Putting a new product on the market is a stressful experience, especially when you learn that over 30% of new products don’t get off the ground. We’ve made a list of the top four reasons why some new products fail so that you can avoid these mistakes.
A Failure To Understand the Audience
Targeting the wrong market spells disaster for even the best products. Consider what audience needs your product before designing packaging or advertisements. Doing this will allow you to tailor design decisions to the target demographic, rather than hoping that a catch-all approach will bring customers.
A Lack of a Value Proposition
Consumers only want to spend their hard-earned money if they have a reason to do so. If your customers can’t see the value in your product, it’s doomed to fail. After you conceive your product, you should seek to determine its value proposition. Figure out why people need it and what might make someone willing to part with their money to acquire it.
Your advertising and packaging should then highlight those reasons. Make it clear that this product will make people’s lives better!
A Poorly Executed Launch
The launch of a product is a volatile time. This is because a failed launch may mean a product never has the chance to get off the ground. Without enough advertising or promotional support, many consumers may not ever hear about a product. This can lead to lackluster sales and concern for the product’s overall viability. Your product must hit the ground running to bag big sales early on.
Poorly Designed Packaging
The best product in the world is meaningless if the packaging doesn’t sell it to your customers. It may not correctly advertise the product’s benefits, or it might look too much like the competition. Whatever the reasoning, poorly designed packaging will cause your product to perform equally disappointingly. Make sure you lock down the best packaging possible with mockups and packaging comps to see what you’re getting.
Now that you understand the top four reasons why some new products fail, ensure your new product avoids these pitfalls to give it the best chance at success!