What do you do if your product or service isn't gaining traction in the market?

Go back to the basics of product-market fit: 1) Do you really know who your target customer is? (Or do you just think you know?) 2) What problem do they have that you are trying to solve? How is the problem impacting their business? 3) Hone in on differentiation - what is unique about your ability to solve the problem? 4) Agree on the minimal requirements needed and start by building only those. 5) Determine the right channel approach to position with the target customer. Experiment if needed. 6) Don't worry about scale (at first). Focus on getting feedback from your first customers. Scale comes later. 7) You're not done until the customer renews or buys more! If you are truly solving the problem they'll want more.

Take a hard look and be prepared to make changes. Is the market looking for what you're offering? Is the value proposition clear to the customer? Interview any existing or past customers and get their honest feedback (stop selling at that point and listen well). There will be three options: 1. Product improvements 2. Clarify the messaging/marketing 3. Give up on your product if you can't further improve or clarify. There likely isn't a good product-market fit.

Review your research and talk to your target audience, determine if there is a need for your product or service, find out what they are looking for and the words, descriptions, they use to find it. Match this to your pre-market research (giving the benefit of the doubt that this was done, because ...) to understand the gaps in expectations and results. Talk to the audience about the pain point your product/service aims to match and if they think your messaging and marketing find them and meet their needs.

To evaluate the market, consider these key steps: 1. Identify your target audience. 2. Analyze the competition. 3. Study market trends. 4. Evaluate your marketing message. 5. Assess product-market fit. 6. Be open to making changes. By following these steps, you can gain insights into why your product or service may not be gaining traction and make necessary adjustments for success.

If your product or service isn't gaining traction, it's time to go back to the drawing board. Instead of persisting with an ill-fitting solution, take a step back, listen to your customers, reassess and recalibrate. Success of any product lies in adaptation and agility. The market has given feedback; now it's your turn to respond with a fresh, informed approach.

Don’t be afraid of talking both to customers and non-customers (who decided not to buy). Remember these conversations are for listening, not for selling or trying to convince your customers. Be humble. Be open to hear what you want (and don’t want). Be flexible to adjust. Be smart to stop quickly, if this is the case.

Few realize that while you need to talk to customers, you need to be ready to segment your feedback and ready two sets of questions: - The 1st group will be innovators & early adopters who are all about your product and category. - The 2nd is a later adopter who will want refined products, discounts, & incentives. Ask the first group what really gets them fired up about your product and where it's headed. Ask the late crowd, what's holding them back from buying or engaging more. Use that feedback to update your approach so it hits the sweet spot for both groups -- a "Goldilocks" version that'll help you find your fit faster. Refine your product & messaging until you've got something that speaks to potential customers across the board.

The best route to a course correction in this case will be to find out the reasons for no traction. For this, the ideal step will be to connect with your beta users or first cohort of users and understand their experience of the product. Schedule interviews with them or even via a survey questionnaire and ask relevant questions to understand how they feel after using the product. This will provide you with data that can be dissected to derive the key pros and cons of your product. Next action item is right in front of you then - work on cons. Fix the chinks and take it to the same beta users and if possible start marketing based on the upgrades.

Listening to feedback is essential for identifying shortcomings. Seek feedback actively, be open-minded, and analyze patterns. Prioritize feedback based on impact and take action to make improvements. Follow up with customers and continuously monitor satisfaction. Embrace feedback as a resource for growth and innovation.

Development an understanding of the problems customers are having. Are they using it correctly or do they need to be trained to change their methods with this product.

Development of a value proposition giving the customer a true understanding of the benefits and value they will receive once they make a change.

This is part of the value proposition...showing proof with technical and cost benefits once they make a change to your product. Give them a reason to change to your product. Have your story in hand, this eliminates the potential push back.

Knowing your customers and what potential short comings in the products they're using. This is key to show the technical evidence your offering will bring while saving them money. Do your homework and dig for information from the customer. Push so the customer is willing to share their systems/formulations allowing you find potential cost savings for them.

To build strong customer relationships, engage with your audience through various channels like social media, email newsletters, and community events. Show that you value their input and are dedicated to meeting their needs. By providing personalized experiences, you can turn one-time customers into brand advocates who spread positive word-of-mouth. This will increase trust, loyalty, and ultimately, traction for your business.

Consider that you might have failed to conduct proper market research with your target audience BEFORE your launch. If a product/service fails, it’s usually due to a misalignment between customer wants/needs and your offering. - Did you do price sensitivity testing? - Did you do package testing? - Did you do qualitative product evaluations with your target customers? - Did you conduct a thorough competitive landscape analysis to deeply understand competitive offerings in your target market? If the answer is no to any of those, you were not ready to launch your offering. Shooting from the hip and guessing at customer needs/wants always fails.

Hopefully you’ve established an actual marketing, biz development/sales, and lead generation plan. Gone are the days of… “If you build it, they will come.”