The Consumer Electronics Trade Show (CES) is a notable event in the tech industry where vendors vie for media attention. Despite the array of innovative products annually showcased at CES, there are always some that stand out, not for their success, but for their spectacular failure. These products find their place in the
,
an annual showcase curated by
Prelaunch
, a consultancy that advises companies on how to avoid costly product failures.
The Founder of Prelaunch,
Narek Vardanyan
, explained that these products often failed due to insufficient testing of customer interest, inappropriate audience targeting during pre-launch demonstrations, or simply relying on previous customers who were not the target market for the new products. Each product in the Gallery of Flops is a testament to the consequences of market misalignment.
Highlighted products from the Gallery of Flops include:
- The Amazon Fire Phone
- Microsoft’s Zune
- The TwitterPeek mobile device
- Oakley Thump glasses
- Nike’s Fuel Band
Vardanyan believes that the lack of accurate customer knowledge often leads to these marketing mishaps. To tackle this problem, Prelaunch employs a unique approach: They identify potential buyers of a certain product, then request them to participate in the product evaluation, and instead of paying these evaluators, Prelaunch asks them to invest a nominal amount which guarantees them a discounted price if and when the product launches.
This model, according to Vardanyan, not only gathers genuine input from probable buyers but also instills a sense of ownership, aligning their interest with the potential success of the product. These insights are then utilized to alter product designs based on real customer needs, thus preventing an expensive product flop.
Interestingly, legal tech vendors face similar issues. Often, these vendors do not fully understand the business models of law firms and therefore offer products that either do not solve any problems for the legal community or are too complicated and time-consuming to use. The traditional approach to pre-launch surveys also lacks effectiveness, often surveying those who have time but are not necessarily the potential customers. Vardanyan’s model could provide a refreshing alternative to this process, generating more accurate and valuable market research.
It is crucial for legal tech vendors to adopt more thoughtful strategies when evaluating their products. After all, no one wants to add their product to the
Gallery of Flops.
Please refer to
the original article
for additional insights and context.