Realising that a product isn’t performing as well as hoped is never fun to confront. With print products in particular, you have to put a lot of effort into figuring out how you’re going to source materials. You might even have bought new equipment.
However, ignoring the situation won’t help. Next time it feels like a product isn’t pulling its weight, take a look through this guide we’ve created for you.
Signs of an Underperforming Product
Before we get to our solutions, how can you identify a poorly performing product? There are a few indicators that might draw your attention.
Probably the most obvious indicators are profit-based. Low sales numbers immediately tells you that customers aren’t picking up on your offering. You might have good sales numbers though but low profits because of high production costs. So be sure to look beyond base sales figures.
Other factors to watch for include customer feedback. Negative reviews brought on by a particular product aren’t good for your business’s reputation or for your repeat order statistics. You might also be getting poor page statistics such as a high bounce rate – suggesting that something isn’t connecting with your audience.
What Can You Do Next?
1. Look at Pricing
Getting your price right is essential. Your prices establish you within your industry. Price something too high and customers will turn to your competitors. Price something too low, however, and people might wonder why you’re so cheap. Cheap can equal poor quality which is definitely not the impression you want to give for your print work.
If your price is currently too low, it doesn’t take much effort to raise your price. If it is too high, however, you will need to investigate how you can reduce your production costs in order to maintain a healthy margin.
Conduct some competitor research. See where your business currently sits and then adjust as necessary.
2. Look at Marketing
Beyond price, there may be a way to improve how you are currently communicating about your product. Is it visible to your customers? Are they aware that it exists and how to find it? When they do find it, is it obvious what the benefit is?
You might launch a new finishing but, if your customers can’t see how it could apply to their projects, they won’t be interested. Make sure you have a clear, structured marketing schedule to keep customers in the loop about products you want to promote.
You might also want to look into whether you’re marketing it at the right kind of customer. Targeted campaigns might not resonate with your entire client base at once but your target audience will see it and be more likely to engage because it speaks directly to them.
3. Call it Quits
Unfortunately, there are times when you can’t win. There may just not be the demand that you expected after all. If that’s the case, don’t be afraid to ask your customers what they’re looking for in a client survey.
Alternatively, it may be impossible for you to adjust production costs any more for the sake of better pricing. At times like these, it’s important to know when to let go.
Spending time and effort on a failing product takes away time and effort from other items, or just growing your business in general. Make sure you’re expending that energy where it might make a difference.
We have a number of blogs to help you target certain print audiences better. Take a look at our How to Sell Print to series, with focusses on the Leisure and Tourism industry, Estate Agents, Bars and Restaurants and more…