With manufacturers overseas often being eager to help out, creating a brand-new product has become viable for even small-time operations. Even so, many inventors and entrepreneurs have brought interesting-seeming products to market in recent years only to see them fail. A new feature online at http://morningbusinesschat.com/lets-talk-business-product-fail/ reveals the three most common reasons for new products falling flat.
Attention to the Basics Pays Off with Every Product Introduction
Companies that regularly roll out new consumer products inevitably have systems in place that help maximize the odds of success. Individual entrepreneurs and small companies tend to shoot from the hip when introducing products of their own, and that can end up being costly. The new report linked earlier reveals that new products most often fail because of one or more of the following reasons:
- Poor quality. Even when a product is so distinctive and useful that it necessarily stands out from the rest, a lack of build quality can easily drag it down. Even the best of product ideas must be embodied in something that buyers can rely upon and feel happy about purchasing. Unfortunately, many small businesses that release new products of their own fail to ensure that quality levels will be high enough. Particularly when all the heavy lifting of manufacturing is entrusted to a far away partner, this is an especially common and dangerous trap to fall into.
- Ineffective marketing. Some new products are so novel and striking that they practically sell themselves. In practice, though, targeted, smart marketing will improve the odds of success even for products that have a lot going for them. Once again, entrepreneurs who are inexperienced with such matters regularly fail to make appropriate marketing plans and carry them out.
- Overly high prices. Finally, some entrepreneurs become so enamored with their own ideas that they overestimate how much the products based on them will be worth. There is typically only one chance to make a positive impression with a new product, so pricing too high from the start can be fatal.
Research and Planning Support Product Introductions Well
Fortunately, it is always easy enough to avoid all of these common dangers when introducing a new product. A bit of planning that accounts for all of these possible issues will virtually ensure a successful release.