How to Deal with Decline Stage of Product Life Cycle?
Can you remember the last time you saw a Kodak film being sold? Me neither. The brand used to be everywhere, but phone cameras have taken over.
Flickr, on the other hand, started out as a chat room. Do you still remember those? The company's still alive and kicking, although its initial market lives only in the memories of millennials.
Some products are like plants. They grow and bloom and then wither and die. But some are like phoenixes. From the ashes, they rise only stronger. How do you make sure your product falls into the second category?
Today, we'll be talking about the decline stage in the product life cycle. But don't worry—it's not at all gloomy because we'll be focusing on strategies that allow you to deal with it. Let's go!
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• Decline Stage of the Product Life Cycle – How to Handle It – https://www.eleken.co/blog-posts/decl...
• Product Life Cycle: Everything You Need to Know about Stages and Success Strategies – https://www.eleken.co/blog-posts/prod...
• Product Life Cycle Strategies to Level Up Your SaaS Marketing – https://www.eleken.co/blog-posts/prod...
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00:00 – Intro
01:21 – The decline stage
01:53 – Decline stage strategies
02:04 – Prolonging the product's life
02:56 – Changing the direction
04:03 – Market segmentation
04:48 – Redesigning the solution
05:50 – Harvesting
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