Get the support and backing of all responsible groups and executives well beforehand so that things go smoothly. An end-of-life (EOL) product is a product that does not receive continuing support, either because existing marketing, support and other processes are terminated, or it is at the end of its useful life. Now that you have some broad data about your product’s dollar inflows and outflows, you can begin to think about resource reallocation. Phase 1: Deciding when to sunset a product, Phase 2: Getting buy-in on your decision to end-of-life a product, Phase 3: Planning and communicating an end-of-life plan for a product. How Can AI Help in Personality Prediction? No credit card required. That means the product might be responsible for a higher proportion of customer complaints and requests for help. Application Networking Services. refers to a product being retired. But this is the cycle of life. Get the support and backing of all responsible groups and executives well beforehand so that things go smoothly. How is the product performing right now? By the way, by developing an end-of-life product roadmap and using a roadmap app that includes weighted-scoring capability, you’ll see some benefits when it comes to presentation. K    You should also sit down with your marketing team and review marketing materials and messages. Perhaps it may be a good time to cull technical debt by allocating some development cycles to refactoring efforts. Straight From the Programming Experts: What Functional Programming Language Is Best to Learn Now? To help deal with the challenges of EOL products, businesses write detailed EOL support policies that help users understand what happens after a product reaches the end of its life. Now you’ll need to discuss the issue with your sales team. Some of the key issues involve disposal. Therefore it should involve other members of your organization, particularly your executive staff. hbspt.cta.load(3434168, '3fdc3ac9-84a7-4278-9401-1468475b8db9', {}); As organizations grow and expand, keeping stakeholders and employees on the same page to drive alignment with your product strategy… Read →, I’ve worked exclusively on digital products for over 14 years, primarily in product and design-centric roles. Perhaps a swap or perhaps a newer and more robust alternative you’ve since developed. Make the Right Choice for Your Needs. The 3 Most Important Things POS Software Can Do, How to Ensure Peak Remote Work Productivity. Retirement can involve completely pulling the product from the market without replacing it or, in many cases, replacing it with a new version. Join nearly 200,000 subscribers who receive actionable tech insights from Techopedia. Privacy Policy Retirement can involve completely pulling the product from the market without replacing it or, in many cases, replacing it with a new version. This product end of life template has many sections. An end-of-life (EOL) product is a product that does not receive continuing support, either because existing marketing, support and other processes are terminated, or it is at the end of its useful life. Product End of Life (EOL), is when a product is retired from the market. End of Availability - the date after which Skydio will no longer sell or make a product or feature available. And then…. Don’t make them feel like the tool they’re using is being suddenly ripped out from under them. hbspt.cta.load(3434168, 'a81908bd-d7dd-4be2-9d7e-cb09f3f90137', {}); Retiring a product is not product management’s call alone. H    So, if you think it might be time to sunset one of your products or features, here’s a basic checklist to follow during the process. Big Data and 5G: Where Does This Intersection Lead? at, 5 Strategies for Burning Down Silos and Building Bridges, 5 Ways Product Teams Can Drive an Exceptional Customer Experience Strategy, 5 Important Ways Product Managers Can Refocus on Goals in 2020. G    D    Tech Career Pivot: Where the Jobs Are (and Aren’t), Write For Techopedia: A New Challenge is Waiting For You, Machine Learning: 4 Business Adoption Roadblocks, Deep Learning: How Enterprises Can Avoid Deployment Failure. Consider creating a standardized product end of life process so you can minimize and more easily predict the impacts to different groups within your company and to resellers and customers. Cisco, for example, went so far as to create an end of product lifecycle policy. Communicate early and often so that stakeholders know what to expect when. What components make up an IT infrastructure, and how do they work together? W    And how many would your reps say they’re in the process of closing? Please plan accordingly. So you’ve persuaded your executive team to give you the go-ahead with your plan to end-of-life your product. Products may reach EOL for a variety of reasons, such as technology changes that make the product obsolete, competitive pressure that make the product no longer viable, or the product simply can’t meet the required revenue or profitability thresholds. Smart Data Management in a Post-Pandemic World, How To Train Your Anomaly Detection System To Learn Normal Behavior in Time Series Data. Product Requirements Document – What is a PRD? And, it’s a step many organizations get wrong. It would be ideal if there were an end-of-life algorithm for products, where you could simply plug in some numbers and—bang—out popped the correct answer. And now that you’ve done the work of building a case based on evidence—and not just your gut—you can take your data-supported proposal to end-of-life your product to your executive stakeholders. These products are no longer being sold. at There are a slew of publications and courses about how to identify a market opportunity, concept a product, 3 Tips to Getting The Most Out of Server Virtualization. When