6 Reasons Why Products Fail

All businesses have products that fail, it’s par for the course. The more you can learn along the way the more chance you have of hitting the successes.

Here are a few reasons why some products don’t hit the mark.

1. Poor strategy – Simply creating a product and hoping it will sell can mean instant failure. Develop a product launch strategy that takes into account who your customers are and what they need.

2. Wrong price – getting the price right is critical. Set it too low and consumers may not find the product desirable, set it too high and consumers may not see the value.

3. Bad positioning – are you trying to sell the right product to the wrong market? Have you pitched your product at the right level? Can the people that want or need it afford it?

4. Lack of promotion – if people don’t know about your product they can’t buy it. You need to reach the people that want and need your product. Most business owners underestimate the amount of promotion needed.

5. Not understanding or responding to the customer’s need – if you listen carefully customers tell you what they need. If your product hasn’t hit the mark find out why and do something about it!

6. Trying to be everything to all people
– very few products have mass appeal. Chances are your products are better placed for specific niches than the mass market. Ensure your brand and marketing message communicate this.

Can you think of any more?

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