Launching a new product in the market is a tedious job, and the whole team struggles if the product is a failure. A product might not reach the customers properly due to improper marketing, high cost, or limited features.
Analyze marketing mistakes
Analyze the marketing mistakes which prevented the products from reaching the customer. Experts often state brands must create a need for the product before the launch. Research the target customer needs better and expand the target customer base to new locations and different customers. If a kid’s shoe model fails, pair it with glasses or bags and sell it as a package to make it a preferable gift item.
Change the channels the product ad appears and advertise in places easily viewable by your target customers. Launch the products at the right season, as launching school bags at the end of the year will only lead to losses.
Use employee advocacy
Make the employees in your team promote the brand and talk to customers directly. Customers will give better feedback helping to find out the reason for the failure of the product to the employees. Customers talking to actual people who worked in creating the product can give productive feedback on why they did not like the product.
ClearView Social helps companies train their employees to communicate better with customers through their employee advocacy software. Employees can easily augment the brand name and gain the customer’s trust to try a product if they talk on behalf of the brand. Customers trust a person approaching them directly on behalf of the brand through social media or email rather than ads.
Lower the cost
Lower the cost of the product if that is the reason for the failure of the product and introduce small pouches in low quantity. Introduce the new product in small sample packets, and provide it for free with other products. Offer try before you buy options with the sample packets and discounts for people who buy the actual product after trying it.
Set a time frame of a fortnight from the date they bought the product, and make the discount coupon valid only until then. Offer freebies like related products and let the customers try a group of sample sachets for free, paying only for shipping. It will make the customers obliged to buy at least one product they tried.
Improve design mistakes
Get feedback from them regarding the mistakes in the product that failed when they tried the samples. Discuss the customer concern with the R&D team and the product design team to see how the brand can improve the product. Consult the marketing team about new ways to market the product at a cheaper budget.
Make design improvements like high performance, matching competitor products, or adding a brand new feature. Try to remove the issues from the previous design, like a design flaw or too much energy consumption, or non-aesthetic looks. Improve the product in every step and test it with control group customers to check whether they are satisfied with the new quality.
Rebranding the product
Rebrand the product entirely before re-launching it in the market by introducing new packaging and adding fresh ingredients. Change the marketing voice – cosmetic brands can call for a no-makeup natural look advertising their product is good for the skin. Electronic products can promote taking back old mobiles and batteries for safe recycling.
Rebranding should also target new sections of customers and expand the market to various locations to earn maximum profit. Avoid the previous mistakes and implement the lessons learned from the old failure to make the rebranded product launch a grand success. Study the best marketing and product features of number one products in the market and follow the best practices.