MBA1189 When & How to Kill a Product That’s Not Selling
Business is failure, and failure is business. Knowing when you’ve lost — and how to move on — is an absolute requirement of entrepreneurship. No matter how much success you create, you will also create flat-out duds, products that miss the mark and just plain don’t sell. No big deal. Today, we discuss how to know when it’s time to admit defeat. And just to prove it happens to the best of us, we’re using our own company as an example. We recently launched a product that did not perform as expected, forcing us to pull the plug. We put in time, effort, and resources — and it flopped. Fortunately, product fails are never a total loss. Knowing how to retire a product skillfully will ensure that you get something out of it, even though it didn’t sell. The information and lessons revealed by a flop can be the key to your next, much better idea. Find out how to cut your losses and create new wins. Click Play!