29 May The Samsung Galaxy Fold Demonstrates this Powerful Business Lesson
The mobile technology world experienced one of the biggest public blunders of all time. Samsung shipped a number of demo units of its $2,000 foldable smartphone to several high-profile reviewers.
Within 48 hours, a good number of the devices were broken. The reviewers shared their surprise and since, Samsung has delayed the release of its “Foldable Phone of the Future.”
The Samsung Galaxy Fold Unfolds Unnecessary Bad Publicity
To be fair, some broken due to reviewer mishandling. They mistook a part of the screen as a protective layer that all smartphones ship with. Others noticed bulges in corners near the fold.
While the former did inadvertently damage the devices, the latter simply watched as the units failed.
You’re anxious to get your business off the ground or get your latest product out to the public as quickly as possible. Perhaps you’ve already started your marketing and promotional campaigns. You’ve got visions of a best-selling product dancing in your head. But selling too quickly can be dangerous; there can be drawbacks if you are putting the cart before the proverbial horse. Businesses that start selling new or innovative products without taking the time to put their ducks in a row often regret their decision. —All Business
It’s yet another example of a manufacturer rushing a product to market before it’s truly ready. When such bad PR situations occur, these can lead to companies going out of business outright.
The Negative Effects of Rushing a Product to Market
Companies rush products to market. It does happen. And, it’s a huge and completely unnecessary risk. Here’s why:
- Damage to reputation. Let’s begin with the obvious. While mega corporations can weather such storms, small businesses might suffer tarnishes to large to overcome.
- It sends the wrong message. Thomas Edison practically invented “vapor-ware,” the introduction of a product which doesn’t actually exist. When you release something prematurely, you’re sending a message you care more about turning a profit than your customers.
- It causes a loss of trust. If the gamble fails to payoff, it means you’ve sacrificed trust. Consumers just won’t trust your brand in the future and that’s never a good thing.
- Your team will also suffer. Pushing out a product before it’s ready just might lead to a loss of key employees. Some could walk away, not wanting an association with a company who isn’t willing to wait until it’s right.
- You’ll regret the decision. Of course, as the leader of the organization, it’s you who takes all the blame. Ultimately, you’ll have to accept making a bad decision and the consequences which inevitably follow thereafter.
What other negative consequences does rushing a product to market have? Please share your thoughts and experiences by commenting!
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