No matter what business you are in, the goal is to make money out of it. If thinks are not going your way, there can be a few reasons for it. Here are some things that might be causing your business to struggle.
Bad Product
So you invested time and money to develop a certain product. But currently there are just too many products that are similar to yours. Or there’s just no need for it. If this is the case, you are not completely lost. You just need to push things a bit further and dig deeper to find your targeted audience and accept that you will need to adjust your current product. After you get a feedback from your targeted audience it will be easier to move to a new direction.
If by the end of your patience or budget no one seems to want the product, you will at least know the reason why it is so.
Bad Marketing
We have all seen some really dumb product (Fidget Spinner) that just made a huge boom and quickly made money. Sure, they often disappear without a trace after one-two seasons, but at least companies made money.
On the other hand, some great products (I often see many on Kickstarter) never get enough funds to launch or completely fail after launching. Why is it so? Most of the time, marketing plays a crucial role.
If your marketing strategy is not on point you can’t expect your product to grow beyond local. And while there are many ‘experts’ offering you a sure way to market your product, there’s no such thing.
Marketing is so sensitive these days, and most of the time it takes months until you fine-tune it. You need to realize that the whole world is not your audience. That your product needs to target certain locations, age, gender. It’s useless to market weight loss product to someone who’s already skinny.
There’s a huge chance that your product is not completely unique, so pay close attention to the competition and their way of marketing. In the end, of you are not able to convince yourself and your team about the quality and need for your product, you won’t be able to convince a customer either.
Old Idea
Sometimes your idea takes too much time to develop. And once you are finished with it, it’s just too old to sell. There are better, cheaper products that look better than yours. While it all sounds like a complete waste of your time and resources there’s always a chance.
Make some tweaks to your product that will make the customers question their loyalty to your competitor. Always start with price tag. Because people will always try to pay cheaper for same quality. On the other hand, make sure you raise the bar and offer the same quality product as your competition.
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