Avoid Mistakes That Make Your Product Fail In Market - Ask The Rich

Saturday, June 9, 2018

Avoid Mistakes That Make Your Product Fail In Market

Companies often spend too much on new products but quickly fail once they reach the market. In fact, the failure of new products is one of the worst nightmares that haunt business owners and entrepreneurs, It can sometimes be an excellent product that is unique, offers added value in the market, is designed to the best of its potential, and finally comes up in the market to be a major shock: the product fails with all its advantages!!

Avoid Mistakes That Make Your Product Fail In Market

The introduction of a new product in the market is very difficult, which explains why more than 30% of products offered by companies on the market fail to achieve the expected financial returns from them.

Of course, there are many reasons for a new product failure in the market, but one of the most important reasons for the failure of some products and the success of others is the so-called balance between the "advantages of the product" and what the market really needs. It is not just about the quality of the product, its brilliance, its efficiency and its responsiveness to the needs of the market, but also about many other dimensions.

Here are the top 7 errors that lead to the failure of new products on the market:

    1-Misunderstand the customer needs:

In 1970, "AT & T" launched a phone that allowed the transfer of images and the company expected to produce a million copies of the phone within 10 years of its launch, but the company found itself forced to withdraw from the market after only 3 years, for failing to bring consumer attention, The device was huge and difficult to use and its image was very small and poor quality, and as a result it provided a product that does not meet the requirements and needs of consumers, and it seems that it did not learn from its mistakes by launching another version in 1992, which achieved the same negative result.

    2-Solve a problem that doesn't exist!!

In 1990, the "Maxwell House" coffee label was launched as an instant coffee drink. The goal was to provide an innovative product that helps customers enjoy instant coffee without the need for traditional preparation. Of course, coffee can not be placed in the microwave in its commercial containers and must be poured first Inside the cup and then placed inside the machine is a process similar to the process of making a drink using a regular coffee machine, meaning that the new product did not make any difference to customers and the company had to stop production.

    3-Targeting the wrong market

In 2006, "Microsoft" launched "Zoon" to play video and audio files to compete with Apple's iPod, but the product failed and the company had to stop production after admitting that it was imitating the iPod version, that it did not add a new lure to consumers to choose Her device.

    4-Wrong pricing

In 1993, Apple launched the touchpad "Newton Pad", the first seed for the iPad, but its price was very high $ 800, a figure that was relatively large at the time and was not suitable for specifications as the battery Poor and the screen is not clear and difficult to read or write on it, which prompted the company to stop this product in 1998.

    5-Weak team and internal capacity

In 2007, a Swedish and Danish businessman founded an Internet TV service that was very promising at first but failed due to poor team efficiency. The site was poorly designed and operated. It was sold two years after it was launched. The lack of efficiency and skill of the workers leads to a sterile product that does not satisfy the customers' requirements.

    6-Slow development and delay in market entry

The delay in launching the product in the market can lead to failure, there are many variables on the market during the postponement period, such as changing consumer needs or slowing economic growth and other shifts in market data, which happened with the site "Google Live" launched by Google in 2008 after a long wait, but at that time the recession was hitting the world did not achieve the expected turnout, which led to closure after only 5 months.

    7-Poor implementation!

In 1995, Microsoft released "Pop software", but it failed miserably. It relied on sophisticated technologies that were not available to most consumers at the time. The system failed, like Windows Vista, which had many of the technologies the user needed, and found Many people had difficulty using it four months after its launch, allowing the company to sell older devices.

In the end, a new product or service is introduced in the market by a large, medium or emerging company that is ultimately a challenge with its own characteristics, conditions and methods of dealing with it. Good planning of the specifications of the technical product and its price, ease of use and availability in the market means in the end to raise the chances of success and move it to the sure profit field.

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