I was talking to a consumer product startup company recently, who asked me what they should look out for as they bring their product to market. We discussed whether they should crowdfund, go direct to Amazon, or explore distribution. The more we talked, the more I realized that they hadn’t fully thought through the foundation of their product and business model.
It is not enough to believe you have a great product that everyone wants and all you must do is start getting it out there. Consumer product startups face a unique set of challenges that can easily derail the success of their business. Unfortunately, many founders are unprepared for these potential pitfalls and end up making costly mistakes. Here are some common pitfalls to watch out for:
1. Lack of Market Research: Without understanding customer needs and preferences, it’s hard to create a product that will sell. Founders must conduct market research to ensure that their product solves a particular problem and appeal to potential customers.
2. Poor Execution: It’s not enough to have a great idea; founders need to be able to execute on it in order to bring the product to life. This means having the right team, processes, technology, and resources in place to turn the concept into reality.
3. Poor Timing: Consumer products have a window of opportunity when they can be sold successfully. Founders need to time their launch perfectly so that the product is available when customers are most interested in buying it.
4. Poor Quality Control: Consumers expect high-quality products, and if a product fails to meet their standards, it can be difficult to regain their trust. Founders must ensure that their products are subject to rigorous quality control measures for them to remain competitive.
5. Poor Distribution: Even the best product will not sell if it is not available in the right places at the right time. Founders need to consider their distribution channels and ensure that the product is available in all the necessary locations.
By being aware of these common pitfalls, founders can avoid wasting time and money on channels that don’t produce and products that don’t sell. By taking the time to do your research and plan carefully, you can create successful consumer products that will stand out in a crowded market.
Looking to avoid these common pitfalls? Contact us today to get more information on how our team can help launch your product startup in retail.