There’s a saying that change is the only constant in life. It may be cliche. But it rings true, especially for brands and retailers.
Styles change. Technology evolves. Customers’ needs, values, priorities, and expectations are always in flux. It can be hard to keep up!
Brands and retailers must constantly innovate to keep pace with these changes and continue to meet consumers’ ever-evolving needs and expectations. One key way brands and retailers innovate is by releasing new product offerings on a regular basis. According to Clayton Christensen, former Harvard Business School professor, 30,000 new consumer products are launched each year.
But developing a great product doesn’t guarantee it’ll fly off the shelves and be wildly successful. Per that same professor, up to 95% of new products fail.
Pretty disheartening, huh? But it’s not all gloom and doom for brands and retailers. We promise.
Of course, there are myriad factors that contribute to the success (or failure) of a new product. Some of those factors are out of your control. But a lot of others are in your control.
In fact, we have identified four key best practices for launching any new product. These are intended to provide you with the focus necessary to drive meaningful impact. By adopting these proven practices, you’ll set yourself up for the most successful product launch possible.