The 6 Stages of the Product Life Cycle

When I was 12 years old, I used to look through my older cousin’s CD collection, a little confused. I didn’t understand the need to have CDs when I could go on iTunes and listen to all my favorite songs. Then, when I was in middle school, I got my first hand-me-down iPod shuffle. This is a great example of the product life cycle (PLC) in action. CDs were in the decline stage while the iPod was in the growth stage. Now, you’ll rarely find a CD in anyone’s music collection unless they’re enthusiasts or want to feel nostalgic for…

Stores and websites aren’t a mishmash of products with no discernible organization for a reason. People want a sense of direction and a positive customer experience, even when they are “just browsing.” They also want to know they are in good hands when it comes to the product category they’re exploring — whether that’s kitchen tools, breakfast cereals, or winter coats. Product category marketing helps your brand stand out among related items, so your company’s products wind up in the shopping cart — whether real or virtual. What is a product category? A product category is “a particular group of…

The Marketer’s Guide to Segmentation, Targeting, & Positioning

I once heard a new business owner define their target market as … wait for it … “everyone”. *cringe* While it’s nice to believe that everyone would be interested in purchasing your product or service, it’s not wise to define your target market as such. Not only does this definition (or lack thereof) create way more work for you; it also does a disservice to your actual target market — by over-widening your scope, you fail to inform and educate your audience about how your product or service can improve their lives. This is where segmentation, targeting, and positioning come…

To understand what the term “trading up” means, let’s start with a scenario. You wake up early and jog to the Starbucks on the corner of your street. There, you wait in line to order a pumpkin-spiced latte, as you skim emails on your iPhone. Afterwards, you return home, put on your new Lululemon workout apparel, and hop on your Peloton for an at-home workout. In this scenario, you’ve “traded up” in a variety of consumer categories: including coffee, technology, clothing, and even workout gear. Why, for instance, did you feel the need to head to Starbucks and pay $6…

Understand Market Penetration and How to Create a Strategy

Everyone wants their business to grow. This seems pretty intuitive considering effective and successful growth means your business is experiencing boosts in revenue, brand awareness, brand loyalty, and more — and we know this to be true by looking at the most successful and well-known companies today (e.g. Apple, Amazon, etc.). The question is: What do these highly-successful companies do to ensure they put themselves in a position for strong and consistent growth? Of course, there are a number of answers to this question based on who you ask. However, the one we’re going to focus on in this blog…

The other day, I roamed the aisles of CVS and picked up the same Crest toothpaste I’ve been buying for years. I didn’t think twice about it. I made the purchase on auto-pilot. I didn’t consider testing out a different brand, or purchasing one from another retailer. Toothpaste, as it turns out, is known as a “convenience good”, which matches my buying behavior. Understanding product classification can help you understand your consumers’ general buying behaviors, which will help you market your product more effectively. There are four types of product classification. Let’s dive into each type, so you can determine…

According to a recent Retail Dive survey, 55% of consumers still prefer to shop in stores because they like to see or test out products before they buy them. But, if consumers could see or try products virtually from home, would they still need to go to the store before making a purchase? This question has been asked by companies like Amazon, Warby Parker, and IKEA which have embraced AR product reviews. With these previews, ecommerce visitors can see an item of clothing on a photo of their body, preview what furniture will look like in their bedroom, and even…

In marketing these days, you can’t swing an enthusiastic micro-influencer without hitting someone who’s talking about video content. And it’s not without merit. A recent HubSpot study revealed 54% of consumers want to see more video content from brands and businesses they support. With video marketers earning 66% more qualified leads per year and a 54% increase in brand awareness, it’s clear video marketing is the future and product demo videos are a lucrative path forward. In fact, 72% of people would rather use video to learn about a product or service. There are many different types of product demo…

6 Stats that Prove the Importance of Product Videos for Ecommerce

Producing quality videos for your ecommerce site is hard, we know. Equipment is expensive, and specialists who know how to use that equipment cost even more. For that very reason, many ecommerce businesses will settle for photos and graphics just to get the job done. These video marketing statistics show that video might just be an investment worth making. Sure, you’ll have to dig a little deeper into those pockets at first, but the results will return more than you dreamed. Product Video Stats Marketers Need to Know 1. Video is the #1 content type used by marketers to sell products…

With a purchasing power of more than $143 billion, Gen Z is expected to shake up the retail industry. Although many in Gen Z are earning their first paychecks, entering college, or just joining the workforce, studies already show that the generation shops and spends money much differently than its millennial predecessor. For example, while millennials enjoy primarily shopping online, Gen Z — an age group which is even more connected to technology — surprisingly prefers shopping in stores. Additionally, while millennials and past generations were more loyal to brands, Gen Z is more interested in buying products that will…