In my daily work with ecommerce brands, I see two types of companies:
- The first type focuses on acquisition and conversion.
- The second relies on retention.
The second type is winning. Why?
The classic graph for the product lifecycle is a sales curve that progresses through stages:
- a sharp rise from the x-axis as a product transitions from Introduction to the Growth phase;
- a sustained, rounded peak in Maturity;
- and a gradual Decline that portends its withdrawal from the market.
Each stage of the product lifecycle has implications for marketing. But an MBA-friendly curve rarely translates to reality. The goal of product lifecycle marketing is not to match the curve but to outline what may work best now and plan for the future.
Years ago, when I first started split-testing, I thought every test was worth running. It didn’t matter if it was changing a button color or a headline—I wanted to run that test.
My enthusiastic, yet misguided, belief was that I simply needed to find aspects to optimize, set up the tool, and start the test. After that, I thought, it was just a matter of awaiting the infamous 95% statistical significance.
I was wrong.
No other marketing channel builds lifelong relationships like email. It’s a prime reason that email marketing is the preferred marketing channel for customer acquisition and customer retention (80% and 81%, respectively).
Rich media is one of email’s greatest advantages, transforming email—once plain-text messages suitable only for interdepartmental communication—into a robust marketing channel.