What do you do if your new product or service is not gaining traction in the market?

Go out to the field and hear from your customers and your sales reps. Have good questions and be sure to LISTEN before making any assessments. Is it the product/service, pricing, promotion strategy or distribution channel? Be sure to visit different regions and people before you make your final recommendations. Do this as quickly as you can.

Gather feedback from customers who have interacted with your product or service. Understand their pain points, preferences, and suggestions for improvement. Use this feedback to refine your offering. Conduct thorough market research to understand the needs, preferences, and behaviors of your target audience. Identify any gaps between your offering and customer expectations. Analyze competitors who are successful in your niche. Understand what they are doing differently and how you can differentiate your product or service to stand out in the market. Clearly articulate the value proposition of your product or service. Highlight what sets it apart from competitors & why customers should choose it over alternatives. Adjust Pricing Strategy

I would relook the marketing strategy, vigorously work on getting feedback from clients by introducing the product to them. I would also look at market competition and any need to adjust pricing so as to penetrate the market. I would also choose an advertising medium that would reach a wider market. Penetrating a market has always been a nightmare but the moment a product is accepted and serves its purpose it will take the Organisation a long way. The initial process of aligning the product with what the customer wants and penetrating the market is crucial 👌

Analyze Feedback: Gather feedback from customers, both those who have purchased your product/service and those who haven't. Understand what they like, dislike, and make improvement

Reassess your target market. Are you reaching the right audience? Conduct market research to identify potential customer segments and their preferences.

Refine Your Value Proposition-Make sure your product/service addresses a genuine need or problem for your target audience. Refine your messaging to clearly communicate the value you provide

If a new product or service isn't gaining traction, conduct market research to understand customer needs and preferences better. Adjust the marketing strategy, refine the product/service based on feedback, target different customer segments, or explore partnerships/collaborations to increase visibility and appeal.