Launching successful new consumer products is difficult. Less than a quarter of all new products meet companies’ financial expectations.
There are many reasons why some products succeed while others fail and to attempt to solve all of them can be overwhelming. A simple, clear target is needed. A true north of sorts.
So I’ve broken down a large list of attributes of successful new consumer products into 3 key ingredients:
1) Know the target consumer and understand their psychographics (attitudes, interests, and beliefs) and their expectations.
2) Deliver something remarkable that makes your target consumer’s life better or easier.
3) Simplify the presentation to target consumers so they understand and believe the solution or transformation you will deliver in 10 seconds or less.
Get those wrong and your new product doesn’t stand a chance. Nail those three key ingredients and your new product launch has the opportunity to join the “quarter club” for successful launches!
Do you have any ingredients that should replace my top three? Any ingredients to add?