Is my new product a dud or has the market changed?

Dear Aunty B,

I have had a disastrous four months with a new line of business that launched with great promise and fan fare a year ago and now looks to be sinking without trace. How do I know if I am victim of a changing marketplace or if I am just gutless and want to run? I haven’t invested that much in the new line so should I cut my losses instead of throwing good money after not a lot.

John

Dear John,

Not a lot of detail but as usual I will do my best. You don’t know the answer, so you must ask others. First ask your staff, then visit some customers and finally convene your board, which should have an experienced player in your industry on it.

What are they telling you? Are you not getting enough repeat business? Is it service levels that are to blame? Faulty products? Or are you struggling to win new business? Do you need to invest more time and money on marketing and building channels to market?

Then, read industry reports. Is there anything that is happening structurally that is affecting sales? Has the marketplace changed in just one year? Ours has, so don’t dismiss the thought.

Lastly, is there any tweaking of the product that can result in better performance? Get that ear to the marketplace before making any decision but do it quickly.

Be smart,

Your Aunty B