"Once a software product has been developed it is tested for bugs and fixed. It is then tested in “test markets”, based on its successful performance it is ready to be marketed and sold in a target market. Every product goes through different stages based on which marketing mix can be decided Software product however exhibits different behavior in market on grounds of its malleability and ease to change in later stages. "

1. Had an IDEA? – Translated into a “Product” - > What NEXT?
Once a software product has been developed it is tested for bugs and fixed. It is then tested in “test
markets”, based on its successful performance it is ready to be marketed and sold in a target market.
Every product goes through different stages based on which marketing mix can be decided.
Theoretically every product in market follows four different stages i.e. Introduction, Growth, Maturity
and Decline which constitute the product’s Life cycle. Software product however exhibits different
behavior in market on grounds of its malleability and ease to change in later stages.
At any given time, any product is estimated to be in one of these stages. This influences the marketing
strategy to some extent. For instance, the promotional strategy to be adopted in “Introduction” phase
aims at gaining popularity for the product before actually penetrating into market through pricing
strategies. We have covered these topics in later stages under Branding.
Similarly, during “growth” phase acquiring market share becomes critical. Significant amount of
investment may be required in this stage to enhance sales. This phase involves increase in competition
which may initiate cannibalization in some cases. Market segmentation and product branding is
therefore important in this phase to reduce negative effects of releasing similar products by the same
company. iPOTT being an end to end provider of innovative and cost effective services in the areas of
knowledge management, sales enablement and consulting offers a unique and unbiased platform for
software product companies worldwide to reach their target markets.
Once the product sustains growth phase, it moves into product “maturity” phase. During this stage
“Product Differentiation” is key to ensure stability in sales, to avoid further cannibalization and to
reduce competitor activities. In case of other products’ life cycle a “Decline” phase is defined wherein
buyers resort to alternative products either because they already own the product or because of
additional features in new product. Pricing strategy is the only way to reduce stocks and increase sales.
In case of Software products once it reaches maturity phase, market research can be initiated again to
identify other features that maybe incorporated into the existing product to increase its longevity in
market. Such enhancements can constantly be incorporated into software products and different
versions released to improve compatibility to current technological growth. Versioning is an ongoing
process and therefore the decline phase can be controlled in this context.
For more information on how “a Successful Marketing Strategy can make your Product a Winner in
crowd” please click here
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