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The EOL or End of Life phase of the life cycle of a product is vital to the continued success of the product strategy of a company in the form of growth, ideation, and harvest stages.

For a product manager, doing a job on end-of-life initiatives proposes an excellent opportunity. Students are habitually asked to complete Product EOL assignments on this topic but most of them fail miserably in this attempt.

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What is the Product EOL Phase?

Product EOL or End of Life is a phase where a product becomes obsolete and retires from the market. This retirement can include pulling the item from the market completely without substituting it. 

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In many cases, the product gets substituted with a novice version. A product reaches EOL for various reasons, like competitive pressure that results in the non-viability of the product, some technology changes that turn the product obsolete, and sometimes because the product fails to meet the needed revenue.

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Risks of Utilizing Unsupported Technologies

Numerous businesses from all across the globe do use technologies when they pass their “use by” dates though it is considered a dangerous practice. Many organizations do confront end-of-life matters. These risks are more severe than meet the eye:

Security – When technologies reach their end of life then they no longer get vital security patches and so, they remain prone to cyber threats. Now, if a hacker manages to gain access to your business networks or customer data then you won’t be able to repair the damages done to your finances and reputation.

Compatibility – It is pretty tough to maintain technological compatibility when a person’s computer operating system happens to be involved. New software gets designed incessantly for novice operating systems. Hence, if you consider a novice software purchase you can be assured that it won’t be compatible with your EOL operating system.

Legal liability – It is not safe to keep customer data utilizing items that have reached their EOL. By doing so, you put both your legal standing and the privacy of your customers at risk.

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Critical Factors Included in Forming a Product EOL Plan

While forming your product EOL plan, you need to be mindful of the critical factors mentioned below:

  • Loyalty – How would you maintain the loyalty of your customers?
  • Negative implications – Are you encountering any contractual or legal implications when you do not sell the product?
  • Financials – Is the product continues to be profitable or have you been losing your money on it? When the product is profitable then it is worth spending resources for keeping it in the market?
  • Physical concerns – When it is a physical product then what are the consequences of discontinuing the product regarding channel partners, inventory, customer support, or returns?

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