Make your new product launch successful

At least 35,000 new consumer products were introduced in the United States last year. On a global basis, about 120,000 new products will hit the market this year. That’s about 650 a day! Depending on which analysts you consult, anywhere from 70 to 95% of these new products will fail.

The reasons products fail are far and wide, such as poor or inadequate design, inferiorquality, manufacturing issues, a market need that never existed, a market need that couldn’t be created, unacceptable pricing, bad packaging, inadequate distribution and design even a product consumers don’t understand. 

The blame game

Sometimes - actually too many times - excellent, innovative and even compelling  products fail because their own marketing campaign or lack thereof, failed them.

A recent Harvard Business Review article listed these marketing glitches as some of the most common reasons for product failure:

Too much of the budget was used to develop the product, leaving too little for launch marketing and sales support.

The target audience wasn’t adequately defined resulting in an unfocused marketing campaign.

The marketing campaign was developed by internal company resources and lacked the objectivity an agency could have provided.