Product Life Cycle
4 Main Stages for Furniture Businesses
The product life cycle carries your goods from the introduction phase to an inevitable decline. Eventually, all products disappear from the market due to various factors. However, there’s always a way to try to keep up your business and elongate the product’s life.
How to do it? Very simple. Every stage of the life cycle requires different actions. And often, marketers and manufacturers can’t understand what decisions on product development they have to make at any given moment.
Another challenge is to find the exact visual tools that furniture manufacturers can use to support their products. But we know exactly what you need. In the marketing department of our 3D rendering company, we analyze which CG solutions work best for every stage of the product life cycle. Ready to learn something new? Dive into reading!
During the product introduction stage, a company has to invest a lot in visual materials for promo and advertising. Naturally, they need a plethora of imagery for all these purposes — photos of a product on a white background, close-up and cutouts views, product lifestyles, etc.
Getting all these images using product photography is effort-consuming and costs a fortune. Surely, the introduction is traditionally a heavy-spending product life cycle stage, but if marketers use CGI instead of photography, they can save a lot on making visuals. As a result, they will save more budget for promo and advertising later.
Keep in mind that 95% of new products fail. That’s why it is so important to start promoting a product long before the launch. Even if marketers don’t have a final sample yet, they can use 3D product models for promo images and launch presentations. This way marketing experts can create hype around their goods, start presale and watch sales immediately go up. Moreover, with jaw-dropping product presentation, brands can set higher prices as buyers usually are ready to pay a premium for well-promoted products.
Once sales start growing, marketers can’t rest on their laurels. They need to increase the product’s market share and extend this product’s life cycle stage using various marketing and manufacturing solutions. For instance, the company can expand its product assortment and design range.
To know exactly which furniture model to improve, marketing specialists can conduct product testing and determine the most sought out item. Again, you don’t need to create actual samples of every product design option you offer but order photoreal 3D visualizations instead. As soon as the superhit is found, a manufacturer can expand the product range or improve its features and functions.
It’s important to remember that during this life cycle stage, the competition gets higher and fiercer. Therefore, to beat up competitors, marketers must put all their effort into building customer loyalty with the help of marketing strategies. To start and maintain productive interaction with the target audience, marketers need a bunch of promo visuals — 3D product animation, 360° views, silos and lifestyles, etc. Having these solutions at hand, they can boost social media, enhance email marketing, and make outstanding promo campaigns on different platforms.
At the Maturity stage of the product life cycle, the market is modified. It becomes more saturated with competitive offers and the product growth slows down. And since consumers are offered more and more options, it is vital for marketers to keep buyers focused on their products.
For this, a brand can modify and slightly change the design. The best way to do it without additional prototyping is to use 3D modeling services. Collaborating with CG artists, manufacturers can perfect the design by adding/removing design elements, changing colors and textures, and, most importantly, immediately see the result. They can also use CGI to find out what design changes the target audience likes more.
With 3D visualizations, marketers can conduct consumer tests without overspending and produce only potential bestsellers. By keeping developing the product at this stage of the lifecycle, one not only can keep current buyers interested but also introduce the goods to a new broader audience.
The decline is the final phase of the product life cycle. At this point, sales drop and prices are usually reduced because consumers switch to other products. On the other hand, the most loyal ones remain so sellers can raise prices and fans will pay more. In any case, marketers need to change their strategy if they want to extend a good’s life cycle for as long as possible with minimal losses.
One of the ways to go is to re-style and re-target the furniture piece without radically changing it. For example, transforming an office desk into a study table for kids or redoing the luxury design of kitchen furniture into a minimalist one to meet the tastes of a wider target audience. For these purposes, manufacturers can turn to a 3D modeling studio. First, CG artists will make adjustments to the product. Then, they will put it into a new room set tailored to a particular type of a customer. When all done and dusted, sellers will be able to re-target a product and extend its life cycle.
Surely, re-targeting doesn’t guarantee sales growth, and with all that said, product decline can’t be escaped. But by improving visuals and marketing techniques, it’s possible to expand the current target audience, reawaken its interest in the old product and keep goods on the market for a little longer.
Of course, no one can accurately predict how the product life cycle will go. However, you can try different approaches to elongate its life on the market, using various CG solutions we’ve mentioned above. By ordering 3D modeling and rendering, manufacturers can make changes to the design and update the product without additional prototyping. In turn, CGI makes it possible to create photorealistic static and motion visuals for catalogs, ads, and other promo channels. Therefore, 3D visualization can help brands to manage their goods’ life cycle and keep buyers’ attention on them for longer.
Want to extend the life cycle of your product? Use 3D rendering services and get mind-blowing CGI for improved product presentation and successful marketing campaigns!