©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.
Numerous studies demonstrate that 70-80% of all new products fail. Lack of relevance, lack of differentiation, inappropriate pricing and muddled messaging all factor into a brand’s struggle when launching a new product.
However, the ultimate judgment of new products falls to consumers, who, ironically, are often absent from the development process. That development stage stands the greatest chance of generating transformative new ideas early on, before the brand has made a significant investment.