Top Reasons Products Fail to Sell
Many people believe that the success of a product is usually based on marketing, but this is false. Sometimes, marketers will try their best but some products will still fail. There are many things that can cause a product to flop.
Explained below are some of these causes:
- Higher price: Price factor is a good reason why some products fail to sell. This is usually not because retailers are trying to make extra bucks, higher prices is mostly as a result of distribution costs and higher production. Such products will not sell quickly in a market that is made up of lower and middle-income buyers.
- Poor product quality: As an independent pharmacist, most of the products you offer are for the personal use of buyers. This shows that a product of poor quality will not sell in this kind of market.
- Inherent defect: The product may have an inherent defect, which may have an effect on its potentialities in the market. There is a good chance that buyers won’t prefer such a product even if later on, the defect is fixed.
- Poor timing: Before a product can be truly successful, it is important to introduce it in your business community at the right time. The independent pharmacy market is a sensitive one so introducing a product at the wrong time may result in drastic failure.
- Inadequate promotional measures: It is vital to popularize the brand, especially in the introduction phase of a new product. This process will help maintain repeated sales as well as bring your business long-term benefits. On the other hand, it may be disastrous for that product if you don’t promote it enough.
- Extent of competition: In certain markets, there may be monopoly where you won’t have any problem marketing your product, but this is not true for the independent pharmacy community.In this market, there are a lot of sellers offering the same or similar products thereby giving buyers various alternatives. In this case, unless you or your marketers bring the product out to our buyers’ satisfaction, it will likely be unsuccessful.
- Poor/faulty distribution policy: One of the most important things in this business community is that your product should reach the right audience at the right cost/price and at the perfect time. There may be a lot of problems if the distribution policy of you or your marketer is faulty, i.e., the products or services may be unavailable when needed, may result in higher price, etc.
- Poor after-sale service: Another vital factor is how good your after-sale service is. You and your employees should be courteous in every aspect, especially when making sales. When a customer requires your serve later, show the same attitude.
- Imitation products: This last one is very important. As mentioned earlier, most of the products sold in a pharmacy are for personal consumption so people are more skeptical when imitation products are in the market. This will make genuine products vulnerable as well. However, an average customer may not be able to tell between a fake product and a genuine one.
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