When it comes down to it, even with a great product or service offering, it is important to keep an eye out for new opportunities to grow your business. Depending on the industry, the lifespan of your product varies. For example, tech products will go through the lifecycle stages more quickly as compared to a food product.
Innovation is key in all businesses – No one is immune
Spectra Tapes is aware of the various ways a company can keep up with the trends to remain competitive. One of them is to keep learning about the industry and the various improvements in technology to help businesses grow. Attending trade shows is a great way to meet people that compete in your space and learn more about ways to remain competitive. This year, Spectra Tapes is attending Pack Expo International in Chicago to monitor the market and communicate directly with customers. This is a way for Spectra Tapes to monitor the market and adjust their product offering to what customers are looking for. There are also different kinds of sessions of which speakers will talk about where they see the industry in the coming years as well as other companies offering in-booth demos.
Extending the product lifecycle
The longer companies have been around, the more they know about keeping up with trends to appeal to a new market or audience. For example, the casino industry is facing the issue of an aging customer base. Therefore, they would have to figure out how to capture the new generation. Spectra Tapes is aware that in order to remain competitive, they should do their research and be creative to have a list of opportunities available.
There are different ways companies can extend their product lifecycle. Product extension is the way to keep your product or service relevant. This can be done through advertising, reducing the price, adding a new feature, looking into new markets or updating the packaging.