There are two fundamental ways to compete using the Lifecycle.
The first is price.
Many mature companies with mature products do this day in, day out. They promote products again and again and again. The second way that you can compete is to highlight your product’s difference from other products. At this point in the Lifecycle the product is still in its growth stage, and you do not have to compete on price. Instead, you must compete on difference. Once the product moves out of this window, you have two options – to start competing on price, or create a new product Lifecycle by adding additional features and benefits to the product, so that you can continue to compete on difference. The easiest way to remember this is to think of software. Version 1 – the next new line. Version 1.1 – the next new line, 1.2, 1.3 and on it goes.
Is it time to start a new Lifecycle? Should you be competing on price or difference – where is the window of opportunity for your product?