Launch day comes and goes to the harmonious sound of crickets; no one bought your product. Sure, a couple of your most devoted fans came over to the store or browsed your online store and even clicked the buy button.
However, just because not many people bought your product doesn’t mean you don’t have a great piece of collateral you can work at until people are queuing up around the ‘block’ to buy it.
Let’s look at some of the top reasons your product didn’t sell:
1. Branding and Marketing – Consumers cannot purchase products they are not aware of. If you are marketing, but consumers still don’t know about your product it may be time to evaluate why it’s not working. Are you targeting the right market with your message? Is your message reaching those that would have an interest in your product? It’s important to remember that the solution is not always more marketing, because the problem may lie with where you are marketing and how your product is packaged.
2. Customer Experience – The number 1 reason customers do not buy products is either because they had a bad experience in the past or heard a bad report from a ‘reliable’ source. To fix it – provide them with recent testimonials or videos to help relieve the mental pain; this helps them know that you take feedback seriously.
3. Limited Product Options – Having varied product options allows you to expand your customer pool. When customers have options that are high, medium and low budget, the decision to buy is a lot easier. If you have just one product option, check your supply chain to ensure your cost of production is not making your product unnecessarily expensive.
4. Payment Options – prospect may be unwilling to spend that amount all at once; especially if your product is not at the bottom of Maslow’s hierarchy of needs; it is important to offer a variety of payment options that will afford the customer flexibility and not affect your business cash flow.
5. Timing issue – Seasonal products must be sold on time; perishable products and those with short shelf lives require a different strategy from those that can be sold all-year-round and have longer shelf lives.
6. Too Many Options a.k.a ‘the competition’ – If your prospect is overwhelmed, you must manage the decision-making process and first ask about their needs, objectives and timeframe. Sometimes customers are unable to decide among similar options that ‘claim’ to offer the best value for money; beyond selling a product – sell a solution. For example, Coca-Cola does not sell a product, they sell the experience and how their product makes you feel, hence their tagline – ‘taste the feeling’.
7. Paying too much for a product – Let the customer know that your prices are fair. When you discount early you signal to the client that they are overpaying, and your product can be way cheaper than you initially told them. This can lead to trust issues – lack of trust in the price, quality and overall promise of satisfaction.
8. Trust Outcome – the customer has to believe that you are the right person or right company and you that you demonstrate the required expertise and skill they need at that time; the best way to do this is by telling them what they do not know or what they know in a way that sounds new. It is hard to trust someone who uses clichés or quotes the first page of google.
9. Nudge; don’t push – The customers, sometimes, do not trust themselves to make the right decision and therefore rely on you to give them a nudge in the right direction. Please do not shove your product down their throats, as they may be too scared or irritated to come back or refer others. A word of encouragement or a statement of trust like ‘price check or we offer the best prices you can confirm for yourself’ gives them a sense that you are being fair and are sure of the quality of your products.
Which other reasons do you think products don’t sell and how do you think it can be fixed?