Why Do New Product Fail? Top Reasons Why New Product Fail
Are there products you use to buy in the eighties, nineties or just few years back that you no longer see in the market? Do you know why those products no longer exist or why it was completely rebranded such that you won’t believe with ease that it is still the same product you use to know? What breaks my heart is that some of these products that failed were in high demand before. Does it mean they were no longer making enough money to continue the production or someone somewhere is manipulating them? Well, after my research and findings I discovered some of the top reasons why some of those new products you and I know suddenly or gradually as the case may be failed and fizzled out in the market. And today almost on daily new products move into the market.
Why I advise you to start your own business (like I have always done in this blog), it is also paramount that I tell you beforehand why new products failed or might fail. So by having a clear view why new products fail and avoiding them, you can ultimately make a fortune out of that business. Don’t let it be said that you started another new business without taking into cognizance why the previous business you did failed or suffered set-backs. This article is that master piece you‘ve been looking for to help your business stand on its feet again and your product outstanding in the market.
To be frank with you this is not the article I had planned to publish today but to reply Syed (one of my blog readers) and many others who have been wondering why their businesses are having hard times, I have decided to point out without reservation Top Reasons Why New Products Fail. Read it and leave a reply for me in the comment box.
Here in this article are Top 7 Reasons Why New Product Fail:
1. Inability to compete favourably with already existing products in the same line of business
2. Targeting the wrong market
3. Low quality
4. Inability of the business owner or management to listen to their customers
5. Improper packaging
6. Inability to develop a unique product you can believe in
7. Poor marketing strategy
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