Business

3 Ways to Revive Your Failed Product

3 Ways to Revive Your Failed Product
3 Ways to Revive Your Failed Product

Ford Edsel, the New Coke, and Bubble Wrap are a few examples of products that failed to make it big upon their first introduction on the market. Some went down under while a few came back with a vengeance to succeed. And they did. According to the Harvard Business School, over 30,000 new products are introduced to the market annually, but 95% of them fail. Does that surprise you? This article will teach you how to revive your failed product and live to tell your story.

  • Rename the product with a new, catchy term

In Marketing 101, a new product transforms into a brand and becomes a stamp of value. Not many people have succeeded in this regard. For that reason, many tend to lose the product and all the hard work which went into it. Supposing that is your story, no need to worry much because you have the opportunity to give that product a new name and identity. Renaming a product is a significant branding component. It is a strategy used by businesses for decades and has worked wonders for them.

For example, did you know Google was formerly called ‘Backrub?’ How about finding out that your favorite Pepsi entered the market as ‘Brad’s Drink?’ And Cargo House became Starbucks. The list is endless. However, the objective is to reassure you that your initial failed introduction can stage a successful comeback once you apply strategies that resonate with the target market. Most often, this includes renaming the old and replacing it with a catchy term.

  • Adopt ecommerce packaging

For clients and customers, the packaging is the first impression a business creates with its product. The right product with lousy packaging will lose its market and consumers. In another breath, a wrong product with excellent packaging may gain some attention, but it will lose its consumers and revenue after a while. So, either way, packaging is a major influencer in your product rebranding project. All you need is to get it right both ways: a good product with equally excellent packaging.

In the last few years, ecommerce packaging has caught on with big and small companies. The objective of a well-packed product is to arrive at its final destination in excellent condition. Ecommerce packaging is not all about the aesthetics of the box. It includes a sustainable infill, which aids its functionality and protects the product within it. Perhaps, when you first introduced your product, you didn’t invest much in packaging. This time around, you have the opportunity to do better with on-demand packaging companies such as PACKSIZE.

  • Revise your product promotion channels and pricing
3 Ways to Revive Your Failed Product
3 Ways to Revive Your Failed Product

Sometimes, finding the right person or the suitable entity to promote your product is all it takes to stage a successful comeback. There are three ways to do this, and they are listed below:

  • Get a non-competitor who serves your target market to add it to their merchandise
  • Find a social media influencer to run with it.
  • Adopt a joint venture strategy

Your guiding point is to veer completely from the strategies you used earlier. Instead, look at incorporating modernity into your new promotion channels. Most importantly, be objective with your initial pricing and if need be, review it downwards. When your product catches on with the target market, you will recoup your losses.

Product fails are not new in the marketing world. What distinguishes you from the rest is your tenacity and ability to transform a bad story into a good one. Moreover, in many situations, all you need is a fresh pair of eyes to see what you couldn’t perceive earlier. A fresh perspective from a non-competing outsider would be of value to you, the product, and the business in general. 

Ford Edsel, the New Coke, and Bubble Wrap are a few examples of products that failed to make it big upon their first introduction on the market. Some went down under while a few came back with a vengeance to succeed. According to the Harvard Business School, over 30,000 new products are introduced to the market annually, but 95% of them fail. Does that surprise you? This article will teach you how to revive your failed product and live to tell your story.

  • Rename the product with a new, catchy term

In Marketing 101, a new product transforms into a brand and becomes a stamp of value. Not many people have succeeded in this regard. For that reason, many tend to lose the product and all the hard work which went into it. Supposing that is your story, no need to worry much because you have the opportunity to give that product a new name and identity. Renaming a product is a significant branding component. It is a strategy used by businesses for decades and has worked wonders for them.

For example, did you know Google was formerly called ‘Backrub?’ How about finding out that your favorite Pepsi entered the market as ‘Brad’s Drink?’ And Cargo House became Starbucks. The list is endless. However, the objective is to reassure you that your initial failed introduction can stage a successful comeback once you apply strategies that resonate with the target market. Most often, this includes renaming the old and replacing it with a catchy term.

  • Adopt ecommerce packaging

For clients and customers, the packaging is the first impression a business creates with its product. The right product with lousy packaging will lose its market and consumers. In another breath, a wrong product with excellent packaging may gain some attention, but it will lose its consumers and revenue after a while. So, either way, packaging is a major influencer in your product rebranding project. All you need is to get it right both ways: a good product with equally excellent packaging.

In the last few years, ecommerce packaging has caught on with big and small companies. The objective of a well-packed product is to arrive at its final destination in excellent condition. Ecommerce packaging is not all about the aesthetics of the box. It includes a sustainable infill, which aids its functionality and protects the product within it. Perhaps, when you first introduced your product, you didn’t invest much in packaging. This time around, you have the opportunity to do better with on-demand packaging companies such as PACKSIZE.

  • Revise your product promotion channels and pricing

Sometimes, finding the right person or the suitable entity to promote your product is all it takes to stage a successful comeback. There are three ways to do this, and they are listed below:

  • Get a non-competitor who serves your target market to add it to their merchandise
  • Find a social media influencer to run with it.
  • Adopt a joint venture strategy

Your guiding point is to veer completely from the strategies you used earlier. Instead, look at incorporating modernity into your new promotion channels. Most importantly, be objective with your initial pricing and if need be, review it downwards. When your product catches on with the target market, you will recoup your losses.

Product fails are not new in the marketing world. What distinguishes you from the rest is your tenacity and ability to transform a bad story into a good one. Moreover, in many situations, all you need is a fresh pair of eyes to see what you couldn’t perceive earlier. A fresh perspective from a non-competing outsider would be of value to you, the product, and the business in general. 

About the author

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Jitender Sharma

Founder of TheNextHint Inc and Publisher on Google News. Spent 25,000 hours in Business development and Content Creation. Expert in optimizing websites according to google updates and provide solution-based approach to rank websites on Internet. My aspirations are to help people build business while I'm also open to learning and imparting knowledge. Passionate about marketing and inspired to find new ways to create captivating content.

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