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Three Reasons Your Product Launch is Failing

shutterstock_171227993You don’t even need to consult the market research to know that launching a new product is cumbersome, complex and costly. Often a look around at the faces sitting at your boardroom table, or a quick scan of internal team emails reveal the frustration, anxiety and sheer chaos surrounding a new unveil.

But let’s just say you did want to consult the stats. Just how harrowing are they? Well let’s take a look:

  • 66 percent of new products fail within two years
  • 96 percent of all innovations fail to return their cost of capital

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Do’s and Don’ts for This Year’s Product Launch

shutterstock_161159720There’s no disputing the fact that you have a product launch on this year’s strategic roadmap. After all, the product market was predicted to reach nearly $221.3 billion by the end of 2013 and industry pundits expect it to surge to $284.6 billion by the end of 2018, according to the 2013 “Antiaging Products and Services: The Global Market” report. But just because your team meetings and budgets are centered upon expansion and great unveils does not mean your launch will be a walk in the park.

Just consider that fact that as many as 95 percent of new products that are introduced each year fail, according to Cincinnati research agency AcuPoll. So how do you break away from the majority and enjoy success this year? By keeping the following do’s and don’ts top of mind:

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