Here are 7 key reasons major brands’ products fail
on the market:
Reason #1: Failure to Understand Consumer Needs and
Wants
Blinded by their own vision company ignores
negative user feedback right from trials, and developed a product that failed
to meet customers needs and wants.
Reason #2: Fixing a Non-Existent Problem
So why did it flop?
You see, turns out that you can’t microwave coffee
in its original packaging. Instead customers had to pour the product from the
packaging into a mug before putting it into the microwave… An activity no
different than pouring yourself a cup of fresh coffee from the coffeemaker which
is exactly what customers kept doing, forcing the company to abandon the
product.
Reason #3: Targeting the Wrong Market
Microsoft admits that they were just chasing Apple
and created a product that offered no reasons for customers to switch.
What’s the lesson from this mistake?
It’s hard to know how the market will react to a
product and marketing messaging. Hence why it’s crucial to test these things
beforehand. Ask potential users for feedback and test their response to the
marketing message.And then, listen to that feedback.
Reason #4: Incorrect Pricing
A high price might suggest too sophisticated
product to customer needs. And so, it could force potential buyers to look for
alternatives they’d perceive more relevant to them.
Reason #5: Weak Team and Internal Capabilities
Lack of skills can limit any potential solutions
your team can create. Similarly, lack of resources and internal support can
hinder your efforts to produce a product that satisfies customer needs.
Reason #6: Prolonged Development or Delayed Market
Entry
Taking too long to launch may also cause a product
to fail. By the time it hits the market, customer needs could change, the
economy could have taken a downturn, or the market segments may have evolved.
That’s the fate of Google Lively, the search giant’s answer to Second Life. After
prolonged development, Lively finally launched in 2008, just as the recession
started to take its toil.
Reason #7: Poor Execution
Bad design, poor user experience, sloppy implementation, feature creep, and lack of quality control all contribute to
product failure.
It’s no surprise that 4 months after the launch,
Microsoft allowed Dell to sell computers with an older version of Windows pre
installed.
About 30 to 45% of new products fail to deliver any
meaningful financial return. This typically happens due to a number of reasons,
from poor product / market fit, failure to understand customer needs (or fixing
a non-existing problem), to a lack of internal capabilities.
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