When 75% of Retail Products Fail, How Can Your Business Make One Succeed?

In the retail space, there are countless new products being released each and every day. With so much competition, it's natural that many products fail to achieve the results their creators hope for, while many more fail altogether. Luckily, the success or failure of a product isn't entirely up to luck. Here are four great ways for your business to position a product for success in the retail space.

Consider Competition in the Product Design Stage

Rather than figuring out how you're going to beat your marketplace competition with a product that has already been developed, it's better to design a product specifically to outperform other, similar products. Study other products that do the same thing your product is meant to do and find ways to beat those products. You can add features, find ways to offer your product at a lower price point or make quality improvements. Anything that adds more value to your product in the mind of a potential buyer can be used as a selling point once your product hits the market.

Market Before You Launch

One mistake many businesses make is to wait until their product is actually available to begin marketing. If you really want your new product to succeed, you should promote it through social media, content and video marketing before it hits the shelves. The goal of this marketing should be to capture email addresses of people who can be contacted the day the product is available. Some of the people who sign up to be notified, when informed that they can purchase the product, will then convert into actual sales, giving you a first-day spike in your sales numbers.

Have Your Packaging Professionally Designed

A major part of getting people to buy your product is making it look as good as possible on a shelf or a web page. To do this, you need great packaging design. Look for a professional packaging design company, like Arc and Co, to help you create the perfect packaging and displays for your product, and you'll be able to make more sales.

Gather Product Reviews

One of the most important elements of modern marketing is accumulating product reviews and providing interested customers with social proof. If you are selling your product directly through your own website or through a third-party platform that gives you the ability to have direct contact with buyers, you should call or email every buyer and encourage him or her to leave some feedback on the product. Good reviews will make future buyers more willing to put their money into your product.

Getting a product to succeed in a highly-competitive marketplace requires careful planning and execution. By taking the right steps in design, launching and promotion, you can get your product to succeed in the retail space.

About the author

Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.


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