Ever notice how people stick with their favorite brands for so long? Launching a new product in a world like this is like a big puzzle that requires a combination of creativity, drive, precision and a little luck.
But wait, create new products? This is no picnic! Think tight budgets, team conflicts, and constant competition for investors’ attention.thank god for being reliable product management software Get things on track.
When the product is ready, it’s time to take it to market. This is your chance to reach your target consumers, grow your business, and watch your sales surge. But let’s be honest, many new products fail, sometimes even before they’re launched.
Need more motivation to plan carefully? Check out these statistics.
Major product launch statistics
- More than 30,000 new consumer products are launched every year.
- Only 40% of products developed reach the market. Of the businesses that do this, only 60% are able to generate revenue.
- 56% of consumers learn about new products from friends or family.
- It takes an average of 28 weeks for a new product to reach 75% of peak distribution.
- Product launch costs can range from $10,000 to over $10 million.
- Only 3% of new products generate more than $50 million in first-year sales.
Product launch failure statistics
- A staggering 95% of new product launches fail.
- “Lack of preparation” is a common problem in the product launch process.
- 2% of businesses that closed failed to solve any good customer problems after launching a new product.
- Only 20% of new products survive more than 2 years after launch
Product launch statistics on customer preferences
- One in five consumers buy a new product immediately after it is launched.
- 63% of people like existing products, while 21% would buy new products immediately.
- Only 11% of new product consumers remain engaged after 52 weeks.
- 76% of franchise buyers have never tried a new product from the brand.
- 65% of early product adopters are male, while 59% of late adopters are female.
- 63% of reviews said they enjoy being introduced to new products.
- 57% of people purchased a new product during their last simple grocery store trip.
Product launch sales and development statistics
- Business executives believe innovation is critical to successful product launches (43% agree).
- 63% of respondents like it when manufacturers launch new products.
- One in five product marketers doesn’t connect with their target audience.
- 77% of buyers require different content at each stage of the product research process.
- 47.9% of product marketers do not have a dedicated sales support team.
source
- Harvard Business School
- pivot point
- User guidance
- Lab 42
- Moderate
- Catalina
- Forbes
- Marketing Research Association
Paving the way for a successful debut
Developing a hugely successful product is not easy. Do your research, plan accordingly, and know your audience. Take the time to study the industry landscape to determine whether the product launch is a good investment. You can also experiment with a group of customers to get their feedback. After all, their input is what you need most.
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