Not all the product ideas get transformed into actual products. Only a few pass that stage and get to the market as a Product. And there are even fewer products that are actually successful. So what are the reasons why products fail in the market. In this post I am outlining a few reasons in my practical experience which can lead to the failure of a product.
- Not having a directed product vision
- A product needs to have a vision, a roadmap at least at a high level. Product roadmaps might change depending on the feedback from the customers / prospective customers / market research, but you need to have a product vision as you go along.
- Not enough investments for the products
- It is highly important that all the investments need to be made for the product development, testing, marketing, sales and brand promotion. Without investments, the product will eventually die a slow death.
- Too late into the market
- A product needs to be in the market at the right time. If the product is late into the market, there will be many competitors for the same market, and hence competition will be tough. It is highly desirable for any product to have that First Mover advantage.
- Too early in the market
- In my previous point, I mentioned that a product needs to be in the market at the right time. Even though being early in the market is a highly desirable option, however being too early in the market when there is no maturity in the market will obviously lower the chance of product success.