How to model your affiliate marketing strategies around the product lifecycle

It can differ from product to product, but it is generally understood that the average lifecycle of a successful product is introduction, growth, maturity, and decline. It is, however, also worth remembering that the shape of the curve, which is influenced by the length of the arc and the speed of the decline, is determined by how the particular product is marketed during each and every stage with affiliate marketing playing a fundamental role from start to finish. If you are interested in how to model your affiliate marketing strategies around the product lifestyle, continue reading to find out everything you need to know.

Introduction

In the affiliate marketing world, a product must be introduced whilst it remains relatively unknown, its price is significantly higher, and its distribution and promotion are limited. This can prevent you from falling victim to a number of common affiliate marketing pitfalls but, perhaps most importantly, can also protect you in the event that the product fails which, according to a recent study, happens a staggering 95% of the time. It may also benefit you to know that because the introduction stage tends to be marked by slow to moderate sales and, as a result, even slower profits, you should ideally focus on attempting to influence as many consumers as you possibly can whilst the price and your commission remain as high as they are likely to be. This is especially important considering the newness of the product and the limitless potential at this crucial stage for ensuring it is not only marketed to its intended target audience but in the right way and at the right time.

Growth

If a product has enjoyed a successful introduction, growth is the next stage involved in the product lifecycle with business booming at a rapid pace as it races towards the peak of the arc. This usually triggers a boost in sales, profits, and market presence with affiliate marketing playing a fundamental role during this stage, in particular, as competition within its industry, sector, or niche well and truly ramps up. It can be tempting to rely on the power of an affiliate marketing strategy alone to promote a particular product and whilst this may prove successful in some cases, failing to capitalise on the product lifecycle can inadvertently prevent you from making the most of the marketing opportunities that may be available to you. This is also usually when affiliate managers tend to maximise their existing marketing efforts by expanding their affiliate marketing program and recruiting on a recurring basis until they achieve the desired results.

Maturity

In the product lifecycle, the maturity stage occurs when the product has enjoyed steady growth and development for a prolonged period of time and, as a result, is operating at the height of its success. The total length of the maturity stage, however, depends on the various steps taken to maintain market position with affiliate marketing a crucial component when it comes to market saturation and dominance. It can, however, also mean that any affiliate marketing efforts are less likely to stand out from the crowd or make a substantial impact when it comes to unique features and price point with your long-term goal no longer to raise public awareness but to defend current market share in an attempt to maximise sales, profits, and commission. If a bigger and better version of a product is released during this stage or is poised to be released in the not-so-distant future, this can also be a great opportunity to generate buzz and convince both existing and brand-new customers to get involved sooner rather than later.

Decline

It may not necessarily sound positive, but the decline stage of the product lifecycle is actually the perfect time to revitalise your affiliate marketing strategies by trying something different in an attempt to restore sales and profits. This can happen for a number of reasons but more often than not happens due to the subsequent release of a similar product within your industry, sector, or niche that provides a greater solution or caters to a gap in the market that your product was unable to achieve rendering it irrelevant and no longer in demand. To model your affiliate marketing strategies around the decline stage of the product lifecycle, you can continue with your current strategy in the hopes of retaining loyal customers, focus on any relevant updates or upgrades to the current version of the product, or abandon your efforts and walk away from the product in favour of something newer and fresher that is likely to generate greater sales, profits, and commissions for everyone involved with the decision you make driven by the direction you see the market heading.

If you are interested in modelling your affiliate marketing strategies around the product lifecycle, you must familiarise yourself with the introduction, growth, maturity, and decline stages and the various affiliate marketing efforts required to generate the greatest sales, profits, and commissions at every step of the way and retain market position.

Source: affiversemedia.com