Advertising Consider Product Life Cycle Customer Buying Habits
Below is a MRR and PLR article in category Business -> subcategory Advertising.
Advertising: Consider Product Life Cycle and Customer Buying Habits
When crafting advertisements for small businesses, it's crucial to assess both the product life cycle and customer buying habits.
In our fast-paced world, both sellers and buyers seek quick outcomes. However, converting prospects into customers still takes time. Even though buying cycles may seem shorter, the process remains largely unchanged. Often, people purchase based on established habits, which can be challenging to alter.
According to classic marketing theory, products and services go through the following life cycles: (1) Introduction, (2) Growth, (3) Maturity, (4) Decline, and (5) Phase-out. These stages can be seen as: (1) New, (2) Rapidly Accepted, (3) The Industry Standard, (4) Fading, and (5) Hard to Find.
Buyers of these products/services can be categorized as (a) Innovative Adopters, (b) Majority Adopters, and (c) Stragglers. Understanding these buyer categories aids in crafting advertising tailored to each product phase.
For instance, when launching a new product, target the early adopters?"those who are innovators. Approximately 10 to 20 percent of people conduct their own research before making purchases, often using the internet to gather information.
The remaining 80 percent are followers who rely on ads, recommendations from peers, or incentives like coupons. Advertising plays a key role in educating and enticing these prospects, encouraging them to try something new. Over time, effective advertising can change buying habits for individuals across all profiles.
It's essential to ensure that each group knows about your product or service when they're ready to purchase. Plan to repeat your advertising message frequently, so it's available to them when they're ready to make a decision.
Patience and persistence are key. With time, your targeted advertising will become an integral part of your product's life cycle and align with customer buying habits.
© 2006 Jon Sinish
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