Do you not have a business yet, but you’ve got some ideas as to products that you’d like to bring to market? Do you have an existing company, and you have some notions for new additions to a current line of products?
If either of these scenarios describes you, give some consideration to hiring a product design company. These companies, especially the ones that have been around for a long time, have helped bring hundreds or even thousands of products to market, and they will be able to help you with every phase of the design process.
They’re also familiar with the most common reasons why product launches fail. When we talked to one such company, here’s what they told us must be avoided if your product is going to become the bestseller that you want it to be.
You might have thought of a great idea for a product, and the execution of its creation might have been flawless. So, why isn’t it selling?
Improper pricing might be the problem, according to product design companies. If you failed to study your niche beforehand, then you might have wildly misjudged what you thought you could charge for a particular service or product. There’s competition in virtually every niche, so this could turn into an unforgivable sin if you’re not careful. There are going to be other companies out there with comparable products, and if one of them is offering a better price, then guess which one is going to sell, and which is going to fail?
Targeting the Wrong Market
Think of this scenario for a moment. What if a bunch of toy commercials are playing during a violent cop show that comes on at a 10 pm timeslot? Are those toys likely to sell? No, because they’re being marketed to the wrong demographic.
The same thing can happen with any product. If you’ve picked the wrong segment of the population toward which to market your new offerings, then the chances of them selling are remote. That’s going to be even truer if the bulk of your advertising budget has gone into those specific ads, whether we’re talking about TV, radio, a paid social media campaign, or whatever else. Be sure that your marketing is effective, or you’re wasting your money, and the product launch will be a failure.
The best products are those that fix a problem or a “pain point” that a customer has. Product design companies warn against coming out with products that are geared toward fixing problems that don’t exist. You might have come up with what you think is a brilliant idea, but the issue that it fixes is nowhere near as widespread as you imagined that it was.
If you have a product idea, but you’re not sure if the need for it exists, then you ought to do some focus groups to see if a cross-section of the population wants or needs your product as much as you thought. Otherwise, you stand to lose significant sums of money backing a product that no one wants to buy.
The best reason to partner with product design companies is that they can correct these potential mistakes for you before it’s too late. If you fail to retain one, then you could end up learning a painful lesson on your own, and you’re going to be hurting financially as a result.