All products have a life span. As your product starts to get older, you will notice that the novelty will start to wear away. There will be many other new products which start to get noticed and will begin to gain greater market share than you gradually.In such cases it is pointless in making your marketing and advertising more aggressive.

Your product is already well known, and people do not need to be more familiar with it. You will need to go beyond this now.In order to make yourself more popular, you will have to make some changes to the product before you start to get to your audience again.

Make some modification in your product. This should make your product different from what it was earlier. This could be in the form of a new fragrance, colour or even special compositions. You could even try making a variant in your product within the same category. For instance, if you are the manufacturer of a soap, you could get into face washes and scrubs in the same line. You will not be diluting the core, but will still be refreshingly new.

Packaging the product differently can also sometimes start to help. You could try newer, larger economy packages or small sachets for the budget consumers. You may also try to make more ecologically friendly packaging to try and strike a chord with your customer.

You could actually try and merge your product with something which is already running well. This will give you the production advantage and also make less competition for the existing product. This could also help give you a consolidated market share.

Try and adopt a new style of marketing, and try tying up with corporates or other companies for use of your product in their industry. This may require some modifications in your product, but will get an external agency to endorse your product and be good publicity for it.

Any one or more of these strategies will help you give a new lease of life to your product in it’s life cycle. If all of this fails, you just might need to accept that your product is a dying one, and phase it out of the market.