11 Top Reasons Why New Product Fails to Launch and How to Avoid Them
For many companies, growth initiatives can incorporate entering new markets with either existing products and/or releasing new products but what happens when products fail to launch.
The businesses intend to create new or increased revenue streams and broaden the company’s customer base; all too often the outcome is more (or less) revenue but even higher costs delivering a negative contribution to the bottom line.
The approach to new markets often applied can vary from a salesperson with a new catalogue under the arm to major marketing campaigns to announce your arrival; and many variations in between. The results and profits can be as variable as the processes that are applied.
Without a sound strategy implementation plan, the likelihood of delivery success is greatly reduced.
To take a product to market successfully or enter new markets, you firstly need to understand what are the most common reasons products fail. Many lessons are learned from failure, and when it is known how those failures occurred, it creates an improved path to success.
A good place to start is understanding the root cause of the failure to ensure you are treating the right problem. The following are the eleven most likely contributors to the failure of entering new markets.
This eBook outlines the 11 Top Reasons Why New Product Fails to Launch and How to Avoid Them.
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