first thing we're going to cover in this section is called the product life cycle so products are basically the same as people or pets and they have a life cycle some of them are short and some of them are long if you think about what a product like coca-cola it's a 130 40 50 years old but then you think of how many other products are just basically minutes old the reason you need to know the product life cycle and where your product sits in it is because it completely affects how you're going to approach your marketing and if you think about your products in the introduction or the growth which is the beginning which is sort of the infancy of the products you need to have a different approach to your marketing campaigns then you do if it's in maturity or then at the end is the decline of the product life cycle so we're going to take a couple seconds and we're going to actually give you a couple tips about how products should approach the marketing campaign depending on where it is in the life cycle so anytime your product's an introduction the number one goal is just brand awareness people have no idea your product exists why would they it's brand new even if someone like apple launches a brand new product like earbuds no one knows it exists and so they have to treat the same way if you look back at the old commercials from the iphone and then you compare them to today it's crazy how different they were because in the very very beginning people didn't know what an iphone what's a smartphone i don't get it i remember when it first came on myself it made absolutely no sense so your first goal of course is brand awareness product awareness how do i get people to actually be aware that my product exists and the second thing what you need to do is you need to educate them they need to learn what is this product and there's a few different ways you could do that that's why if you ever go to costco and you get the samples new products give out samples because people eat the sample that tastes good now they know what it is they buy it commercials or they'll reach out to influencers or other kinds of people like that and these people will explain what it is bloggers will explain what it is youtube channels will explain what it is and the third thing that they do as they do what's called social proof social proof is by getting experts or so-called experts to sort of give it stamp of approval this is why people use dentist approved doctor-approved veterinarian approved or they'll blow to get celebrities like lebron james or jennifer aniston and they'll say hey look at this famous person uses our product so you should use it too that's called social proof social proof is what gives new products brand awareness and it gives them sort of like an authority that hey these are real people who haven't tried yet these famous people or experts have and they said that they like it so this is the introduction and it carries on into the growth well your product is brand new you're focusing on these areas once it gets up into maturity now it's an old product you think about basically fast food soft drinks those types of things have been around for a long long time and everyone knows what they are and so now what your goal is is just to remind customers using the coca-cola example again that's an extremely mature product and everyone basically across the entire globe knows what coca-cola is think about the last time you saw a coke commercial what'd you see in it you saw polar bears picnics you don't see anything that ever talks about the product itself it has advertisements that have absolutely nothing to do with it but the goal of these maturity advertisements is to constantly remind you that it's there they don't want you to forget that they're still there i already know what it is you already know what it is but they need to remind you because you know we're all busy in our lives and we just happen to get pushed to the back out of sight out of mind kind of mentality so they can have just random fun commercials or promotions that just sort of remind you hey we're still here don't forget about us it's that kind of mentality and then when you get into the decline which means your product is going down you have to kind of be aggressive or you let it go and we're going to talk about in the next video which is actually repositioning is what a lot of brands will do that basically means you change your brand to look like something else but follow that up in the next video the next section we're going to talk about four vocabulary words and what you want to do is you want to know these words and you want to know which one connects to your product so the very first section is a high learning product high learning products are products that basically as consumers we don't understand that we don't get it what is that how does it work and so brands have to educate you to me the best example in my basically my lifetime was a smartphone i remember when the smartphone first came out it was so complicated my wife and i were we got our first ones we were sitting around the table we're just spending hours trying to figure out how this thing even works i remember i messaged my friend like how do i turn it off i didn't want to turn it off how what does this mean i have apps what's an app like it was so foreign but apple did a fantastic job and samsung for that matter of educating their consumers and their classes and they had all these videos to explain how to use the phones because they understood that the process was extremely high learning to what existed in the past the next one then of course is low learning low learning are products that basically as consumers we look at and we already know what it is we know how to use it and so they're you know food clothes these types of things but one funny thing is this the smartphone went from high learning to now it's a low learning if you look at the commercials that come out today they're extremely basic in the sense that they really don't tell you even what a phone is because everyone knows what it is maybe they'll make one little note about what is new and that's about it because we already completely understand what the smartphone is and so a low learning product are things that we know what it is so brands don't have to take any time to educate us or inform us how to use this product the next one and this is the most unique one these are fashion types of products fashion is the most unique and maybe even fun of all of them and the reason being is fashion comes and goes right every time in the class i think about hey listen products that were famous or popular when your mom was a kid or when your grandma was a kid on their back think of things like jean jackets bell bottoms these types of things went and they came back fashion's always in a cycle the rest of the basically everything else in life goes up and it goes down but fashion goes up down up down up down and it waves through it never disappears forever hopefully there are a lot of things that will never come back but basically everything comes back and the last one are fats what's a fad everyone knows how fat is the biggest fat happening today my daughter is absolutely obsessed with fidgets a few years ago it was fidget spinners but today it's fidgets she's making videos about fidgets every young kid loves fidgets these are fads to me one of the most fun fads some could call it a one-hit wonder but i think it was more of a fad because it almost became a lifestyle choice was the best song of all sai gangnam style people were doing the dance we were talking like him it was became bigger than a one-hit wonder to basically a fad but here's what makes a fad it comes out of nowhere and it leaves just as fast as it can and so as a marketer you need to be very careful because you never want to try to jump into a fad because what happens is as fast as it comes as fast as disappears and if you try to jump into a fad you potentially could be left holding enormous amounts of inventory right because it just you suddenly get all this product made and then it disappears and you miss out so that's a fad but here's the thing i want you to remember a fad and a trend are very similar but a fad can last weeks maybe months a trend can last years and so somehow your job as a marketer is to understand what a new product comes out is this going to be a fatter trend because if you think it's going to be a fad and turns into a trend and you miss out you're going to miss out on millions potentially billions i'm going to give you an example of someone that thought a fad was coming but it turned out to be a trend and now it's even bigger than a trend is just the way we live if you rewind the clock all the way back to the 2010s there used to be a phone call the cookie that lg made it was this touch phone it wasn't a smartphone it was a touch phone my wife had one it was a terrible phone but lg had this phone some of us thought we were too happy with the success of the feature phone kim said we were so late preparing for smartphones verizon pumped it up as a potential to the iphone it was not and lg knew it there was no fire under my butt mentality said a former executive algae's u.s unit other players like samsung and htc were piling on the android phones of their own but algae hesitated how many years later guess what i just read in the spring actually of 2021 algae is finally discontinuing all smartphone production they have lost billions of dollars they thought i was a fad but in reality was actually a trend so as a marketer you always need to look at things and see is this a fad or is this a trend trend is it a fat and which one is it and you need to bet right because you don't want to miss out on it all right thanks so much for this video hopefully you enjoyed this some good examples in here remember make sure you look at always thinking about where's our product important life cycle and then always thinking which one of those four vocab words is our product and so you can stay on top of these things and you can continue to have a successful marketing career thanks for everything take care and i'll see you soon