Companies design products all the time, some of which propels their brand to the pinnacle of the market while others are yanked off the market. There is a very thin line between success and failure of a product; it could be the quality that will prove to be the undoing of the product or even the size. Every little detail matters when manufacturing a product. From the conception of the product idea to the actual launch of that product, companies go through a great deal of rigor and scrutiny to produce what will appeal to the audience. However, some products still fail even after all the intricate processes and the reasons are not far to see.
One of the most common reasons why products fail is when they are not tailored to customers needs and wants. Some companies are blinded by their vision that they make a product that they want neglecting the people that truly matter. The product is a representation of the company’s ideas which is meant for the customers; understanding this fact will help in the structuring of the product idea to suit the needs of the people.
Another reason for products failure is when the product is targeted at the wrong market. Before you proceed with the idea of your product, you have to research on your audience. Who am I making this product for? Find out whether they need the product you want to manufacture. Some companies waste a lot of money launching products that consumers already have just because of competition. It is imperative to look at the research your target audience.
Incorrect pricing is also a reason for products failure. Attaching a high price to your product may prove to be its downfall as potential buyers may look for an alternative to your product. However, there are some premium products, which go for a high price and still thrive in the market. This is because some of the companies also sell value to their customers so no matter the price the buyers will go for it.
A product can also fail when the company has a weak team; lack of skill can limit the viability of a product. The team may also lack the necessary resources to run the product idea; sometimes the idea is put in motion haphazardly. Consequently, the product will be executed poorly with bad designs, poor user experience, sloppy features and a host of other faults. All these contribute to the demise of a product.
Conclusively, a product may fail when the deployment period is prolonged. In other words when the product launch takes too long the need for the product may die. The market constantly evolves and as such customer needs may fluctuate, it could also be as a result of the economy. No customer will want to buy a product that won’t be useful. In essence, be strategic when launching your product. Take advantage of the time and the current need of the potential buyers.