Welcome to Day 77 of the 90-Day Comeback Challenge. Today we are reflecting on products: What are the reasons and what can you do if your product isn’t selling as well as expected? My thoughts on that, in this article.
Why Isn’t Your Product Performing?
You’ve launched a new product, full of enthusiasm, but the response is underwhelming. There are various reasons why a product might not perform as expected. The first step is to reflect on the possible causes.
1. Issues with Understanding
It might be that your target audience simply doesn’t understand the product. Maybe the communication isn’t clear enough, or the functionality is too complex. In this case, it’s up to us to better explain the product and show how it can be used.
2. User-Friendliness
Even if the product is understood, the user interface or usability might be a barrier. Is it too complicated? Do users know the right way to use the product? This is something that can be addressed relatively quickly.
3. Trust Issues
Another reason could be a lack of trust in the product or in us as a brand. Trust is something that takes time to build. Transparency and continuous communication can help here.
4. Lack of Appeal
Perhaps the product is simply not attractive enough. It doesn’t meet user expectations or doesn’t offer a clear benefit. In this case, we need to consider how we can adjust the product or product range to make it more appealing.
5. Indecisiveness
Sometimes, it comes down to users simply not being ready to make a decision. Maybe it’s the wrong timing, or they lack the necessary incentives.
Making the Tough Decisions
Sometimes, there’s no way around making tough decisions. If a product isn’t finding its market, it’s better to be honest and either remove it from the lineup or adjust it to better meet user needs. It’s also important to stay flexible and respond quickly to changes in the market.
For example, at Bake, we decided to limit certain credit card payments because the risk of fraud in certain regions was simply too high. These decisions aren’t easy, but they’re necessary to ensure the company’s long-term success.
Focus on the Essentials
Steve Jobs once said that successful companies do a few things really well. It’s not about doing everything a little bit well, but about focusing on a few aspects and executing them excellently. This means sharpening the focus – on the right products, the right regions, and the right customer groups.
Conclusion
If you’re an entrepreneur yourself, I invite you to look in the mirror and reflect: Where can you sharpen your company’s focus? Which products truly make sense, and where might you need the courage to let go? At the end of the day, it’s about learning from mistakes and constantly improving. That’s the only way you’ll achieve long-term success.
Let me know what you think, and see you tomorrow for Day 78!
Take part in our 90-Day-Challenge
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Your Julian
Entrepreneur / Investor / Athlete / Father
