The computer gaming platform, Steam, is a wonderful analytical tool because it tells you precisely how many people are playing a particular game at any given time. Analysts can use it to study a game’s popularity and see how it is performing.
Using this method, they have discovered something interesting: some games with low budgets are wildly popular and attract tens of thousands of concurrent users for years on end. By contrast, other games are significantly more expensive to develop but don’t attract nearly as much attention. A few fail to retain any player base at all after just a couple of weeks.
So why does any of this matter for regular businesses? The lesson from game developers’ experience is simple: what counts is the values that the product offers, not the money that you spent on it. You can have a huge development budget, but if the final offering fails to inspire, then you can quickly run into trouble.
In this post, we take a look at some of the top reasons nobody is buying your product and what you can do about it.
There’s Nothing Unique About It
If there’s nothing unique about your new product, then consumers don’t have much incentive to buy it. Unless the price is significantly lower, they will just continue with their regular buying patterns regardless.
The solution is to clearly communicate why your product is different, even if it is small. Even simple modifications of existing products can generate significant demand.
If your product is disappointing or not as good as you think it is, that will hurt sales, too. Consumers will leave negative reviews and, eventually, newcomers won’t trust you.
The trick here is to get your people to thoroughly understand how to develop products that will convert, according to 280 Group Training. Staff must understand product management and how to build products that matter.
You Are Targeting The Wrong Audience
Sometimes the issue is not with the product itself, but how you are marketing it. Many companies believe that their audience is one group of people when, in reality, it is very different.
Before developing a product, take time to understand your customer base first. Then take a look at whether your product is as awesome as you think it is for the people most likely to buy it.
The Market Is Oversaturated
There are already dozens of laundry detergents on the market, so adding your product to the mix might not be a good idea. Customers already have all the options they need, so piling another on top of an already-crowded marketplace probably isn’t a sensible idea.
The one exception is if the product you’re selling is radically different from what’s already out there. But you need to be sure that it is genuinely disruptive. If it isn’t, then it will struggle to sell and you could be wasting your money.
You Don’t Have Customer Trust
Lastly, if your customers don’t trust you, then you will find it much more challenging to sell, regardless of the quality of your product. The trick here is to offer free samples and engage in promotional activities first before asking them to pay the full price.