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New Products (NPD)


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Great Opportunities Await You

New to the category, new to the brand, new to the world...

There has never been a greater opportunity and need for new product introductions than there is now.

Consumer behavior and brand preferences are going through enormous changes and new opportunities are emerging by the minute. 

Barriers to entry have never been lower and anyone with a great product can succeed... 

But, don't be this guy...

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Here's why:

 

  • Over 25,000 new consumer product skus are introduced annually in the North America.

  • Only about half of new product launches are considered successful at launch.

  • For every 7 product ideas, there may be only 1 that succeeds in the market.

  • An estimated 46% of all resources allocated to product development and commercialization by U.S. firms is spent on products that are cancelled or fail to yield an adequate financial return. 

 

  • Inadequate or faulty consumer market research and analysis is the #1 cause of new product failure.

Hallmarks of successful products 

  • Offer unique and important benefits
  • Offer superior value
  • Respond to the Voice of the Consumer
  • Conduct and abide by pre-launch market research and analysis
  • Sharply focused product definition from the start


How do your product ideas measure up?

Whether you want to launch an entirely new product or refresh an existing one, you must listen to consumers.

Check your ideas with consumers now, before investing heavily in product development, product launches and marketing investments. 

Understand the market potential and where it is for your item sooner, not later.  Do not learn whether your item will work after you've spent hundreds of thousands to launch it or trying to launch it.