It felt like an idea that couldn’t possibly fail; the world is technology mad, so developing a new tech product is surely going to result in profits. The last few years alone have seen new things entering the public market – drones, virtual reality headsets and AI home assistants are just a few examples. So, why did your new tech product flop so hard?
As it turns out, there are numerous reasons it might have failed – and some may surprise you!
It doesn’t matter how good your product is, there needs to be an appropriate price for it. Particularly if you’re aiming it at general consumers. So, if you priced your tech product at a ridiculously high figure, then it instantly deters people. They may think it’s cool, but they don’t give it a second thought as it’s just too much. As a result, you’ll find it very hard to get any customers at all.
No real purpose
In this technological world, too many businesses are coming up with pointless product ideas just to satisfy everyone’s craving for technology. This ultimately results in the product being a flop as nobody is that interested in it. Instead of being something people actually need, it becomes more of a novelty. If there’s no demand for what you’ve created, then it’s hard to sell it.
The majority of failed tech products can be traced back to technical errors. It will amaze you to learn the simple things that can cause defects. Something as insignificant as dust will disrupt an electronic circuit if it’s not been covered in the correct coating technology. Software development issues and coding mistakes are other common causes of faults – both of which can be easily avoided! When a product has technical errors, it means loads of people return them, the reviews are bad, and you struggle to sell any at all.
Better options out there
Sometimes, the reason your product failed is just because there are better options out there. This is a big issue for companies in the smartphone industry. You often see new companies coming out with a new phone, but it ultimately struggles to sell because the Samsungs, iPhones and Google Pixels of the world are overshadowing them. It’s probably the hardest thing when you develop a new tech product as there are so many companies out there with more money than you to access better technologies. As such, there’s the risk that your product just won’t ever be good enough. But, if you price it right, include some unique features and make sure it has a clear purpose, then you can usually cope with the ‘better’ options pretty well.
If you’re looking for a new product to develop, then tech products are a great place to start. This is the way the world is going; technology is becoming a vital part of our everyday lives. However, there’s no denying that some tech products are doomed to fail. If you want to ensure your lives to fight another day, then make sure none of the four issues above apply to it.