Enjoy learning from the mistakes of others with this series of articles counting down the 75 REASONS YOUR NEW PRODUCT IS GOING TO FAIL...AND WHAT YOU CAN DO ABOUT IT.
Pick something that sounds like it might be a risk you're facing, or read through a list of all 75 reasons here.
Make sure you're not betting the viability of your product (or company) on impossible odds.
If you mislead the buyer, expect shoppers to quickly out you as they refuse to live up to the false expectations you set.
Remember that helping a buyer accomplish his/her objectives is often the path of least resistance to accomplishing your product's goals.
Emotions play a significant role in what people will believe, will remember, what will change their attitudes and, eventually, behaviors.
Follow these 8 guidelines to make sure every (limited) dollar you spend on marketing is having the greatest possible impact.
Beyond doing a great job developing your product, don't overlook the power of developing an equally-strong brand name.
Make sure your volume forecast is built on facts and supported assumptions, not feel-good wishful thinking.
By definition, sustainable sales require a solid base of shoppers that regularly repurchase the item.
Don't make the wrong assumption that your product will miraculously land smack-dab in front of the nose of your prime prospects.
In this new era where shoppers expect personalized content, make sure your materials aren't still one-size-fits-all.
Make sure your marketing materials and content are designed to quickly capture attention and deliver value before shoppers tune-out.
Look for short-term educational opportunities to learn from your new product launch to position you for a bigger and longer-term payout.
Price-based promotions attract price-sensitive buyers, which can be a very fickle and disloyal group.
Make sure you understand what shoppers do to afford your item and how that process can drive greater desire or distraction.
Don't assume an impulse purchase is a mindless non-decision or that it ultimately leads to repeat purchase.
Make sure you're not operating with tunnel vision, incorrectly thinking your product is an isolated purchase decision not influenced by external factors.
It is worth considering how creative sizing can be used to manipulate cost, perceived value or a better user experience.
The price a product commands should be a function of the value the product delivers.
There is a point when lower-priced products hurt the value of a category. Make sure your product doesn't get into this position.
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.
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.
Allowing unnecessary costs to creep into your product is not just wasteful, but puts you at a significant competitive disadvantage.
The right price strategy is critical to attracting the right prospects and developing the right value perception.
Make sure your package has been designed with the principles of stopping, holding, and closing power in mind.
The few square inches of printing on the package needs to work as hard as it can to close the sale.
Designing magnetic packaging is only beneficial if it can survive getting to, and living on, a store shelf or in a delivery box.
Many products eventually fail after early success because they didn't consider the resources they needed to fight off the competition.
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.
Pursuing distribution at the wrong retailer at the wrong time can be disastrous to growing sustainable sales.
Your product will almost always need to displace an existing item already on the shelf or in search results.