offerings
- Realign your unique offerings
- Gain further insight into your customers needs by gathering feedback and conducting focus groups
- Improve systems and processes
- Improve level of customer service
- Involve your team in the process of improving your business
- Bring in the experts like Business Consultants and branding experts
- Refine and further develop your intellectual property resources
- Put together a new marketing strategy
- Improve the image and consistency of your business
- Improve the general presentation of your office premises
- Develop a strong workplace culture
- Develop and train your staff
- Employ staff with new and specific skill sets/knowledge
- Improve your advertising, special offers, marketing material etc.
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