Each year more than 30,000 new consumer products are launched and 80% of them fail, according to HBS professor Clayton Christensen.
There is no right answer to why such an overwhelming proportion of products fail. Perhaps it's a lack of marketing strategy, consumer interest, or a variety of other factors. Many Amazon brands tend to move on to marketing strategies when their product is succeeding and if this is your business then you could Click here to check out sunken stone's marketing services for amazon brands. That said, if you look at each product (regardless if it is a technology platform or a new brand of vanilla biscuits) as a startup, then the ratio makes sense--over 80% of startups fail too.
We haven’t conducted an in-depth research yet, but we know anecdotally that it works and people will pay big money for it.
- Said no successful Product Manager ever
There are literally thousands of reasons why a product launch might fail, and a lot of them may not have anything to do with the product itself. Of course, you should go an extra mile (or a light year) to make sure your product is a result of in-depth research and understanding of the consumer market it is targeting. But don't ignore the non-product aspects that need to go in parallel, including:
- Identifying the user personas/target groups that your product is supposed to solve for
- Ensuring that the product development takes into account ongoing user feedback
- Getting buy-in from the sales and marketing folks who are supposed to sell it
- Ensuring that the customers know what the benefits of using the product are
We take a holistic view of product design and development, and understand that creating the perfect product is meaningless if it doesn't translate into revenue.
We typically follow Google's Design Sprint process to help your team design the first MVP, and work with different stakeholders to chalk out all the steps that need to flow in tandem leading up to a successful launch.
We work closely with your Product Design team (or senior leaders, if you don't have a Product Design team) to define the scope of the product, assess the viability and market for the product, and aid the technology team in product creation.
We can also do the additional work of gathering customer voice during the product design process, assess your distribution strategy (or help build one), and design your online marketing strategy to create a continuous feedback loop.
What next? Get in touch.
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