Advertising? Consider Product Life Cycle & Customer Buying Habits By Abdul rahim khurram

 

Advertising? Consider Product Life Cycle & Customer Buying Habits By Abdul rahim khurram

When creating advertising for small enterprises, keep in mind both the life cycle of your product or service as well as the purchasing patterns of your target audience.

In today's market, both sellers and buyers are looking for quick results. You should be aware that the real process of converting your prospects into consumers will take some time to complete. Although purchasing cycle times are shorter today, the process is still in place. People frequently make purchases based on their previous purchasing habits and trends. It can be difficult to break these behaviors.

Classic marketing theory divides a product or service's life cycle into five stages: (1) introduction, (2) growth, (3) maturity, (4) decline, and (5) phase-out (or discontinuation). To put it another way, when something is (1) new, (2) quickly accepted, (3) the industry standard, (4) fading, and (5) difficult to come by.

Furthermore, the people who purchase those products/services can be classified into three groups based on their stage of adoption: (a) innovative adapters, (b) majority adapters, and (c) lagging adapters.

In order to create advertising that is personalized to each phase of the product or service's five life cycles, buyer profiles for each of the three consumer categories (a), (b), and (c) are useful. Make an informed decision.

For example, when launching a new product or service, one of your primary target markets should be those who are early adopters and innovators in their field. The number of people who conduct their own study and testing before making a purchase has been estimated to be between 10 and 20%. (An ever-increasing number of people conduct preliminary research on the internet before contacting anyone.)

Most of the remaining 80 percent or so are followers (c). They read, listen to, or watch advertisements; they experiment with advice from friends, neighbors, or coworkers; or they use coupons, among other things.

At these many stages of the purchasing process, it is advertising that educates and entices prospects to try something new for themselves. Most crucially, it takes place on a person-to-person basis. Over time, effective advertising can serve to recall, motivate, and even influence the purchasing behaviors of consumers who fall into each of the three types of profiles.

As a result, it is critical to inform each group that your product or service is available and ready for them when they are ready to purchase. You should plan on having your advertising message repeated frequently enough that it will be available to them when they are ready to investigate and make a purchasing decision.

It only takes a small investment of money and time. Please be patient. Continue to make small but significant progress. As your product life cycle and customer purchasing patterns progress, your targeted advertising message will become more integrated into the whole picture.

Jon Sinish was born in 2006, and he is a musician.

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