Due to network limitations, only some products are suitable for online sales, but with the development of network technology and other scientific and technological advances, more and more products will be sold online.
The whole process from the product entering the market to the final exit from the market is called the product life cycle. This process generally goes through four stages: the introduction period, growth period, maturity period and decline period of the product. At different stages of the product life cycle, the market share, sales and profit of the product are different. In the introduction period, the sales volume of the product grows slowly, and the profit is mostly negative. When the sales volume grows rapidly and the profit changes from negative to positive and rises rapidly, the product enters the growth period. After the rapid growth, the sales volume gradually stabilizes and the profit growth is stagnant, indicating that the product maturity period has arrived. In the latter stage of the maturity period, the product sales volume slowly decreases and the profit begins to decline. When the sales volume decreases rapidly and the profit also decreases rapidly, the product enters the decline period. When formulating a cross-border network product marketing plan, it is necessary to fully consider the product life cycle and adopt corresponding sales strategies based on the different stages of the product. We can consider the following key points.
1. Product selection
In cross-border e-commerce platforms, product selection is very important and is the core of e-commerce business. Wrong product selection not only wastes time, but also makes sellers face the problem of unsalable products. Commonly used product selection tools include merchantwords keyword expansion tool selection, Google keyword trends, Google keyword planner, and junglescout software market research.
2. Product market analysis
The demand for products in the European and American markets, Southeast Asian markets, and the Middle East markets is different. For example, data cables and mobile power banks are basically hot-selling products on every e-commerce platform in every country, but with different focuses. In the United States and Western European mainstream countries, a considerable part of the competition is brand and quality, the second-tier European countries are competing for cost-effectiveness, and the Southeast Asian countries are competing for price. Therefore, target market population analysis and product pricing are important factors to consider in the product selection stage. Sellers need to study niche product market trends, product search volume and consumer demand, as well as what products are currently on sale.
3. Product Innovation
Product innovation is an important step in this marketing method. These products are not only amazing in themselves, but also have the characteristics of being easy to spread. With the help of social media platforms, they tend to be spread quickly. For product innovation, it is necessary to accurately grasp the product life cycle and the five-level concept of the product. After determining the core product, develop the extension and potential products of the product.
A niche market is a specialized market that focuses on one product. In other words, it is what kind of special product in the market meets the specific needs of the market. Niche markets can be further subdivided according to factors such as demographic attributes (age, location) and purchasing power. For example, according to product demand and target consumers, sports shoes can be divided into three niche markets: sports, fitness and fashion.
4. Product Pricing
Pricing a cross-border e-commerce product may be a challenge for some sellers. They want to give customers a reasonable price, but also want to make up for various expenses and make a profit. There are three main product pricing strategies: cost-based pricing, competitor-based pricing and product value-based pricing.