3 mistakes and 3 solutions In 2005 some 156,000 new products were launched in the United States and 75% of them failed within 3 months. In that same year 21,000 brands were launched worldwide with 52% of them failing within 3 months. Not only is this typical of most western countries, research suggests it is […]

3 mistakes and 3 solutions In 2005 some 156,000 new products were launched in the United States and 75% of them failed within 3 months. In that same year 21,000 brands were launched worldwide with 52% of them failing within 3 months. Not only is this typical of most western countries, research suggests it is consistent from year to year. More than 70% of products and 50% of new brands fail each and every year. Why is this so? Clearly there are benefits in knowing why this is the case and why businesses think they will not be one of the failures. The cost of failure is high and the gains from success can be substantial. I would argue there are many reasons for this recurring result, but no reason is greater than – the failure of products, services and brands to directly address a customer need or want, due…