Having a great product is often touted as the key to success in business. However, more than having a great product is needed to guarantee success. In fact, many companies with fantastic products have failed in the marketplace due to a lack of effective marketing or customer behaviors.

The reason for this is simple – consumers are inundated with countless options and choices, and it can be challenging for a new product to stand out in a crowded market. This is where marketing comes in – by effectively promoting and positioning the product, a company can increase its visibility and generate interest among potential customers.

One of the key challenges of marketing a great product is ensuring that the messaging resonates with the target audience. This involves understanding the needs and preferences of the target market, as well as communicating the unique value proposition of the product in a way that is compelling and relevant. Without understanding the audience, it is impossible to create a marketing campaign that will resonate with them.

Another crucial aspect of marketing is creating a strong brand identity that resonates with consumers. This involves developing a clear and consistent brand message, visual identity, and voice that reflects the values and personality of the company. By creating a strong brand, a company can establish an emotional connection with consumers and build brand loyalty.

Let’s take a look at some examples of companies that had great products but failed in the marketplace due to a lack of effective marketing & strategy.

If you grew up in the 80s, you’ll remember this one: Coca-Cola, freshly liberated from its “hippie-phase” with its “I’d Like to Teach the World to Sing (In Perfect Harmony)” ads that lasted well into the early-mid 80s, decided to change things up a bit and released New Coke in 1985. This was met with widespread backlash from consumers, myself included. Despite conducting taste tests that showed their test consumers preferred the new formula, many loyal Coke drinkers were upset by the change and demanded that the company bring back the original recipe. We weren’t really given a choice, so the novelty of a new flavor not market-tested forced Coca-Cola to reintroduce its original formula as “Coca-Cola Classic” just a few months later. This episode demonstrated that consumer preferences and emotional attachments to a brand can be just as important as taste when it comes to determining the success of a product.

Google’s wearable technology device, Google Glass, was widely hyped prior to its release in 2013. I owned a pair and thought it was a great concept, however, the device failed to gain widespread adoption among consumers. One of the prevailing reasons for its failure was concerns over privacy, as the device was capable of recording video and audio without the knowledge of those around the wearer. Additionally, the high cost of the device (which was initially sold for $1,500) made it, as a new product too cost prohibited for many consumers. This example highlights the importance of understanding consumer concerns and pricing products appropriately.

Microsoft’s Zune media player was released in 2006 as a direct competitor to Apple’s iPod. Despite some innovative features, such as wireless music syncing and a built-in FM tuner, the Zune much to my wife’s dismay failed to gain traction in the market. One reason for this was the dominance of the iPod, which already had a loyal customer base. Additionally, Zune was only available in a limited number of countries, which restricted its potential customer base. This example shows that entering an established market dominated by a competitor can be difficult and that limited availability can hinder a product’s success.

Amazon’s Fire Phone was released in 2014 as a smartphone designed to integrate with Amazon’s ecosystem of products and services. However, the device failed to gain traction among consumers, in part due to its high price tag and lack of compelling features compared to competitors like the iPhone and Samsung Galaxy. Additionally, Amazon was a little late to the market and having a customized Android offering without the official Google Play store didn’t help, nor having the device as exclusive to AT&T in the United States, which limited its availability. This example demonstrates that a strong brand and ecosystem of products may not be enough to overcome shortcomings in product features and pricing.

Ultimately, the success of a product depends on a combination of factors, including the quality of the product, the effectiveness of the marketing strategy, and the ability of the company to adapt to changing market conditions. While having a great product is undoubtedly important, it is not enough on its own to ensure success in today’s competitive business landscape, it’s more important than ever to have a solid marketing strategy in place. A company can have the best product in the world, but if it’s not marketed effectively, it may fail to gain traction in the marketplace.

One of the first steps in developing a marketing strategy is to conduct market research to better understand the target audience. This involves gathering data on consumer preferences, behaviors, and purchasing habits. With this information, companies can develop messaging that resonates with potential customers and positions the product in a way that is appealing to them.

Another important aspect of marketing is creating a strong brand identity. This involves developing a clear and consistent brand message, visual identity, and voice that reflects the values and personality of the company. By developing a strong brand, companies can differentiate themselves from competitors and build trust and loyalty with customers.

Once the messaging and brand identity have been established, it’s important to identify the most effective channels for reaching the target audience. This could include traditional marketing channels like television and print ads, or digital channels like social media and email marketing. By selecting the right channels, companies can effectively reach potential customers and generate interest in their products.

It’s also important to continually evaluate and adjust the marketing strategy as needed. This could involve tweaking messaging, adjusting the marketing mix, or exploring new channels for reaching potential customers. By remaining flexible and adaptable, companies can stay ahead of changing market conditions and ensure the success of their products.

In conclusion, while having a great product is an important component of any successful marketing strategy, it’s not enough on its own to ensure success in the marketplace. Companies must also have an effective marketing strategy in place that effectively positions the product, resonates with the target audience, and creates a strong brand identity. By taking these steps, companies can increase the visibility of their products, differentiate themselves from competitors, and ultimately drive sales and revenue.