According to market research launching your own product is a high-risk bet(Product Launch). You’re investing a lot of time and resources, yet, you don’t know if your groundbreaking idea is going to produce the results that are expected. It’s widely known that most product launch in today’s marketplace tends to fail.
Either way, it’s obvious that plenty of entrepreneurs commit a lot of mistakes when launching their first products. The reason? It’s not just one. In today’s post, you’re going to understand the reasons why most product launches fail and you’ll get strong insights that should improve your startup launch success.
According to market research here are 7 Most Powerful Reasons Why Your Product Launch Might Fail
Do you fail to understand the needs and desires of the market
Every successful business has become “successful” because they have fulfilled one important thing: they managed to provide value to many people. But before doing so, make sure that countless hours and important budgets were put into action. The key to offering value is understandable to understand and fulfill the problems, needs, and desires. If you are just launching your product, do not forget the market research process.
There may be anything by gathering market research surveys, talking directly to potential customers, or analyzing other big brands within the market. Without proper market research, you are going on the dark road. The destination is impossible!
Do you target the wrong audience
You can do your market research well, you can have a good product, and you can have the campaign to work and make progress. However, you may still fail to launch your product successfully because you are making a serious mistake: You have chosen the wrong audience to promote your product.
What are you targeting? Do you have a very specific description of your targeted personality? If you don’t, then I would advise you to make one before spending your budget. But the problem is how do you know what is the right target audience and targeted personality? This is an answer that only you can find out. You understand the concept of your product better than anyone else. Now, it remains that you are successful in identifying the right type of customer.
Overpricing and underpricing
Many startups fail because they give their products too much or too little. Value is an essential factor in marketing strategy because it is the only element that generates revenue. Many companies believe that because they are new to the market, they should reduce their product to attract attention. In many cases, if the product is cheap, then the customer will believe that quality is also lacking. Otherwise, how will it be sold for Penny compared to competitive products? The opposite option does not come without damages. If underpricing leaves the money on the table and damages the reputation of the brand, then the susceptible can also provide unsatisfactory results. Overpricing and underpricing are two such entities that are due to entrepreneurs who fail to understand the value provided with their products.
If you want to value your products correctly, then you need to carefully assess the value you are providing. Prices determine how much your product is affecting your customer’s life. Does this miracle work? Or the problem that resolves can be solved cheaply and in other ways? Ask a lot of questions by yourself and test the value of your product more than once.
Do you delay the development and launch of the product
Failure to launch your product in the right time frame can have a negative impact and the potential for business success may be less. As long as you put the plan into implementation, the needs and problems of your customers can be ended before what you’ve got while searching for your market.
Suppose you are a large Email service provider company who creates a wonderful social media presence before the actual product launch. You attract the attention of your followers by providing great content. In addition, you automatically show the results of your future product, a strategy that improves your brand’s reputation and trust.
However, you have already announced the launch date of your “final product” and the time has come. Since your followers already expect to be ready to catch the product, then you will harm your startup launch if you can not deliver. This is where many companies fail. They sell the product very well in the market, only that they can not distribute it on time. Apart from reputation, which is going to be damaged, you can “remember the train” as a change in the needs of the market or a competitive product has already taken the lead.
Wrong position in the market
Successful new products are affected by many factors. One of them is a brand positioning strategy. Every time you put a new market, you should get your unique price proposition and as often as you should focus on displaying it. Your unique value proposition makes you different from the competition. If your product is original and unique, then your brand position in the market should be quite influenced by what you can offer and others can not.
In that case, you have to try to find the right position. There is a whole situation process that you should follow. If you have already launched your product and it has proved to be a total disaster then it may be that you have not kept your brand and product offer properly.
Marketing is the sacred fruit of business. You can have a wonderful product that offers amazing benefits to the user. However, if someone does not know about it, then you are likely to get unimportant results. Before launching your product, you already have a marketing strategy. You have to understand that your target audience spends time, how they spend it, whom they spend with it, and so on. Apart from this, you have to come up with various marketing strategies that will serve more things:
- brand awareness
- Leeds will bring (customer, followers, etc.)
- Will bring sales
These are the three criteria that you should look at while developing your marketing strategies and campaigns. The key to a successful marketing experience is that you never stop testing. Even if you lose a significant amount, even then you may be very close to finding a high ROI campaign that can move towards a better future.
The product does not deliver what it promises
Finally, the most important thing is that if the product does not deliver what it promises, it will be highly criticized. With negative reviews, your company’s rating will fall. When you consider the previous customer’s negative review, you will lose the trust of your potential customers.
It is also logical. Let’s say you buy a clock that promises water-proof features. Two weeks after wearing it, it stops working as it used to contact water. Will you buy it again from that store? Would you ever recommend that product to any of your friends? There is no answer.
And, if your customers are not saying good things about you, there is no way to create a chance in front of your competition. Soon, your sales will fall and you will start losing money.
Avoid all these to be real with the promise of your product. Do not lie to get profits. Make sure to distribute all your products to distribute them!
As you probably know, making your product valid and popular is a difficult process that can take many turns. However, keep reminding yourself that it’s really worth it. Apart from financial independence, you will also improve the lives of many people (through the value of your product) and therefore will bring a greater contribution to the market.