MISTAKE #56: Your product cost is too low

Trying to control cost can backfire when a product can't deliver the necessary profit to the manufacturer or it no longer meets shopper expectations.

NEW PRODUCT MISTAKESThomas TessmerOctober 14, 2014Ignorance, Pricing, Retailer Interaction, Expectations, Price and Size Strategy, Engagement Tracking

MISTAKE #55: Your product is priced too high

It is easy to identify and easy to fix, yet it is one of the hardest for companies to accept. Don't let your greed be stronger than your fear.

NEW PRODUCT MISTAKESThomas TessmerOctober 9, 2014Pricing, Shopper Experience, Competition, Price and Size Strategy, Engagement Tracking

MISTAKE #54: You don’t do your homework when setting your product cost

Allowing unnecessary costs to creep into your product is not just wasteful, but puts you at a significant competitive disadvantage.

NEW PRODUCT MISTAKESThomas TessmerOctober 7, 2014Product Design, Pricing, Ignorance, Retailer Interaction, Competitive Evaluation, Price and Size Strategy, Engagement Tracking

MISTAKE #53: You don’t do your homework when setting your retail price

The right price strategy is critical to attracting the right prospects and developing the right value perception.

NEW PRODUCT MISTAKESThomas TessmerOctober 2, 2014Pricing, Shopper Insights, Expectations, Price and Size Strategy, Engagement Tracking

MISTAKE #52: There are no design principles guiding the look of your label

Make sure your package has been designed with the principles of stopping, holding, and closing power in mind.

NEW PRODUCT MISTAKESThomas TessmerSeptember 30, 2014Branding, Packaging, Shopper Experience, Principle-Based Design Guidelines, Concept Creation, Concept Refinement, Package Qualification

MISTAKE #51: Your packaging is completely unremarkable and maybe even repulsive

The few square inches of printing on the package needs to work as hard as it can to close the sale.

NEW PRODUCT MISTAKESThomas TessmerSeptember 25, 2014Packaging, Shopper Experience, Competition, Excellence, Branding, Expectations, Principle-Based Design Guidelines, Concept Creation, Concept Refinement, Package Qualification

MISTAKE #50: You don’t follow these 13 guidelines to design packaging to survive on the shelf

Designing magnetic packaging is only beneficial if it can survive getting to, and living on, a store shelf or in a delivery box.

NEW PRODUCT MISTAKESThomas TessmerSeptember 23, 2014Packaging, Retailer Interaction, Barriers, Shopper Experience, Principle-Based Design Guidelines, Concept Refinement, Concept Creation, Package Qualification

MISTAKE #49: You aren’t preparing for war

Many products eventually fail after early success because they didn't consider the resources they needed to fight off the competition.

NEW PRODUCT MISTAKESThomas TessmerSeptember 18, 2014Competition, Risky Behaviors, Ignorance, Strategy & Planning, Popular, Time, Conversion Optimization, Pre-emptive Objection Handling, Competitive Evaluation

MISTAKE #48: You think imitation is the greatest form of flattery

It takes more than mimicking an existing product to be successful. While it is smart to copy what others have proven works, it is not enough.

NEW PRODUCT MISTAKESThomas TessmerSeptember 16, 2014Competition, Shopper Experience, Barriers, Mediocrity, Strategy & Planning, Competitive Evaluation, Principle-Based Design Guidelines, Concept Creation, Concept Refinement, Package Qualification, Omni-presence Strategy

MISTAKE #47: You focus on the wrong retailers

Pursuing distribution at the wrong retailer at the wrong time can be disastrous to growing sustainable sales.

NEW PRODUCT MISTAKESThomas TessmerSeptember 11, 2014Retailer Interaction, Prime Prospecting, Ignorance, Time, Competitive Evaluation, Retailer Prioritization

MISTAKE #46: You focus on the wrong competition

Your product will almost always need to displace an existing item already on the shelf or in search results.

NEW PRODUCT MISTAKESThomas TessmerSeptember 9, 2014Competition, Ignorance, Risky Behaviors, Retailer Interaction, Competitive Evaluation, Assortment Optimizer, Retailer Prioritization

MISTAKE #45: You don’t have healthy fear of the competition

Internally-focused greed tends to overshadow the value of having an appropriate amount of externally-focused fear.

NEW PRODUCT MISTAKESThomas TessmerSeptember 4, 2014Competition, Ignorance, Barriers, Competitive Evaluation

MISTAKE #44: You don’t study the competition

Many companies make expensive and avoidable mistakes because they are consumed with their own navel gazing, not studying the competition.

NEW PRODUCT MISTAKESThomas TessmerSeptember 2, 2014Competition, Strategy & Planning, Ignorance, Assumptions, Competitive Evaluation

MISTAKE #43: You need to set and manage the right expectations

You will actually be held accountable for the expectations you set...and you won't get a second chance if the buyer knows you mislead them.

NEW PRODUCT MISTAKESThomas TessmerAugust 28, 2014Retailer Interaction, Expectations, Category Audit, Opportunity Exploration

MISTAKE #42: You’re swinging too hard

Realize when you really need a home run, when you just need to get on base, and when a strikeout can end the game.

NEW PRODUCT MISTAKESThomas TessmerAugust 26, 2014Ignorance, Strategy & Planning, Expectations, Opportunity Exploration

MISTAKE #41: There is conflict of interest

Make sure your organization is structured so "what is good for the company is good for the individual...and vice versa."

NEW PRODUCT MISTAKESThomas TessmerAugust 21, 2014Productivity, Expectations, Time, Category Audit, Opportunity Exploration

MISTAKE #40: Your team just doesn’t understand retail

Make sure you're prepared with a smart solution to win at retail.

NEW PRODUCT MISTAKESThomas TessmerAugust 19, 2014Retailer Interaction, Excellence, Strategy & Planning, Ignorance, Opportunity Exploration, Competitive Evaluation, Retailer Prioritization

MISTAKE #39: You are static in a dynamic world

Shortly after you stop learning and improving, expect to become viewed as background noise as the competition becomes more appealing.

NEW PRODUCT MISTAKESThomas TessmerAugust 14, 2014Competition, Shopper Experience, Barriers, Omni-presence Strategy, Opportunity Exploration, Principle-Based Design Guidelines, Concept Creation

MISTAKE #38: Average is not acceptable

There can be a 25x difference in the rewards for average versus exceptional performance.

NEW PRODUCT MISTAKESThomas TessmerAugust 14, 2014Mediocrity, Excellence, Competition, Opportunity Exploration, Competitive Evaluation