Big News: FounderDating is joining OneVest to build the largest community for entrepreneurs. Details here
Latest Notifications
You have no recent recommendations.
Name
Title
 
MiniBio
FOLLOW
Title
 Followers
FOLLOW TOPIC

Question goes here

1,300 Followers

  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur

What should our company do when a great product is not selling?

We have had a unique, cutting edge product in the market for about a year now and sales progress has been slow. What strategies should be implemented? Further improve the product? Refine based on customer feedback? Find new sales and marketing channels?

60 Replies

Michael Markarian
2
8
Michael Markarian Entrepreneur
Founder at Mount Dream
You need to find out "why".

Mount Dream can help you with this.
Michael Brill
10
0
Michael Brill Entrepreneur
Technology startup exec focused on AI-driven products
Maybe it's a bit specific to your situation, but you're in a very tough market and everyone with beacon-based solutions faces enormous headwinds. Small retailers aren't interested because you don't have critical mass of app adoption and large retailers want their own branded solution integrated into their existing app.

imho, this is not a sales issue but a basic two-sided marketplace issue. There is plenty written on strategies for building a marketplace.

You also have a year's experience of customers saying no... talk to them and find out why they haven't bitten. That is going to be 10X as valuable as general market research.
Scott McGregor
1
2
Scott McGregor Entrepreneur • Advisor
Advisor, co-founder, consultant and part time executive to Tech Start-ups. Based in Silicon Valley.
Read "Selling the Wheel" by Jeff Cox and Howard Stevens. Make sure you have the right kind of sales team for the phase of you business. Scott McGregor, [removed to protect privacy], (408) 505-4123 Sent from my iPhone
Peter Geisheker
6
0
Peter Geisheker Entrepreneur
Digital Marketing Director - B2B Marketing - SaaS Marketing - Seeking a Digital Marketing Position
Hi Bron,

What are people you are trying to sell it to saying about the product? Are they telling you why they are not buying it? Along the same lines, for the people who have bought it, why did they buy it and what have their results been? Clients will often give you benefits and reasons for buying your product that you never thought of.

I recently worked with a client where sales were slow so we interviewed several of their best clients. The information we received from the clients about why they bought the product and the benefits they received from it were very insightful to us and we created a new marketing campaign based on their feedback. The new marketing campaign is bringing in far more leads and sales than the previous campaign because now we know exactly what people want instead of assuming what we thought they wanted.

Peter Geisheker
Edward M. Yang
1
0
Edward M. Yang Entrepreneur
Managing Partner at Firecracker PR
Bron,

1. What is the price point of the product?

2. Who is the ideal customer?

3. Where are leads coming from right now? Break down...

4. How many leads do you need in the pipeline to hit your goal based on close/conversion rates?

Thx,

Ed
Gina Gianatasio Michnowicz
4
1
CEO, Co-Founder at Union+Webster
I have worked for plenty of start ups with great products that take a while to sell. It might be the market is not quite ready too. In these cases, going back to customers and conducting primary research is a good tactic. I would conduct a small qualitative study with in-depth interviews talking to customers, prospects, and people you lost the opportunity. Then to go broader, conduct an online study to understand buying dynamics for your solution and market readiness. There are a couple of ways to test this. You really need to determine from the following: 1) Is it a market readiness issue? 2) Is it how we are marketing and selling to the market? 3) Do we have a competitor whose product is addressing the market better and outselling us?
Joe Albano, PhD
3
0
Joe Albano, PhD Advisor
Using the business of entrepreneurialism to turn ideas into products and products into sustainable businesses.
It comes down to this:
  • Who is buying?
    • What will it take to get them to buy more?
    • How can you find more people like them?
  • Who did you think would buy who isn't?
    • Why aren't they buying?
    • Can you adjust your offering so that they will?
    • Have you made some inaccurate assumptions that you need to adjust?

Peter Bray
4
0
Peter Bray Entrepreneur • Advisor
CEO at Bray & Co
Forget qualitative research groups, in my opinion a waste of time.

You have one of two problems.

The first problem is that you have a product no one wants to buy, for a variety of reasons. You need to find out quickly if people want to buy. Do a pre-launch qualification campaign, spend as much as you can on creative and media, and find out fast. Then if the numbers don't add up, try and sell your IP.

The other problem is that you are fishing in the wrong ponds. Not unusual. You need to do a real data study, workout your addressable market, and model some CPAs. If the numbers don't add up, you don't have a business. There are plenty of great products out there that aren't businesses simply because it costs more to sell them than the TCO. In that case, sell the business, license the IP to a company that has the channels already perfected.




Brett Gentry
0
0
Brett Gentry Entrepreneur
Program | Product | Operations | SaaS/IaaS Engineering
There are some good suggestions noted above; talk directly with potential customers to understand why they are not buying is one of the top on my list. The very top though is I suspect you should be selling direct to large chains (elephant hunt) and forget about small business.
Gina Gianatasio Michnowicz
2
0
CEO, Co-Founder at Union+Webster
Clarification...not qualitative research groups but in-depth interviews. Those actually do provide you a lot of insight if they are done correctly.
Join FounderDating to participate in the discussion
Nothing gets posted to LinkedIn and your information will not be shared.

Just a few more details please.

DO: Start a discussion, share a resource, or ask a question related to entrepreneurship.
DON'T: Post about prohibited topics such as recruiting, cofounder wanted, check out my product
or feedback on the FD site (you can send this to us directly info@founderdating.com).
See the Community Code of Conduct for more details.

Title

Give your question or discussion topic a great title, make it catchy and succinct.

Details

Make sure what you're about to say is specific and relevant - you'll get better responses.

Topics

Tag your discussion so you get more relevant responses.

Question goes here

1,300 Followers

  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
Know someone who should answer this question? Enter their email below
Stay current and follow these discussion topics?