Why Do Most New Products Fail?

epic fail, milkshake-factory.com, new productsEach year, millions of dollars are invested into new product development. Millions more are wasted on media to spruik new ideas that probably weren’t good enough to launch in the first place. The reality is, most new products fail.

The reason for this shameful waste? A near pathological reliance on average. It’s a reliance on average people who don’t like to deviate too far from their comfortable average, using an average research methodology and testing to an average.

And the reason why we cling to our normative scores is that they’re familiar and we are mostly risk-averse. But a careful look under the bonnet of the innovation process reveals seven deadly sins that can be overcome to increase the survival rate of innovations.

  1. Average consumers create average products
  2. Create an innovations process
  3. Co-create with influential consumers
  4. If content is king, then context is queen
  5. Above average’ is not a measure of success
  6. Online versus offline
  7. Seeding for success through word of mouth

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