Have you ever stopped to wonder why people stop buying certain things? It is something that might cross your mind if your own business stops selling so much for some reason.
If we look at a number of products that are no longer as massively popular as they used to be, we can see that there are a number of big reasons why this could happen.
Better Rival Products
Possibly the most common reason why a product stops selling so well is that a better rival comes along. This happens all the time and in all walks of life. Some great examples here come in the world of technology, where new and better products come out on a regular basis. Not too long ago VHS video recorders, Walkman cassette players and CD players were things just about everyone bought but now you would be hard pushed to find anyone who still does this. Even more recent gadgets such as digital cameras and DVD players have suffered massive falls in sales due to there now being better and more convenient alternative to choose from. To help you out, a marketing firm such as Tactical Solutions will help you to check out where you stand in the market against your rivals.
More Health Awareness
In the food industry, a common problem for businesses is that raised health awareness levels can suddenly make their products seem like a very bad idea. A current example of something that has seen sales plummet comes from the soft drinks industry. Fizzy drinks have been getting a bad press for a long time now, due to the amount of sugar and additives in them. This has led to their sales falling dramatically in recent years, as people look for healthier alternatives. In fact, it has been calculated that more bottled water will be sold this year than carbonated drinks, for the first time ever!
Seen As Out of Fashion
A lot has been made about the drop in sales of convertible cars in recent years. In the last decade around 50% fewer convertibles have been sold. There are a few theories as to why this might have happened, with the simplest being that they no longer appear to be so cool and fashionable. What used to be seen as a perfect way of showing your fun loving side now doesn’t appeal to nearly as many people. In the same way, golf equipment sales have plummeted, as the sport loses it mass appeal. Fashions come and go, of course, so these products might become highly sought after again before too long. However, if you want to run a business successfully then it is important to stay in touch with what people want. Carrying out some field sales surveys can help you to find out how fashionable you are now.
We just looking at products being out of fashion but products can also stop selling because of other trends that affect them. Changing lifestyle trends is a big reason why products can become popular in the first place or else suddenly stop selling. In this case, we can look at recent falls in razor blade sales to see the effect new trends can have. The current fashion for bushy, hipster beards has had a devastating effect on this industry, with US figures showing dramatic drops. Razor blades are the sort of object that it seemed impossible that people that people would stop buying. Yet, the global phenomenon for growing big beards has blown a hole in many razor manufacturers’ accounts.
Poor Advertising Campaigns or No Advertising
The history of advertising is littered with both brilliant and awful advertising campaigns. If you get it right then this can be a fantastic way of attracting new customers and building your brand. However, a poor advertising campaign can turn the public against you or turn you into a laughing stock. Some of the most infamous ad campaigns include controversial images from Calvin Klein and Benetton, although the resulting publicity probably made their campaigns worthwhile from a business point of view. In terms of advertising backfiring and costing sales, a recent example comes from Malaysia Airlines promoting a bucket list competition while people were still mourning the loved ones lost on their flights. Sony also lost a lot of customer by secretly running a fake fan site, while even massive brands like Coca Cola and Pepsi have hurt their own sales through badly thought out campaigns. On the other hand, having no advertising at all can mean that your rivals become more well-known and grab more of the market share than you.