Advertising? Consider Product Life Cycle & Customer Buying Habits

When you create advertising for small businesses, consider both the life cycle of your product or service along with customer buying habits.

Today, both sellers and buyers alike want fast results. You should recognize that the actual process of turning your prospects into customers still takes time. Buying cycle times may be shorter today, but the process still exists. People often buy according to their past purchasing habits and patterns. These habits can be hard to change.

Classic marketing theory details the life cycle of a product or service as (1) introduction, (2) growth, (3) maturity, (4) decline, and (5) phase-out. In other words: when it’s (1) New, (2) Rapidly Accepted, (3) The Industry Standard, (4) Fading, and (5) Hard to Find.

Furthermore, the people who buy those products/services can be profiled in different stages as (a) innovative adapters, (b) majority adapters, or (c) stragglers.

Profiles of these three buyer categories (a) (b) (c) are helpful in creating advertising tailored to each phase of the five life cycles of the product or service. Judge accordingly.

For example, when you introduce a new product or service,...