TOP 3 REASONS WHY PRODUCTS FAIL TO SELL.
WHY PRODUCTS FAIL TO SELL – What is so unfortunate than launching a product into the market and getting low patronage for the product or service – Today on Ghanatalks, I will be taking you through the key reasons why products fail to sell on the market.
Take a look at this scenario, you invest much into bringing your products on the market, expecting to make great sales, but at the end of the day, you realize you made less profit than you invest. – that sounds really bad.
If you can understudy critically these reasons, then you are assured of great success of your products or service.
Let’s now take a look at the top 3 reasons why products fail to sell.
- Lack of Proper Market Research.
Many at times, producers do not spend quality time into researching into the market to know what products sell and which ones that do not.The problem also is that they are battled with competition and making quick profit.It’s sad they end getting disappointed and opt out of the market when any of their objectives isn’t realized. There is the need therefore to make proper analysis of the market, specifically targeting a geographical area.
You can talk to individuals, investors and retailers to give you a fair idea of what products sell, the times and seasons of which the particular product(s) are demanded most and so on.
This goes a long way to know what to introduce into the market.
If you fail to do proper market research and analysis, your products will certainly fail to sell as well.
- Lack of Innovation and Good Branding.
Your products will certainly fail to sell if there is no Innovation in your products.Branding is a key component of Marketing, and as you sell your products, there is the need to get a brand for them.
Branding is very important because it promotes healthy competition.Products without branding are easily left out of the market – and when I say branding, I mean a ‘good brand’.
You might have the same product with your competitor on the market, but with a good brand, your products will sell greatly.
Therefore, one of the reasons why products fail to sell is lack of Innovation and a good Branding.
- The third reason why products fail to sell is Poor Marketing.
It is undoubtedly true that good marketing strategies consume a lot of time, but frankly, any product which goes through the process of good marketing sells well.A critical feature in a good marketing strategy is the effective communication of the benefits of your product to the target audience.Let’s take this example, when Kantanka Automobile launched its ‘Onantefo’ SUV Model, it was established as the next upgrade for a convertible four-wheel drive.
Fortunately, this model is really doing well on the market because people these days prefer cuter things rather than bulky stuffs.
Since the Launch of the ‘Onantefo’ model, Kantanka Automobile has seen great patronage and rise in sales because of the good marketing strategy they employed.
From this scenario, it is evident that a good marketing strategy therefore avoids products’ failure to sell in the market.