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Working hard, taking risks, and failing nonetheless is a part of life – and it’s certainly a part of business life. The failure tastes especially sour when you’ve fired up an entire bottle of midnight oil and invested all of your energy and resources into the launch of this product, just to see it crash-land as soon as it’s unleashed.
Although most successful businesses today have experienced a few spectacular disasters through their life, all of them managed to pick themselves up and keep pushing forward. Their failure made them robust and innovative; learn from their mistakes and bounce back after the miserable product launch as well, stronger than ever.
Analyze the situation
When you’ve put your mind into recovering and not losing hope quite yet, the first thing you should do is to gather as much data as possible. You can learn so much from the way your product or service was received – and sometimes, you might even find that it was never a problem with your product in the first place.
It may have been the marketing strategy, how you presented it to the market, and whether or not you managed to communicate its purpose properly. A business can launch an exceptional product that should have been well-received, only to realize that the target group never really understood its benefits.
Talk to your customers
Reach out to a few of your customers and find out what they disliked about the product. This is the first step to recovery and a potential recipe for re-launching it with greater success than ever. Send out a survey in a newsletter and offer some form of reimbursement for taking the time to answer your questions – such as a discount or similar, and gather as much data from this as possible.
By looking at their answers, you may find that there was, in fact, something wrong with the product that should be fixed. Maybe you find that you never reached the people who could have loved the product, and you should find room for improvement with the product launch instead. Finally, it could have been challenges around the market you targeted that kept your product from soaring.
Improve the product
With the amount of data you have and the feedback you’ve received from your market, it’s time to get back to the drawing table. Sometimes, you need to make major changes to the product or service, and many business owners before you have scrapped the idea altogether when they understood the costs. You can easily apply for some of the best small business loans to improve your product and make the money back, though, so don’t let this stop you.
Implement the changes and present the new and improved product to the ones you’ve surveyed earlier. Explain that you have considered their opinions and tried to improve it before asking them to try it out and give some final feedback.
Maybe you still need to improve it – or maybe you’ve learned from your mistakes and created something brilliantly useful.
A failed product launch doesn’t have to mean disaster, especially not when so many successful companies have failed miserably just to grow stronger within a short year. The key to success is, of course, to analyze your mistakes and learn from them the best you can, giving the market exactly what they need in the end.