In this post, I will share with you long-aged secrets why so many products failed in the past and many more will fail in 2017. I have also included some things you must do to ensure your product is a success. By so doing, I hope to help you avert the impending danger awaiting many startups in 2017.
As an entrepreneur, you want your product to be a market success; I want your product to succeed too. Every entrepreneur wants their product to stand out from the crowd, but why do products fail? When market factors sieve the grains from the chaff, why are so few left standing and others fall by the wayside?
They failed to adhere to these long aged secrets I’m about to reveal to you in this blog post. What are they?
Creating a Product that is Not on Demand
You cannot create a product because you feel like it. You cannot sell a product when the clients don’t exist. Many entrepreneurs make the mistake of creating a product just to make money as quick as possible without first looking into the market to know if people need that product. It’s an archaic way of thinking to assume that if you create the product the customers will come.
Why waste your limited resources creating a product whose customers don’t exist? Who do you intend will buy it? Demand is a sign that there are customers for a particular product. If there’s no demand, it means there’s no customer. Simple.
Not just that, it is also easier to move prospects through your sales funnel without friction if you are selling them a product they are already interested in. When it comes to customers’ decision, emotion goes before logic. And if you must win in 2017, don’t make them use logic and suppress their emotion at the first point of sale.
Do the first thing first. Research what’s on high demand and create a supreme version of the product.
Creating a Product that Doesn’t Solve a Specific Problem
Products fail not just because they don’t solve problems but because they don’t solve specific problems. In 2017 customers’ buying decision will favor product creators and innovators who channel their energies to solving specific problems.
No informed patient in their right senses will visit a general hospital to get kidney surgery. Instead he goes to a specialist hospital. Why? A Specialist hospital solves a specific problem. and guess what? They charge more. That’s an advantage if you want to scale up your price.
In 2017, don’t expect customers to buy products their value can’t be specifically measured. Reason being that people will tend to be more logical when it comes to spending.
Creating a Low Quality Product
The level of competition warming up to hit various sectors of the economy indicates one thing: marketers who produce less quality products will get kicked out of business. The pit of business failure is filled with the carcasses of enterprises who tried to compromise on quality.
No matter how cheap and affordable the product you are gifting the world is, make sure it is of a better quality. Nothing shuts a man up in business like his name being synonymous to fake products.
Quality matters in the production of any product but unfortunately, many entrepreneurs ignore this.
Don’t be so engrossed in hustle that you fail to think through your product quality. Conduct a survey to know how your current customers feel about your current product before you go on to create another one.
Ignoring Your Marketing Plan or Not Having Any At All
No apologies. Your product will fail in the market if you have no marketing plan. It doesn’t have to be a formally-written plan, a sketch can still do the work.
Having a marketing plan gives you the strategy with which you will penetrate the market. Like a model, you will have a step by step guide you can implement every day for 365 days to dominate your market.
When there is no plan on how you intend to market your product then it means you just created it for yourself, friends and family members and not for wider audience. If consumers you are targeting don’t know about your product it’s as good as your product don’t exist.
Want your product to go far and sell in millions? Use the following:
Offline Advertisement: To generate sales from your product, there is need to advertise offline. Print complementary card, hand bills and posters. You can also check for newspaper advertisement, beginning with classified ads if you are running on a low-budget.
Online Advertisement: Every product today needs an online presence for it to generate sales. Technology has made it easier for people to buy products online and get it delivered to their address anywhere in the world. If you want your products to reach more people, you can start selling on eBay, Amazon, Aliexpress or Nigerian companies like Jumia, Jiji and Konga.
You can also get on social media and use the platform to build more loyal and consistent customers.
2017 is here and you wouldn’t want to be left behind. Use the strategies I shared above to skip product failure and as such skyrocket your business growth. We know it is not going to be easy to create the perfect product for the perfect customer but if others can do it, you too can do it. You just need to pay more attention to what your ideal customers are saying.
Share this post with every entrepreneur you know and do send in your comments to let me know your thoughts.