Facing Product Failure?
Why we always say treat customers as king? Is there any specific reason for that?
So I would say, Yes absolutely there is a reason because do you know what happens is when your customers didn’t like the products and services you are serving to them, your product reaches to the decline phase, rather than the growth one, because they are not getting what they want from you.
So whenever you are serving anything to your customers, keep these points in mind, that; do proper market research first before launching any product to the market, take the proper customer surveys and feedback on the plan which you are going to implement, see your competitors already established ones which they are serving and check what is not there which the customers are not liking about their products or what is the difference or the thing which they are lacking behind.
Also, ask them what they are looking for if the company plans to serve them something new, or what customization do they like to have in the upcoming product, then utilize your efficiencies, money and efforts. Because what is the point to launch the product if your customers are not liking it at all. There is no sense of wasting your resources then.
Always keep your customer’s needs in mind, only then you can achieve something in terms of brand equity, market share, revenue or profits, permanent customers, customer’s loyalty and many more which can make you and your company a successful one. So these are some of the things which are very necessary or I can say mandatory to be implemented.
And if it is there any existing product which is facing failure, then check what are the mistakes you have done in that or is there any scope to make some changes in that or you are only remained with launching a new product. Ask the customers what are the things which are not suitable for them, add some customization.
Because there are so many reasons of product failure as well and the most common ones are like; you have targeted the wrong group, may be you have failed to understand what they wanted to conveyed to you, or may be the other brands are providing some additions or benefits which you company failed to do, or it can also be related to incorrect pricing and inefficient internal capabilities of your company.
So the conclusion is that you should always look for what customers are asking you to do because as I already said, only then you will be able to make profits out of it.
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