Why New Products Fail
When a product fails to sell, it often indicates weak differentiation and poor positioning in the market. There’s nothing more frustrating than investing six to twelve months into developing a product that ultimately no one wants to buy. I’ve experienced this firsthand, and it’s disheartening.
If you don’t take the time to conduct thorough research and ensure your product resonates with your target audience, you’re setting yourself up for failure—unless you get incredibly lucky.
Many people rush to launch their products without considering whether they truly make sense to their intended market. You might have a fantastic product that seems perfect to you, but that doesn’t guarantee others will see it the same way.
Understanding Positioning
Let me share an example. One of my students created an excellent product after realizing that many people were struggling due to a negative mindset in their coaching courses. She was convinced that her product would address this issue effectively.
However, she planned to position this product as her entry-level offering. The problem? Her target audience didn’t recognize that they had a mindset issue; they believed they were motivated and ready to succeed. They simply wanted coaching to help them make money. Placing the product at the entry-level, it didn’t resonate with her students. Instead, she needed to find a more suitable position within her program where it would make sense—perhaps introducing it later when students were grappling with their challenges and beginning to question their mindset.
At that point, she could say, “Let me help you understand some aspects of your mindset that might be holding you back.” This approach would make her students more receptive to discussing mindset changes.
Start with Your Customer’s Perspective
A useful strategy for positioning your products is to think in reverse: start with the mindset of your customer rather than your own perspective. This shift can significantly enhance how well your product is received.
To Your Success!
A.BERRICHI
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