Your Product Isn’t Selling and What to Do About it?

Angela Hausman, PhD
​Last updated: 5 July 2022

As a good product manager, you routinely monitor key metrics that track the performance of your product only to find your product isn’t selling over a period of time.

Sure, you didn’t expect product sales to take off like a rocket ship (although that would make you supremely happy), but your product’s been on the market for a while and sales are dismal.

What should you do next?

Well, the answer depends on a variety of factors. Today, we’ll discuss 4 factors contributing to poor product sales.

Product factors impacting sales

If your product isn’t selling, the first step is to investigate WHY sales lag. Making changes to your marketing strategy must follow a structured investigation of factors causing the problem.

Sometimes, a product’s sales fail to meet expectations due to normal variations sales across the product category, since sales don’t always occur at the same level but reflect small variations over time. For instance, sales of steaks in supermarkets increase over the summer, when more people grill versus other parts of the year. Over-correcting when no underlying problem exists results in yo-yoing sales and unnecessary marketing expenses.

Think of this as a golfer who shot her ball short of the hole. She overcompensates by hitting the ball too hard, sending it past the hole. Recognizing her error, she hits the next shot too softly and the ball falls short of the hole. Back to a harder swing, she now overshoots the hole again. Her strategy resulted in a poor score to achieve her goal (ball in hole). If, instead, she took the time to study her shot, estimate the force necessary to drop the ball in the hole, her score improves. That’s what businesses face when they feel forced to react to every blip in their sales figures.

Your investigation when your product isn’t selling should start by looking at these factors:

• Stage in the product life cycle
• Economic conditions
• Changes in consumer wants and needs
• Competitor’s actions

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SOURCE

https://www.business2community.com/product-management/4-reasons-your-product-isnt-selling-and-what-to-do-about-it-02327765