Customer Insight-Driven Market Intelligence Means You Should Never Have to Market a Bad Product Again
It's no secret that most new products are unsuccessful. Even the biggest companies on earth struggle with product launches and experience flubs that cost them millions.
According to Nielson, approximately 80 to 85 percent of all fast-moving-consumer-good (FMCG) launches fail in the marketplace. By other estimates, 95 percent of the more than 30,000 products launched each year fail.
Many issues contribute to this discouraging failure rate, including high price points, bad product-launch timing, design flaws, recalls, and unforeseen bugs that can't get resolved. But these issues are small compared to the real problem: a lack of knowledge about what resonates with customers.