Today we have a guest post from MAGNET (The Manufacturing and Growth Advocacy Network) organization that has a mission for helping manufacturers grow and compete in Northeast Ohio, especially the 98% of startup to medium-sized manufacturers that drive our economy. MAGNET rolls up its sleeves to provide hands-on support ranging from new product design to operations and brings education and business together to create tomorrow’s manufacturers.
Did you know 70% of all new product launches fail?
While manufacturers may feel a sense of urgency to introduce a new product or service to market, testing thoroughly before launch can mean the difference between success and failure. After all, simply launching a new product will not guarantee its success.
So whether you’re in the ideation phase of a new innovation, or zeroing in on your promotion plan, you’ll want to take into consideration these frequent failures of a product launch.
Lack of Market Understanding
Why do so many products fail? The answer is simple: failure to understand the market. Misunderstanding the market is equal to destroying a product before launching it.
We’ve all heard the old adage “If you don’t have time to do it right the first time, why do it at all?” Instead of rushing to get several products to market with incomplete research, sales support, or inventory, manufacturers should consider planning for a few, well-thought out products in a given time period for higher profit margins and faster growth.