We’ve all been there. You offer a great quality product for what you think is a great value and for some reason, it just won’t sell.
When experiencing a problem with product sales, there are likely two questions that come to mind. First, you’ll ask the obvious, “why is this product not selling” and then you’ll ask, “what can I do to sell it?”.
To begin, let’s address the “why”.
Reasons Why Your Product Isn’t Selling
There could be a number of reasons why your product isn’t selling.
Problem: The product is not being effectively promoted.
If your marketing team is not taking appropriate and effective measures to promote your product in places where your audience will see it– how will they know about your product? We call this a lack of brand awareness.
Solution: Get with your marketing team to figure out what promotional tactics are working and which aren’t. This could be with regards to your promotional messaging, channels you use to convey that message, or your sales team.
Have you considered offering a sales incentive that will encourage your sales team to upsell your product(s) to current and potential customers? Read more about how a SPIFF program could help increase sales of your product.
Problem: You don’t know your audience as well as you think.
A huge part of successful marketing and sales is knowing who your audience is. When you understand your audience’s problems, you’re able to create a product that solves those problems. If you don’t know your audience, you could potentially create a product they don’t feel inclined to purchase.
Solution: Market research, focus groups, and testing can all help you define your target audience specifically. The information you gather from your research should be used to create products for your audience’s needs and to determine proper promotional tactics.
Warranty registrations are a great way to capture consumer data and receive quality insights-without risking your customer’s trust with your brand. See the warranty registration services we provide.
Problem: The product promotion and messaging are lacking in details.
If your audience is confused about your product in any way–they won’t purchase it. Buyers need to completely understand the solution your product offers in order to feel compelled to purchase.
Solution: Your product’s key benefits and the solution the product provides to your customer’s problem should be made clear through your promotional messaging.
Problem: Your product isn’t getting people talking.
In today’s B2C world, positive word of mouth can do wonders for a product’s sales. If your customers are willing (and excited) to tell others about your product–sales should be no problem for you.
Solution: First, create an awesome product that your customers can’t help but tell each other about. You might also consider rewarding your customers for talking about your product and referring others.
Problem: Your product has strong competition.
If your audience doesn’t understand what sets your product apart from the rest, there’s a chance they could go with your competitor’s product over yours.
Solution: In some consumer markets, competition is strong. Give consumers a good enough reason to purchase your product instead of your competitors. A compelling incentive might be just the thing to get your competitor’s customers to switch to your product (and if they like it–continue purchasing your product).
Problem: Your product isn’t priced correctly.
If your product is priced too low, consumers might associate the product (or worse, your brand) with poor quality. Priced too high, and consumers might not think your product is worth it. Pricing can be a tough thing for marketing and sales teams to get spot-on, especially today where many consumers make purchases based on offers and promotions
Solution: If your audience is looking for a discount, give them one. A discount could be the difference between obtaining a new customer or losing the opportunity. Determine a discount and strategy that will work well for your product or brand.
While any of these could be the reason why your product isn’t selling, know that it’s not always necessary to scrap the product and start from scratch. Discuss with your team why your product might not be selling and then determine what could be done to fix the problem and promote sales. We’ve included a few ways you can go about selling a product that won’t sell.
How To Sell A Product That Won’t Sell–With Incentives!
Don’t give up on a product that won’t sell just yet. Not before you attempt to incentivize customers with a promotion or other incentive program! Effective promotions and incentives can drive sales on even the slowest moving products. Give one of these promotional or incentive ideas a shot:
One of the most effective ways to gain new customers is to give your product away for free! While that may seem counter-intuitive, giving your product away can actually be beneficial to your bottom line.
Bonus Product With Purchase
Offer your product as a “free gift” when a customer makes a purchase, often call “GWP” or gift with purchase.
Reward for Referral
As we said earlier, word of mouth is a powerful thing these days. Incentivize customers to talk up your product with a free reward for a referral.
Strategic Free Giveaways
Give your product free to key influencers in the market. When done right (and with a great product) the influencer will tell others about your product!
Hand your product out for free at an event relevant to your industry. If you get your product in the hands of the right customer (without any cost to them) they’ll have no choice but to try it!
Product Free With Purchase
Offering a free product with purchase of a different product (possibly from a completely different product line) can give customers the push they need to try other products of yours. With any luck, they’ll like the product and purchase it again.
Offer a Warranty
Customers will feel more confident buying your product if there is a guarantee offered with it. A guarantee shows your customers you believe in your product and are confident it will give them the results they’re looking for. Offer a 30, 60, or 90-day money back guarantee, 10+ year warranty, or a double your money back guarantee.
There’s no question about it–when a company offers a discount on their product it drives sales. Rebates, coupons for dollars or percentage off, and “buy one get one” type offers prove to be extremely effective price reduction offers.
Our favorite price reduction technique? Rebates. While rebates lower the perceived value of what is being sold, they don’t reduce the retail price paid. Consumer rebates help your company drive sales, break into new markets, increase market share, introduce a new product, move inventory (products that won’t sell) and collect consumer data. Consumer rebate marketing can work for your company.
To learn more about unique marketing channels you may be able to implement, download our free guide.
At Incentive Insights, we’re in the business of helping companies develop programs that drive sales. When you need assistance putting a rebate program in place for your business, we’re ready to help. Contact us and let’s get started.