Creating your own brand-new, innovative product is an undeniably high-risk but potentially high-reward undertaking. Some products are an immediate success while others instantly fail miserably. Ever wonder why? While there can be factors outside your control, knowing which choices almost always leads to failure, and how to avoid those mistakes, is invaluable. Read on to find out to find out if you’re committing one of the three product fails that will most likely doom your launch from the start.
Product Fail #1: Not knowing why people will buy
Consumers buy products for one of four reasons. Before you begin creating your product, you need to know what solution your product will provide to the marketplace. When you’re unclear on the intention for your product, your marketing strategy will have no focus. If you can’t clearly state why consumers should purchase, your product will probably fail.
Product Fail #2: Not drilling down to a target market
Identify your target market before you begin the product creation process. Let me say that again! Identify your target market before you begin the product creation process. As I’ve discussed in previous articles, your target market should be a group of people you enjoy working with, and your product should be designed to serve that specific audience. If you create a product with no customers in mind, you might end up with no customers or the wrong customers. Identifying your target market and researching what they need will make your product better and more appealing. Without a focused product and marketing strategy, your product will probably fail.
Product Fail #3: Not being innovative enough during product development
Avoiding the first two product fails won’t be enough to take you to success if you’re not innovative. If your product is just a variation on the same old theme in your industry, you’ll only be competing on price, and that’s no fun. Fill a (needed!) niche, and create a unique product. Consumers always want a better way to solve problems, and if you don’t service that desire, your product will probably fail.
Committing even one of these three errors can doom your product before you even get to market, but each one is easily avoidable with research, forethought and planning. You’re never guaranteed success, but creating a product that is targeted and innovative gives you the best chance possible!
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