“5 Reasons Companies Fail in Launching New Products”
Failure is a marvelous teacher, one whose emphasis is based on sheer experience and bitter past. However, in the world of business or any aspect of life, failure should be welcome, yet it should be assessed and use as an advantage to foster one’s business goals. This is true especially when launching a new product. The truth is why failure is inevitable, it is always in one’s interest to know, research, and studied some of the reasons why launching new products fail. Frankly, most new product failures could be attributed to one three main causes stated in FLOP. As a consideration those who aspire to start a business, this are factors one should keep in mind as some of the reasons why launching a new products fails.
Lack of product uniqueness
This is a huge step to why most companies fail in launching a successful new product. Product uniqueness is the bedrock to success in the sales of product. Look at our universe we are all unique. It is vital for companies to developed product that attract all races and gives room for choices in product. This is because any product that does not satisfy a unique need of consumers, fails to dislodge more established brands available. Frankly, customers are very intelligent, besides the ease of technology has made it easier for them to be thorough in their selection. In that case, it is vital for a product to be perceived as unique if it satisfies an existing function or a new function in a new way; and if its price and performance give it an advantage over the competitive products.
Like everything in life, when you failed to plan your doomed for failing in whatever you are doing. Planning is key in business and most importantly when starting to launch a new product. There is a lot required in launching a business, but the overwhelmed requirement can be made easy if companies plan effectively. Planning is as easy as taking the time to asses and analyze the steps in which to embark. It is vital for companies to have a game-plan that carries them through every stage and aspect of product’s life. The plan is to care for consumers. Many forces are at work that alter consumer’s needs and wants for products, similarly needs of industrial buyers are affected so it is important for companies to plan and have plan after plans.
The primary objective of advertising is to get the word out that you have something exciting to offer. This is a key and frankly can open the door of success for product sales. This is because advertising invites target audience to evaluate how product or service measures up against your competitors. However, it is always keen to keep mind the strategy taken to better met intended customers. Advantage of advertisement helped the increase of sales.
The market success depends, to a large extent, on the ability of the company to launch the product at a time when consumer demand is at its highest. Though it may not always be desirable to be the first to enter the market, undue delay or un-opportune time may mean that the demand for the product demonstrated during consumer testing phase might vanish by the time the product is launched for sale. Hence, appropriate time has its strategic importance in product success. Yet most company fails because of bad time and so overcoming and proper planning as well as time management can significantly boost product launch success.
Like in life failing to meet an expectation is a letdown to one’s inner self. This is also true in the world of business. Product deficiency is a letdown to customers, it is selfish, disappointing, and frankly it is one of the reasons why companies failed to have success in sales of products launch. Companies fail in their product launches because they fail to develop a product that meets the market need. This can either be due to simple execution. Or it can be a far more strategic problem, which is a failure to achieve Product/Market fit. In fact, most product that a startup brings to market won’t meet the market need. In the worst cases, the product will be way off base, and a complete re-think is required. If this happens it is a clear indication of a team that didn’t do the work to get out and validate their ideas with customers before, and during, development.
While failure is inevitable to avoid, however with knowledge and the understanding from others experience the pitfall can be avoided. It is always in the best interest for companies to understand the importance of time management, researching, planning, and delivering of efficient product as advertised to their customers or downfall of product success will be inevitable.