Did you know that 50% of product launches fail? Here’s how to use consumer-centric research to improve the odds
Did you know that globally, across all industries, more than 25% of all profit comes from new products? In fact, new products are a key driver behind companies who consistently grow faster than their peers, But did you also know that 50% of product launches fail in one way or another?
So with such a high failure rate, how can you ensure that, once launched, your new product is more likely to succeed?
To do this you could:
- Capture what consumers DO in-store when they shop your new product as well as first usage when they return home via video diaries
- Explore how they FEEL about the category & brands via specifically designed activities to engage them in a smarter way
- Learn what they THINK by asking them to share their opinions via a deep dive critical assessment of topics most relevant to the launch such as the name or promotional options
- Hear what they WANT from the future of the product by recommending improvements to meet unmet needs
The only place you can capture consumer insight across what consumers THINK, FEEL, DO & WANT and transform those findings into strategic recommendations that will build your brand is with the Catalyx Consumer Activation System.
If you would like to know more about how you can use it to help beat the 50% failure rate of new product launches, then please click here to learn more