“There a number of reasons why new product introductions fail however, the one we see most often is lack of rigor behind sales and marketing planning and execution,” explains Kurt Schroeder in a post for The Business Journals.Īfter all, products aren’t a “build it and they will come” sort of thing–even major companies like Apple aggressively market their new offerings in order to generate buzz and get customers in the door. However, many experts cite a lack of marketing for this flop of new products. Or it could have something to do with an incorrect pricing structure. It could involve a lack of customer demand. There are a multitude of reasons at play here. According to Harvard Business School professor Clayton Christensen, each year more than 30,000 new consumer products are launched.īut unfortunately, a whopping 95% of them fail.
The challenges of bringing a new product to marketįirst, let’s start with a bit of bad news. So, what do you need to know in order to pull off this new product introduction? Here are the details on how to promote a product–and get people to care about it. Increase your profitability by 20% by keeping track of runaway time.
