You came up with a great product idea, started your own company and before you knew it, you were making loads of sales. If you’re going to capitalise on that success, you need to start expanding your product lines. Your customers are going to get bored if you don’t. But so many businesses get to this point and then struggle to move forward. It’s so frustrating if you create a new product and it just doesn’t sell. If your first product was so great, what went wrong with the second one?
You Missed What Was Great The First Time
When you’re trying to create a new product, you want to emulate what people loved about your other products. But if you get it wrong and you misunderstand what was so great the first time around, you’ll be going at it from the wrong angle. What you need to be doing is looking at customer reviews and encouraging people to give you feedback. Then you’ll be able to identify what they love about your products and recreate it.
The Quality Is Bad
This is the biggest mistake that any business can make. You might think that you can increase your profit margins by cutting costs on the manufacturing but it’s always going to come back to bite you. Customers will always be put off by poor quality products so you need to make sure you’re using a good manufacturing company like Agentdraw to build your products for you. You’ll get better reviews and make more sales, meaning that you’ll make more money in the long run. Selling cheap, bad quality products might get you a few initial sales but it’s not the way to build a sustainable business.
It’s Already Been Done
Any product that’s going to sell well has to fulfil a need of some kind. But if somebody else is already doing it, why would customers buy your products and not theirs? The short answer is, they probably won’t. However, there are some exceptions to the rule and emulating another company can work sometimes. If you’re going to use an idea that somebody else is already selling, you need to make it different somehow. That could mean making it cheaper or adding extra features. Whatever you do, make sure customers have a reason to come to you instead of going elsewhere.
You Aren’t Spending Enough On Marketing
It’s easy to get complacent when you’ve found some success and think that you’ll make enough sales off the back of your existing customers when you release a new product. You will get some sales without having to do that much work but don’t make the mistake of thinking that you don’t need to spend as much on marketing as you did the first time around. You should still be focused on bringing in new customers instead of just relying on your existing ones to carry you.
Don’t give up on your new product just yet. You might need to have a bit of a rethink and make sure that you’re giving people what they want, and don’t get complacent when it comes to marketing.