In this case your product failed because thousands of other products were already solving the functional and emotional ‘Jobs to Be Done’ (see: multi-billion dollar fragrance industry). Inertia is a powerful force, and your product wasn’t sufficiently different/better to persuade customers to change their behavior.
There were probably holes in your market strategy in each of the key areas:
Product: did the fragrance and the packaging stand out as a powerful must-have for a perfume buyer? How do you know?
Price: did the price send the wrong signals about the product? Was it too cheap to be good?
Promotion: did you send the right messages through the right channels at the right time to your target customers? Are you breaking through the clutter?
Placement/Distribution: did you demo/sell your product in places that reinforced the desired perceptions and actions?
If you get any of these wrong, your product will have a very hard time getting traction in an insanely competitive market.
Obviously, this is much harder than it looks.
Thanks for helping other entrepreneurs be more savvy about their businesses!