Creating products that satisfy consumer needs is the goal for most business owners, however, not all products are successful. Not every idea you have will turn into a product and most products will not make it to market. Despite all the screening before making the product some products still fail. Products fail because they do not meet the consumer’s expectations, and even with marketing strategies put into place, the product could still fail. Below are common reasons why products fail:
Poor Product Quality
If a product is created without taking into account quality expectations from customers, it may not sell well in the marketplace. No one wants to purchase poor quality products.
Targeting the Wrong Market
While creating a product, it is hard to know the exact reaction of the market to the product. As we all understand that products are made according to consumer needs, if a product is marketed to the wrong target audience or in a non-sustainable environment then it will inevitably fail. Before taking your new product to market ask potential customers for their feedback and compare the responses to your marketing message.
High Price of Product
Price is a crucial part of marketing, and it’s the only thing that generates revenue. Regardless of the quality of your product, if the price is higher when compared to that of your competitors, then there is a considerable chance your product may fail. Many people believe they should purchase the cheaper product if the value remains the same. In addition, high distribution and production cost may lead to a higher price, a product with a high price tag will not sell well in lower and middle income markets.
Lack of Promotional Measures
Publicizing your brand, especially during the introduction of the product to the market is essential. An excellent promotional step will ensure continuous buying, and this will generate benefits for the marketer in the long run. Failure to invest in promoting and advertising your product will lead to lack of awareness of your product as only a few people will know about your product which will eventually lead to product failure.
Lack of Product Uniqueness
If a product does not offer something unique, customers will have not interest in purchasing your product. Even if you created your product based on the expectations of the customer, you still need to differentiate yourself. If you want your product to be very successful, make it stand out from the rest by making it different.
Lack of Basic Features
If you’ve produced a unique product that meets the demand of consumers but lacks basic features in comparison to your competitors, your product may fail. Most consumers expect some necessary features from every product before looking out for unique offerings.
If you are a monopoly in the market, you may not have any difficulty marketing your product. In the case where many sellers are offering the same product, buyers have many alternatives. In order to be successful with your product, you need to design your product to satisfy consumer demands, or else you risk failure.