you successfully retire a product by keeping to a plan, you keep internal groups and external customers updated and happy. Products may be retired for a variety of reasons, such as technology changes that make the product obsolete, competitive pressure that make the product no longer viable, or the product simply can’t meet the required revenue or profitability thresholds. Techopedia Terms:    In other words, how many units of your product are listed on current sales invoices? How Can Containerization Help with Project Speed and Efficiency? We’ve divided the end-of-life process up into three phases. I    Start by doing an assessment of what the product is costing you, how much it’s earning, what the revenue trend looks like, etc. What is a Go-To-Market Strategy Template? You can make your case much more effectively to executive stakeholders if you can bring up a clean, visual summary of your proposal and your strategic thinking behind it. The support levels for our products are now: Full Support, Limited Support, and End of Life. NEW COURSE AVAILABLE: Digital Product Management GET STARTED, Sign up for part 2 of our webinar series, ’10 Keys to Unlocking a Winning Product Team’ REGISTER NOW. ProductPlan. More of your questions answered by our Experts. © 2020 280 Group LLC, All Rights Reserved. 6 Cybersecurity Advancements Happening in the Second Half of 2020, 6 Examples of Big Data Fighting the Pandemic, The Data Science Debate Between R and Python, Online Learning: 5 Helpful Big Data Courses, Behavioral Economics: How Apple Dominates In The Big Data Age, Top 5 Online Data Science Courses from the Biggest Names in Tech, Privacy Issues in the New Big Data Economy, Considering a VPN? When developing your product end of life plan, keep the following critical factors in mind. But your typical end-of-life product reaches this point for a few reasons: Unfortunately, the scenarios above are never going to be as clear-cut in your organization as they appear in those sentences. Next, you should do a similar investigation into how much the product in question is costing your company. Plan for continued support, warranty servicing, and so on for a stated time period to meet your stated policies to customers. These can help set expectations for customers. U    Z, Copyright © 2020 Techopedia Inc. - Analytics and Automation Software. E    Please go here to search for your product's lifecycle.. Sunsetting products or features requires a lot of strategic planning to avoid disruption within your organization. B    And there is no simple formula to tell you definitively whether or not it’s time to retire your product. In other words, start this assessment with a few big questions. The company has developed a better solution. Consider things like customer support time and resources. Products may reach EOL for a variety of reasons, such as technology changes that make the product obsolete, competitive pressure that make the product no longer viable, or the product simply can’t meet the required revenue or profitability thresholds. Parts of this guide comes from our best-selling book Product Management for Dummies. Products Ending Support in 2020. If you chart this out and find a consistent downward curve for the product’s new customer acquisitions, seat licenses, maintenance agreements, or other revenue metrics that matter to your company, you might be right that it’s time to think about end-of-life. That’s because this app will allow you to plug in all of the factors we’ve been discussing, and apply a weighted score to each one. V    This is an important strategic decision that could affect many other departments. C    Cisco ServiceGrid. Which one applies to your situation? “Yes, it makes strategic sense to end-of-life this product.” (Or, “No, this product has another year of useful life.”). O    , is when a product is retired from the market. L    Techopedia explains End-of-Life Product (EOL Product) The concept of … On July 1, 2020, ESET updated our End of Life policy to discontinue the use of Basic Support. The product is no longer generating enough revenue to support the costs of maintaining it. The rapid emergence of technology and other factors have led to bigger issues surrounding EOL products, which means manufacturers and vendors must anticipate the consequences of designating an EOL product. That said, try to plug in as much science as possible. Consider creating a standardized product end of life process so you can minimize and more easily predict the impacts to different groups within your company and to resellers and customers. R    The company no longer wants to be in that specific market. for a variety of reasons, such as technology changes that make the product obsolete, competitive pressure that make the product no longer viable, or the product simply can’t meet the required revenue or profitability thresholds. Now that you have a sunsetting plan, you can start preparing to redeploy the resources and budget you will free up. Q    Like customers, products have a full product life cycle. End-of-Sale and End-of-Life Products. And even if you do determine conclusively it’s time to sunset your product, the end-of-life process is complicated. Andre Theus Click on the product link, when available, for more information. X    26 Real-World Use Cases: AI in the Insurance Industry: 10 Real World Use Cases: AI and ML in the Oil and Gas Industry: The Ultimate Guide to Applying AI in Business. F    Communicate early and often so that stakeholders know what to expect when. It stands to reason that if your product is nearing end-of-life, it’s likely to have amassed more baggage than your newer solutions. You’ll also want to have alternative solutions to suggest to these users.

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