Why Isn’t Your Product Selling?
Releasing a new product for selling to the world is an incredibly exciting time. Particularly if you have gone the entrepreneurial route and funded the product yourself with bootstrapping or crowdsourcing, and created it yourself with injection molding, 3D printing or other digital manufacturing techniques.
However good the feeling of releasing a product is though, what follows can be a testing time. Even if you have some basic success, you are likely to find yourself watching sales like a hawk, second-guessing yourself and constantly questioning why it’s not selling better, or why people are asking for refunds.
This can be quite painful – like seeing your child getting bullied at school – and it can be difficult to comprehend. While of course there is any number of reasons that your product might be struggling through. Often there are a couple of common problems that may be affecting your business. Here we will look at a few reasons your product might not be selling.
People Can’t Find It
Even if you were giving away free blocks of gold. You wouldn’t get any customers if no one knew what you were doing. Coming up with a marketing strategy in order to be able to get the word out about your product. And to get people interested is immensely important then and without it, you can expect to see much success. You don’t necessarily have to spend lots of money on marketing either – you can get the word out by using entirely free methods such as SEO or social media marketing, but what you need to do is to make sure that you consider this from the very inception of your launch.
You Have No USP
At the same time, you also need to think long and hard about how you’re going to make your product stand out from the crowd. If you have created something that already exists. You haven’t done anything to differentiate yourself, then the established product will trounce your offering. You need to have a USP that will set you apart, even if this is something as simple as undercutting the competition on price (in which case your USP is affordability). Or combining two existing ideas to make a new one.
It’s Too Different
While you mustn’t make something that’s completely the same as things already on offer. You also need to avoid making something that’s too different. Familiarity is a very useful tool in business. And if you can communicate that your product is ‘like’ something else. Then you’ll be able to ride on some of that existing demand. If your product is too unique, or too much of a jump from what’s already established. then people won’t necessarily understand it and they may reject it.
You Don’t Have a Clear Message
Whatever you create you need to be able to clearly and succinctly say what it is and what it does. Lots of products fail because people don’t really understand them – what they do or what their ‘point’ is. By having a clear message with your product you can make it more focused, and you’ll be more likely to attract the right kind of customer.