Reviving a Failing Product: Actionable Tips for Successful Turnaround

Driving a product to success is a challenging task, and even the most promising products can sometimes struggle to perform well. In this article, we will explore the reasons why a product may not be performing as expected, as well as cover steps you can take to improve your product's performance. Whether you are a product manager or a founder of a startup, this article will provide valuable insights to identify when a product is struggling as well as strategies for turning things around to product success.

It can be difficult to know when a product is not performing well, but there are a few signs to look out for. Some indicators that a product may not be successful include low engagement, struggling sales and a high churn rate, negative feedback from customers, and poor reviews. To turn a failing product into a successful one, it's important to first have the right tools & processes in place to identify when the product is struggling.

This could include analytics tools to monitor user activity. It is important to communicate well with both the customer care and sales teams to be able to quickly access customers' feedback and product reviews. The right setup will allow you to be alerted when your product falls into one of the key indicators of underperformance.

Key indicators your product is underperforming

Key indicators your product is underperforming

1. Low user engagement: If your product is not generating much interest or usage, it may be a sign that it is not meeting the needs of your target market.
2. High churn rate: A high rate of users/customers leaving your product, can indicate that your product is not providing enough value to retain users.
3. Poor user feedback: Negative feedback from users can be a strong indication that your product is not meeting their expectations or solving their problems.
4. Lack of revenue growth: If your product is not generating enough revenue to sustain or grow your business, it may be a sign that it is not resonating with customers.
5. Difficulty in acquiring new users: If your product is not able to acquire new users, it could be a sign that your product is not reaching the right target audience or not providing enough value to justify the acquisition cost.

Want to learn more about how to revive failing products, contact me! Yoav (the author of this article) with a free intro call to discover how mentorship can support your ambitions.

When you are responsible for the success of a product it is crucial to measure its performance. This is in order to ensure that it's meeting the needs of your target market and generating revenue for your business. However, with so many potential metrics to track, it can be overwhelming to know where to start. In this post, we'll explore some key actionable steps you can take to measure the performance of your product.

One of the most important things you can do is track key performance indicators (KPIs). These are the metrics that are most important for your product and can give you a clear understanding of how well it's performing. Some examples of KPIs for a digital product include user engagement, retention, conversion rates, and revenue.

The KPIs should align with your business goal for the quarter or year. Once you've identified the KPIs that are most important for your product, you can set up tracking for these metrics and review them regularly. For example by creating a report in an analytics tool, like Google Analytics, Mixpanel etc. Keeping account of the results can help you identify trends, and patterns and measure the success of your product over time.

Another important step is to conduct user research. This will give you valuable insight into how users are interacting with your product and what they think about it. By gathering feedback from users, you can identify areas for improvement and make changes that will enhance the user experience.

In addition to user research, it's also important to analyze user behaviour and usage data. By using data analytics tools, you can understand how users are interacting with your product and identify patterns in their behaviour. This can help you identify areas where users may be struggling and make changes to improve the user experience.

Measuring the performance of your product is an ongoing process that requires continuous attention, and being open to make adjustments. By tracking key performance indicators, analyzing user behaviour and usage data, as well as conducting user research and surveys, you can gain a better understanding of how your product is being used and make data-driven decisions to improve its performance.

What can you do if your product is underperforming?

What can you do if your product is underperforming?

If you find that your product is not performing well, or as well as you would like, there are several actions you can take to try and improve its performance. Some of these include:

1. Identify the underlying issue: Conduct user interviews and gather feedback from customers to understand why the product is not meeting their needs & expectations. By observing patterns in the stories the customers share, you can start to piece together potential underlying issues in the product.
2. Conduct a competitive analysis: Look at similar products on the market to understand what features and benefits they offer and how they are positioning themselves. Use this information to identify areas where your product can improve and provide value to your users.
3. Re-evaluate your target market: Make sure that your product is aligned with the needs and preferences of your target market. Consider if your product is reaching the right audience, or if you need to make changes to your marketing strategy.
4. Make changes to the product: Based on the feedback you've gathered, and the research you conducted. Consider making changes to the product's features, design, or pricing to better meet the needs of your customers.
5. Reposition the product: If the product is not resonating with the target audience, consider repositioning the product to better align with customer needs and market trends.
6. Consider discontinuing the product: If the product cannot be improved or repositioned to be successful, you could consider discontinuing the product and redirecting business attention and resources to more promising areas.

It's important to remember that improving a product is a continous process that takes time and effort. It maybe the case that you end up testing different strategies and make multiple adjustments before finding the right product market fit, that drives your product to success!

In summary, the success of a product is crucial for any business, and when a product is not performing well, it's important to take a comprehensive approach to understand the reasons why and identify areas for improvement. This may include conducting user interviews and gathering feedback, conducting a competitive analysis, re-evaluating the target market, making changes to the product, repositioning the product, or even discontinuing the product if necessary.

Remember that improving a product perfectly normal not to get a product peforming 100% as you would like from launch, improving and ammending a product is a constant effort. It may even be the case that multiple adjustments may be needed before finding a solution that works for your users. With a clear strategy and a focus on customer needs, a struggling product can be turned into a success.

If you like what you read and would like to find out more, get in touch with me, Yoav (the author of this article) with a free intro call to discover how mentorship can support your ambitions.