Look I get it.
I understand that you spent hours and hours working on your killer product.
I know that you invested thousands if not millions of dollars on your product and you believe it’s the next best thing since slice bread.
That’s why it’s a tough pillow to swallow when you launch and find out that no one wants it.
When that happens you’re staring at a negative bank balance, consultants are storming the gates needing to get paid, and the wife is already thinking about divorce because of all the time you wasted.
Not only that you hear all the snickering from the in-laws saying, “I told ya so!”
So here are 5 tips you can use to avoid the emabaressment of a product failure.
Timing is everything.
Think on this.
About 20 years ago during the early stages of the video game console wars Sega released the Dreamcast.
The Dreamcast competed against the Nintendo 64 and Sony Playstation.
The Dreamcast was a gaming system that was ahead of it’s time(Sega in general was ahead of it’s time). The system was a heck of a lot better than the consoles that where on sale. It did everything better and faster than the N64 and Playstation.
Heck Sega was even the first system to offer online multiplayer!
And to boot, the Dreamcast had better graphics.
But it failed.
It failed miserably.
There was a massive marketing plan set by Sony. The upcoming release of the Playstation was all the gaming media could talk about.
So when the Dreamcast launched, it was SIX MONTHS BEFORE THE RELEASE OF THE SONY PLAYSTATION!
The hype was real but not for the Dreamcast.
2. Your Product just isn’t that good.
BetaMax(Yep we’re talking about Sony again) lanched in the early summer of 75. It hit the market hard as it offered a way to record and store memories of family events.
People loved it!
Then came VHS.
In theory since Beta came first the format should have had market dominance but that didn’t happen.
VHS offered more quality picture, more recording time….
…..And it was CHEAPER.
Then of course whenever a new video format hits the market the decided factor for market dominance always comes down to PORN.
Porn chose VHS because of longer recording, better quality and of course….cheaper to produce.
Other companies followed and Betamax died.
A fun fact. Sony stopped production of Betamax tapes in March 2015! Just who the heck was using Betamax?!
3. Terrible List
That age old digital expression…”The Money is in the List.” Is true now more than ever.
A good quality list of a thousand customers ready to buy is always worth more than a list of hundred thousand cheap subscribers who won’t spend a dime.
4. A Very Weak Offer.
This usually comes down to offering something no one wants.
Many marketers are guilty of this.
Sometimes after a successful launch many marketers go right for another helping.
Instead of focusing on finding out what their markets wants, quality suffers and a low quality product that no one ASKED for, is launched.
5. Bad Positioning.
So say positioning is about “standing out from the ground,” is just scratching the surface about what positioning is.
Sometimes just having a good position in the market is really all you need and the missing pieces of the marketing just get pieced together like a gigantic puzzle.
Demetrio’s SPECIAL BONUS!
Even if you product fails DON’T Fret!
The US isn’t the only river that capitalism flows in!
If your product fails here in the US that doesn’t mean it won’t fail in other countries.
Don’t be afraid to fail.
Use the failure as a lesson and rifle in the wants and needs of your market.
Till Then, Stay Hungry,
Demetrio T. R