Each year, hundreds of products are launched in the marketplace but not all of them become successful. Transforming the product ideas in to actual products is not an easy task. It not only requires huge capital but also maximum efforts. Sometimes, products fail to sell despite of all the precautions. So what are the most common reasons for product failure? This blog post will help you find the answer of this question. Let’s have a look at some most common reasons why products fail to sell.
Companies have to pay attention towards product quality as customers prefer to buy high quality products. If the quality of your product is not up to the mark, then customers will not buy it and your product will eventually fail in the marketplace.
Sometimes it happens that a company introduces a product whose demand is not much in the market. Under such a situation, their product fails to survive even if it is low-priced.
No product uniqueness
A product should not only meet the expectations of its customers but it should also have some uniqueness. Your product will not get enough sales if it lacks uniqueness. Make sure to add unique features in your product so as to differentiate your product from the competitors.
Companies should not only concentrate on product features but they should also focus on its cost of manufacturing. If the cost is high, then the end price will also be higher. If your competitor is selling a similar product on lower price, then customers will not buy your product.
Lack of Research and Development investments
Majority of the products require a lot of Research and Development investments for staying ahead of market requirements. But if a business fails to make enough investments, then it will definitely influence the product’s market share.
Inappropriate after-sales services
Some products need after-sales services for their proper functioning. If your product is among those products which require after-sales services, then it’s your responsibility to provide those services to your loyal customers.
Another reason behind product failure is poor timing. Introducing your product at the wrong time will not help you get enough sales.
Inappropriate distribution policy
Your product must reach the right market at a suitable time and right price otherwise; it will fail to sell. Try to formulate an effective distribution policy so as to increase the sales of your product.
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