Patrick Howard shares some good thoughts here on how to continue strong sales of your product even as your existing market and product mature. Check out the matrix referenced in the middle here for a helpful assessment grid on possible directions to look toward for growth.
As product leaders, we should be able to assess where along the product maturity curve our products fall. The answer provides guidance on where to go next. Introduction, growth, maturity, decline (or perhaps extension) … each phase has its own set of challenges and will yield a different strategy going forward.
So what do you do when your product is in the mature stage and is no longer seeing the organic growth the organization has come to rely on? And arguably, if you do nothing, decline is not far behind? To further complicate things, there is perceived to be plenty of runway left with the market problem your product solves for … meaning product retirement is not yet the right choice.
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