January 31, 2024

Why Not Delivering What Is Promised is a Leading Cause of New-Product Failure

The adage that 80% to 95% of new products wind up as failures is often overstated, but the fact is that many promising companies never earn enough revenue to sustain them. New product failure can be due to a number of factors, from poor market fit to unaddressed customer needs to staunch competition. But perhaps the most common reason is not delivering what was promised.

The problem is that when you fail to deliver on your promises, your customers feel let down. They might cancel services or orders, which leads to lost revenue for your company. They might also send in negative reviews on social media or review websites, which can damage your brand reputation. And they might spread the word about their bad experiences to other potential customers, which can further erode your client base and sales.

Moreover, it's possible that you might be breaking laws by failing to keep your promises. For example, if you promise to deliver within three months and then it takes longer than that, you might be violating various consumer protection laws in your country.

Whether you break your promises intentionally or not, it's important to avoid over-promising. It's a sure way to create discontent among your clients. For example, if you show an advertising image of a model that is unrealistically beautiful or compares her to someone with very different body proportions, you're setting an expectation that's impossible to meet. It's a good idea to use realistic images and comparisons when you advertise your products.

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