New Product Introductions
Whether you are a startup or an established business, new product launches can soar or crash and burn depending on many factors. 30,000 new products are launched every year and 95% of those new products fail.
The most common factors in new product failures include:
- Insufficient or poor market research
- Creating a solution to a non-existent or poorly understood problem
- Bad pricing strategy and stubborn resistance to adjust
- Targeting the wrong market
- No really unique value proposition to favorably differentiate
- Poor and/or inadequate marketing strategy and execution
- Failure to do sufficient beta testing
- Lack of social proof and early adopter testimonials/endorsements
- Product performance doesn’t meet claims or customer expectations
Forefront Healthcare Consulting offers objective, strategic planning, consulting, market research and multi-channel marketing campaigns for new healthcare product launches.
Even if you have an in-house team and other necessary resources to support your new product introduction, you should protect yourself before you launch by inviting challenge to your assumptions and third party, unbiased assessment and advice to limit your risk and increase your chances to be one of the 5% of new products that succeed.
Call us at 800-924-5447 to find out more about how we can help you avoid the pitfalls that doom 95% of new product launches and set you up for success instead.