Softening The Blow When Your Product Bombs – FA161

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Making The Best Of A Bad Situation…

This week’s topic is one that every entrepreneur dreads. What do you do when a product launch doesn’t live up to expectations, or straight-up fails? To delve in to the dark side of small business, Tim is joined by guest co-host and Foolish regular Lain Ehmann.

Lain had been surprised by a poor turn out to an otherwise well-organized event with lots of initial interest, which got her thinking. How can we prevent, or best react to our products bombing?

Listen in to this week’s episode as Tim and Lain dissect the nature of failure and how you can best overcome it.

Failure Teaches Success…

  • Determining the problem – the marketing or the product?
  • Receiving and dealing with valuable feedback.
  • Avoiding the wrong customers.
  • Price anchoring and the perception of cost.
  • Failure is relative…

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Enjoy Your Foolish Adventure.

Softening The Blow When Products Bomb – FA161
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A Foolish First

In just 1 week, I’m conducting the first ever Foolish Adventure Live Course called OEP Live.

It is a six-week training program built off the self-paced Online Entrepreneurship Program from FAU. More details are coming out this week. For this first class I’m only accepting 15 new students.

This is to ensure that I can give very personalized guidance while making sure the training is meeting the needs of the students.

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4 Comments

  1. Excellent talk on comparing the price to other potential equivalents. Rather than “too expensive”, the main cancellation reason for my app is “not enough time”. I always say to myself “well, you had enough time to go to Facebook, I’m sure”, so it points to those people not getting enough value from the product.

    1. Yeah, if people are giving an excuse then they don’t value what they are getting enough. Sometimes this can be fixed by dramatically raising the price.

      With the mastermind group I run, the members pay a monthly fee and I let them know that if I have to remind them each week then they aren’t paying enough. Nearly all have the call on their calendar. 🙂

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