“ 5 Reasons Companies Fail in Launching New Products”
There are so many reasons why companies may fail in launching new products. Here is a list of a few common reasons.
Products can fail when they are not properly marketed and are targeted to the wrong audience. In my personal opinion it is important to make sure you are aware of the type of audience you want to attract and to go advertise where they are. If you are trying to target teenagers then you will need to make your product known on the social media market instead of advertising in a magazine or even on the television. Not having a very appealing advertisement is also a huge downfall. If I’m watching TV and I notice a new commercial if it is not catchy I won’t pay much attention to it or the product. Time is also important. Taking too long to launch a product can cause your competitors to have a one up on you and come out with something bigger and better than your product. Rushing the product can also cause it to fail. Trying to get the product out without properly testing it can destroy a new company and tarnish an old companies reputation. It is important to take time yet be quick when trying to market a new product. You want to make sure it is appealing, needed, cost effective, easily obtainable, and also well tested when you make sure of these things your chance of success increases.
Bill Gross highlights 5 reasons why startups succeed or fail. He speaks about the ides, the team, the business model, the funding, as well as the timing. At the beginning of his TED talk Mr. Gross makes a point that out of the many companies he’s launched he has had many succeed as well as some failures. The failures are something that he has learned from and that he found important. It is important to learn from the failures in order to prevent it from happening again.