95% of New Consumer Products Will Fail

Harvard Business School (2018)

95% of new consumer products will fail; this is an alarming statistic, but it's important to remember that this number is not concrete. Some factors can contribute to the success or failure of a product, and careful planning can make all the difference. First and foremost, it's crucial to understand the target market clearly. What needs does this market have that aren't being met by existing products? Once you have identified a need, it's essential to determine whether or not there is a demand for a product that meets this need. If there is intense competition in this space, it may be challenging to break into the market. Finally, it's essential to have a marketing plan and promote the product. Without a well-thought-out strategy, even the best product will likely fail. While the odds are stacked against new product developments, careful planning and execution can help increase the chances of success.