Issa Asad Presents: Signs Your New Product Will Fail
Most entrepreneurs choose to deal with existing products. However, a few of them decide to go the extra mile and introduce a brand new one. A new product needs months or years of hard work.
You have to do everything you can to prepare it for the market. After giving it every quality that you believe it needs, a time comes to launch it. The big question is, will the launch be a success or a fail?
“The first step to a successful product is ensuring that the market needs it, and if it does not, there is a higher probability that it will fail,” explained Issa Asad Florida entrepreneur and businessman since 1996. Mr. Asad is the CEO of Q Link Wireless, Hello Mobile, and Quadrant Holdings, all located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
However, if you are sure that you got that part right, you can look at other factors. Here Issa Asad Presents: Signs Your New Product Will Fail.
1. You do not fully understand your product
You must know your product better than anyone else. You should have the ability to identify your primary customers and explain how it satisfies their needs. Why do they need it, and what makes it better than similar competing products? How can they use it to optimize their satisfaction? That information helps you come up with your marketing message. It should provide potential customers with all the information they need about the product and encourage them to try it. Therefore, you should use the knowledge to sell it in a couple of sentences. If you cannot do that, you need to sit and rethink your launch.
2. The results from your test samples were unimpressive
Before the launch, it is advisable to release several units to a few potential customers and find out how they feel about the product. The timing has to be right. For example, you cannot introduce a new flavor of ice cream during the winter. Plus, it should reach the target audience with ease, depending on their age, gender, and preferences. Do they like it? Do they want more? If they do, you can go ahead and make a formal introduction. However, if they fail to respond or give negative feedback, that is a red flag.
You can also use the results to come up with ways to improve your product and release other samples after making the changes. However, if you have a feeling that the market has no use for it, it is best to let it go.
3. Your marketing strategy is unreliable
We are at an era where you can quickly inform every internet user around the globe about your product through digital marketing. However, people tend to shy away from new products from unknown sellers. Therefore, they are unlikely to purchase your product from your website after reading about it for the first time. You should have a way to influence potential buyers to make purchases.
Your marketing strategy should create awareness and catch the consumer’s attention. Most sellers tell real-life-stories about how the product satisfies a particular need. You should ensure that it encourages them to try the product. You may need a link to refer them back to the landing page. Seeing several encouraging stories is the key. That gets them to the last stage of making the purchase. With an appropriate sales funnel, you will penetrate the market in no time.