Wonnda

Product Lifecycle Management: 3 amazing tips for D2C Brands

In this article, we will cover the topic of product lifecycle management and some of the main tips and tricks for D2C brands to use.

Workaholic focused businesswoman explaining management solution pointing strategy on monitor overworking in company business office meeting room. Multi-ethnic coworkers discussing ideas in evening. product lifecycle

What is PLM (Product Lifecycle Management)?

Product lifecycle management (PLM) can be described as a process of managing products when and how they are introduced into the market. This process includes the development of the product, growth, maturity, and decline of the product as well.

PLM is used for:

  • developing a strategy and decision-making processes concerning the product portfolio
  • determining a pricing strategy concerning the product
  • determining a marketing strategy, along with a selling strategy and promotions
  • leveraging and managing products within the product portfolio in order to help your company maximize profits
marketing product manager holding marketing promotion plan marketing product manager desk. Marketing mix plan for target market.

Tip nr. 1: Constant product and market evaluation

Given that the product lifecycle starts with an idea, it is important to do your research and conduct market testing in order to make sure that the chances of your product succeeding in the market are higher and better.

Moreover, it is also important to keep analyzing the market once the product is out. Product lifecycle consists of several stages, which are:

  • product development
  • product growth
  • product maturity
  • product decline

It is important to constantly analyze the market conditions, competition, and the way your product is doing in the said market. Constant checking and analysis can lessen potential costs that your company might incur, and it can also help you quickly react to any student changes that might happen.

Tip nr. 2: Keep an eye out for PLM metrics and how they perform

It is important to include metrics in your product lifecycle management stages because it gives you an overview of your PLM is successful and what can be improved.

Businesspeople on the office break

Some of the PLM metrics to always observe:

  • team productivity: Productivity should increase with better collaboration and information available.
  • quality of output: Strong PLM should improve product quality, including improved first-pass yield or how many units are produced that do not have any defects.
  • time-to-market efficiency: PLM helps organizations hit product launch target dates by process standardization and information centralization in order to improve efficiency.
  • product development budgets: to see how efficiently your budget allocation is and whether change implementation is necessary.

Last, but not least, let us talk about a certain software integration.

Tip nr. 3: PLM integration with ERP

As was mentioned, PLM is a business strategy that continuously works on improving products and innovation with new offerings. Moreover, it is supported by a series of integrated software application solutions to address single stages of a product’s lifecycle or connect different functions.

PLM strategies and software include other modules, including marketing and sales and portfolio management. 

Enterprise resource planning software can help you collect, manage, monitor, and report all the data which are necessary for a successful product life cycle management process. ERP software connects inventory and order management, accounting, human resources, CRM, and other steps in a product’s life cycle into one system for your entire company.

Therefore, it is advisable for you and your company to include the EPR software as well, as it can help track PLM processes and improve them if necessary.

Next steps?

There are numerous product ideas and a good amount of manufacturers that can make your idea work. Depending on your industry, interest, and expertise, it is completely up to you to build a product and put it out on the market. But we know it is not so easy to get started, therefore, you should visit us at wonnda.com and get inspired by the numerous products that are listed on our website.

Whether you are an aspiring startup entrepreneur with an innovative product idea or an existing retailer looking to diversify your assortment with your own products, launching your own brand through a private label, white label, or contract manufacturing could be just the step you need to take your business to the next level.

Here at wonnda, we work with top European producers for private labeling and contract manufacturing. The first step in getting your product to the market is probably the most crucial – finding the right production partner for your project. The great advantage of wonnda.com is that you can simply let us do the heavy lifting. Just tell us quickly about your project or product idea, and we will then approach the most suitable producers for your project and connect you with them.

Sounds interesting? Then just fill out the form or send us an email with your desired product.

Ready to launch your product?

We help brands and entrepreneurs to launch products with trusted European manufacturers