The stakes are high with any new product launch, and only around one in 10 new product launches succeed. With such a high failure rate, it’s imperative from both a strategic and financial standpoint to accurately predict how your product will fare in the market.
The biggest challenge for new products is creating something that truly wows consumers. It’s not good enough to simply meet expectations. You need to exceed expectations. Consumers have a standard repertoire of brands, and they tend to stick to their existing habits. To break through and disrupt engrained habits, your product needs to be unique and convey a different offering than what’s already on the shelf.
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